Broker Review IQTrade24 (Warning)

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Broker Review: IQTrade24 (Warning)

This article will give you an in-depth review of a popular binary options broker available today. Located in the Republic of Cyprus, IQTrade24 has a license from Cyprus Securities and Exchange Commission. Their license number is 216/13 and is valid in all of European Union’s member states under the provisions of the European Parliament’s MiFID (the Markets in Financial Instruments Directive).

Since this is a regulated platform, this binary options provider is encourages to abide by the requirements and the policies set by the financial regulator. By this way, IQTrade24 claims they are able to protect their customers. IQTrade24 is operated by B.O Trade Financials Ltd and they make sure that the traders at are able to make their trades securely with knowledge.

Reputation (2020 Update)

When it comes to reliability and trustworthiness, IQTrade24 is not meeting our expectations. With a recent investment caution from the BSSC, there are doubts floating in the market that they aren’t who they say they are. This is obviously a major concern, and something that shouldn’t be taken lightly.

It’s also worth noting that this broker is not related to IQ Option despite having a similar name. They likely used this name in order to sponge off the success of IQ Option.

Security

IQTrade24 really prioritizes the customer’s security and the safety of their funds. Since they have a large team of experts they understand the need of safeguarding the trading funds of the customers and have implemented the high level of technology and compliance for that very purpose alone. In this age of technology assisting high levels of identity theft, this form of safety is more of a necessity rather than a luxury.

They use the SSL encryption technology for all of the deposits which are made through the credit cards which assures that the personal and the financial information of the traders is kept safe and secure. The website is also secure with the same SSL technology and certificates and the staff or the employees will never the know the account passwords of the usersso that is also secure information!

Trading Platform

IQTrade24’s trading platform is technologically advanced yet user-friendly enough that most people can understand quickly. It is easy to navigate and the process itself is very fast. It is completely web-based and there is no need to downloading any software and as such, the customers can use IQTrade24 anywhere and anytime. The web based platform is common in this market, as you can see in my reviews of Binary Cent, and HighLow.

iFollow

This is quite a new concept and is introduced by IQTrade24 in order to help and provide guidance to the users. In the iFollow, it gives the option to the traders to follow the most experienced or the best traders who are on the platform. Following these traders provides a learning experience to the other users. From the moment they transfer the funds into their account, all you would need to do is choose the most successful trader and you can duplicate his trades! You do however have the option of setting the time frame and the parameters to follow your desired trade as well as the amount.

One Touch

At IQTrade24, they also offer the One Touch binary option, which is offers really big payouts only on the weekends. The payouts may be as large as around 550% returns on the investment but it may be more challenging than the regular binary options in the market.

Ladder Options

This is a new and an innovative yet, high profitable form of trading the binary options. The payouts in this form of trading may be up to 1500% profit in a small frame of time such as less than 30 minutes! This form of trading is able to incorporate the classic binary options, such as the call/put option of trading and it also offers the traders 5 different opportunities for an asset through which the traders are able to make predictions about the market movements. This form of trading is quite common at IQTrade24 among the traders who have been able to generate large sums of money through this option.

Binary Options

This is the most basic way of trading in the financial markets where the users simply asses the price of an asset over a period of time. This is the main form of trading at IQTrade24, and it offers traders the binary options that can be purchased at any time of the day. You may be able to even customize your binary options broker settings with the investment amount and the expiry time. As such it is quite a simple form of trading, especially for the new users as they can sit back and wait for the outcome of the trade and collect their profits and move on to their next trade!

Forex Trading

The traders have the options for trading in currency and they have a list of the popular currencies such as USD, AUD, GBD, CNY, BTC, CAD, EUR and more. So the traders have various options of trading they can choose from, all under one platform.

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Training and Support

At IQTrade24 they offer in-depth training materials to the users to benefit from, whether they are new users or professional traders, to boost their learning process. They also have latest technology that they provide their users and real time data streams from Thomson Reuters.

Conclusion

Overall, there is just too many negative impressions about this broker for me to look past. There is not much information available about the type of accounts they offer however; neither is there anything about the availability of demo accounts. This can be construed as a drawback. I won’t be recommending them to any of the Binary Today readers.

IQTrade24 Review – Problematic Broker!

IQTrade24 is a binary options broker who has a sort of damaged reputation. Their platform is web based and the availability of trading instruments is quite limited. They do have a license from Cyprus Securities and Exchange Commission, but know that BSSC have issued a warning against them.

