IQProFX Information
IQProFX, a broker from the UK. It currently supports 4 platforms offering traders the opportunity to trade Forex, Commodities, Indices, Stocks, in addition to 4 account types.
Pros and Cons
Is IQProFX Legit?
IQProFX is unregulated and has no security guarantees. Moreover, its website is not accessible.
What Can I Trade on IQProFX?
Instruments that can be traded on IQProFX include major, secondary and foreign currency pairs such as EUR/USD, USD/JPY and GBP/USD. Indices include the S&P 500, Dow Jones Industrial Average and NASDAQ 100. In addition, IQProFX offers a range of commodities, including gold, silver, oil and gas. It offers stocks from major companies around the world, including Apple, Microsoft and Amazon, among others.
Account Types
IQProFX offers 4 account types - Central account, Pro account, VIP account and Raw account. The minimum deposit requirements for the four accounts range from $100 to $5000. The minimum leverage is 1:100 and the maximum is 1:500. The spread on EUR/USD ranges from 0.6pips to 1.0pips.
Leverage
IQProFX's four accounts have a maximum leverage range of 1:100 to 1:5000, with the VIP account offering a maximum leverage option of 1:500. This leverage is attractive, but comes with greater risks.
IQProFX Fees
IQProFX Spreads
The spread on EUR/USD ranges from 0.6pips to 1.0pips, a range that is relatively normal. IQProFX said its Central account provides spread of 1.2pips on GBP/USD. Additionally, the RAW account ensures a commission-free trading experience.
Non-Trading Fees
On IQProFX, a profit clearing fee of $1.50 to $5 is charged per transaction. There is a $20 monthly maintenance fee for each account opened. Unless the customer provides identification verification within 100 days, an incomplete application fee of $30 will be charged. Accounts that do not trade or deposit for 50 days will be charged a $60 idleness fee, etc.
Trading Platform
Surprisingly, this broker offers as many as 4 trading platforms, including MT4 and MT5, as well as MOBILE TRADING, WEB TRADER. They are supported on different device vendors and are aimed at different types of traders.
Deposit and Withdrawal
IQProFX's available deposit methods include credit/debit cards and wire transfers.The minimum initial deposit is $250 and the minimum withdrawal amount is required to be $50.