Binary options ever since their inception has been scammers hunting ground and various incidents of price manipulation in this sector is evident. This broker in particular has a lot of negative feedback from existing clients which is a red flag as well. Before you proceed with them, go through our review and then make an informed decision.

Regulation and Customer Support

IQTrade24 is operated by B.O. TradeFinancials Ltd which is a firm licensed by the Cyprus Securities and Exchange Commission: License Number 216/13. Technically speaking, they are allowed to provide services in all of Europe. However, on numerous occasions they have been caught trying to get people from UK to try out their platform.

Binary options has always been crippled by lack of regulations. While regulatory authorities do their bit to create awareness, as investors you should also do your research before committing capital with any brokerage or company. Note that, this broker does not accept US citizens. If you need any assistance regarding their platform, then you can contact them via email and telephone. Here are their contact details.

Address – 170 Dowanhill St, Glasgow G12 9EQ, United Kingdom.

Phone – 1 (916) 637 5768, +44 2030957608

Trading Platform and Education

Just like many brokers out there, this one offers a web based platform which you can use on any device with an active internet connection. The interface contains most of the basic indicators which is good for beginners. However, if you are an experienced trader who needs custom indicators and tools, you will be disappointed.

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Since they do not support MT 4 or 5, if you are a fan of auto trading, you will have to leave them aside and stick with manual trading. If you are determined to join this platform, then find yourself a 3rd part charting software because you will need it. As there is no way to automate your trading strategy independently with this broker, you can still delegate the trading decisions by using iFollow.

iFollow is nothing but a fancy name given for copy trading. If you find any person who is consistent with the markets and show promising track record, then you can choose to follow them. Basically, if the master account executes any trade, yours will also do the same. However, note that there will be a minor difference in price and in volatile period it may turn out to be significant. Do not think of copy trading as an easy way to make money because eventually whenever it experience a draw down, your personal account will also do the same.

Moreover, you need to maintain an adequate amount to keep up with the master account. We do not know the fees for using this service. So, for more information about this you have to hit the support staff. On their website, they also claim to offer educational material which are suitable for all traders regardless of their experience.

Sadly, the education modules are only available for live accounts and we weren’t able to get a glance at it. Either way, it is certainly nice to see their efforts towards educating the clients.

Assets and Binary Option Types

Trades can access all the major forex pairs on this broker and the expiry times are somewhat short compared to other alternatives. There are few benefits which comes along with binary options such as limiting the amount of max loss on a trade, using small time frames to make pre-determined returns.

However, do note that you need to win above 60% to make money and that kind of number is hard to sustain over the long term. All the types of exotic options are offered by this firm. Before you start employing the ladder strategy or the touch or no touch options, make sure that you fully understand the way it works. For the most part, exotic options are used to hedge and remember whenever a broker offer high returns, it means the odds are against you.

IQTrade24 Review Conclusion

IQTrade24 is a broker who is operating outside the boundaries of the law. Though they offer some unique opportunities, it is for you to decide whether they are worth the hassle in case things go sideways. Given the number of alternatives available, it is better to stick with regulated exchanges and in that way you can ensure the security of the funds and take legal measures if you find any type of malpractice.

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WARNING, IQTrade24 is an ILLEGAL broker – review

In this review we warn against the IQ Trade 24 binary options broker.

IQ Trade 24 claims to be a safe and secured broker with offices in the United States and United Kingdom.

It also says it is a regulated broker owned by a regulated company called B. O. TradeFinancials.

Table of Contents

IQTrade24 scam

The truth is that IQTrade24 is a scam broker. We can say that because it is providing misleading information.

First of all, it is not operated by B. O. TradeFinancials. But even if it was, it still would not be regulated, because B. O. TradeFinancials no longer has a licence from the CySEC.

This means that IQ Trade 24 is not regulated and that it is operating illegally, because both in the US and the UK a binary options brokers need to be licensed.

This was confirmed by the British Columbia Securities Commission, which published a warning saying that IQTrade24 is not authorized to provide investment services.

What you can expect

With unregulated brokers such as IQTrade24 you can expect to lose all the money you deposit. You will be pushed to deposit more and more and all your withdrawal requests will be refused.

A since the broker is not regulated, nobody will be able to help you to recover your money. These brokers operate in the shadows and it is difficult to track them.

Conclusion

IQ Trade 24 is an unregulated and scam broker, stay away from it!

If you want to trade financial markets, do it with regulated brokers only, so that your money is protected.

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