IQcent fees and costs: How much does it cost to trade
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IQcent is an online retail trade company that operates from Majuro, Marshall Islands. The online platform has introduced an innovative way of trading. Now, you can carry the trade operations in the form of cents as low as $0.01.
The trading platform was developed by a group of professionals in 2017 and started its online operations in 2020. The website provides you with various features that help you create a risk-free environment for carrying trading operations.
The platform offers trading in more than 100 trading instruments, including forex, indices, CFDs, etc. With the help of a copy trading feature and demo account, you can learn about trading in speculative markets. The minimum deposit fees for IQcent are $10.
Traders from all over the world can open an account with IQcent if the resident country permits international brokers and online speculative trading.
The trading platform and its partners do not provide its services in the US territory. Some features available on the website may not be available in certain countries because of legal restrictions.
Features of the Platform
The versatile platform is easy to access and user-friendly; you can easily open the website on any device you’d like to operate. The information is saved on the website and not on the device. You can access it just by logging in.
There is no installation or downloads required to access the trading platform. The platform can run on most web browsers, including Firefox, Safari, Edge, and Chrome. There are various analytical tools present on the website that help you analyze the market conditions. These tools include charts that help in tracking the movement of the asset you are trading in.
You can make payments through Visa, MasterCard, Crypto, Bitcoins, Litecoins, and Perfect Money. You can make the deposits in EUR, GBP, USD, AND RUB.
The broker charges commissions for commencing and operating the trade operations in the speculative market on behalf of the trader.
The broker’s commission varies depending upon the type of services provided to the client. There is no commission charged on withdrawals. The brokers who do not take personal advice and let the client control trade charge less commission rate. These brokers are known as execution-only brokers.
The online trading platform does not charge any fees on deposits in IQ Option. The broker charges deposit fees of $10 minimum. For opening a cryptocurrency position, the trading platform charges a 2.9% commission.
#1 Overnight Fees
These are also known as swap fees. The online broker charges an overnight fee on CFD positions that are left open. The fee ranges from 0.01%-0.5%. It is chargeable on the face value of the position.
The overnight fee also affects the price of ETFs, Commodities, Indices, CFDs, and Cryptocurrencies.
#2 Trading Fees
The trading platform charges no fees on opening or closing the trade, which means that the platform helps you earn profits and save your money.
You are free to trade on the platform without paying any commission or fees. Moreover, the broker doesn’t charge spread; it earns money through other means.
#3 Inactivity Fees
The broker charges a dormant fee if the account remains inactive for more than ninety days. If you are not opening the trades or not operating them, then the trading platform charges fees. It is recommendable that you do not leave your account inactive for more than ninety days.
#4 Withdrawal Fees
Usually, the online broker does not charge any withdrawal fees, but if you are a premium account holder and use a third-party method for withdrawals, the platform may charge some fees.
Withdrawals processes take place in the same account through which you make the deposit. If the deposit account does not belong to the trader, the withdrawals are not processed for security reasons.
The minimum withdrawal amount is $20.
You can fund or make withdrawals with these methods:
- Perfect Money
- Bank Wire Transfer
#5 Verification Fees
It is the fee that is chargeable for opening an account and making the deposit. IQcent does not charge any verification fee. Only a minimum deposit of $10 is required for opening the account with the online broker.
Margins and Spreads
Margins spread and commissions determine the cost of trading. The difference between the bid price and the asking rate is known as the spread. IQcent offers spread at lower rates.
Margin refers to the amount of money that is required to open a position in your account. It is determined according to the price of the base currency against US dollars, the volume of trade, and the applied leverage.
Brokers provide a bonus to attract potential traders. The main reason behind giving a bonus to the traders is to compensate them for the payments they have made since the opening of the account.
IQcent offers bonuses to the traders during initial transactions; your amount of deposit determines the bonus. The online trading platform also conducts a referral program under which the clients can invite their friends and family to sign up with the help of a referral code and the link provided.
The client receives 20% of the bonus if their friend or a family member signs up. The bonus can reach up to 100%. For withdrawing the profits, you need to perform the trade in high volume.
Types of Account
IQcent provides multiple trading platforms as per the need of the client. The platform makes available three types of accounts, and each of them comes with a different benefit:
- Silver Account
The minimum deposit for opening a silver account is $250. The account provides you with a demo account. With the help of a demo account, you can learn about trading operations.
- Bronze Account
The minimum deposit for opening a bronze account is $10. The account provides you with 24 hours live chat support. The account gives you the benefit of a copy trading tool in which you can copy the tricks of the best traders and earn profit in no time. The bonus reward is up to 20%, and the withdrawal time is less than 60 minutes. It also gives you access to the demo account.
- Gold Account
Gold account is the most preferred account as it comes with many benefits. The minimum deposit for a gold account is $1000. All the features of the online platform are available on this account. It provides 24 hours customer support to assist the clients; it comes with a demo account and rewards a 100% bonus.
Signing up with a gold account offers you a personal success manager that helps new traders to learn about the marketing conditions and trading techniques. You also receive a copy trading tool and master class that offers a risk-free environment to trade in.
Products and Markets
IQcent deals with more than a hundred trading assets from these markets:
In this market, buying and selling of tradable goods take place on a contract basis.
Energy carries a great tradable price because of its high volatility and environmental factors.
- Precious Metals
This market includes the trading of precious metals like silver and gold.
Indices like shares and bonds trade take place in this market.
The exchange of currencies takes place in the foreign exchange market at floatation rates.
Strong customer support is essential for every broker so that potential traders can gain confidence in them.
The platform offers 24 hours customer support, ensuring no hindrance during trade execution. You can contact customer support through a phone call, E-mail, return call or live chat.
FAQ section is present at the bottom of the platform so that the client can look into them in case of any confusion; it helps in saving their time.
IQcent is an innovative way of trading in online speculative markets. The company deals in CFDs, Forex, and other assets. You can open an account with fees as low as $10. It also offers you to trade in the form of cents, the trading platform does not charge any withdrawal fees, but some charges occur when payment is made through third parties, for example, banks.
The online broker does not charge any trading or verification fees; the spreads are also very low. They earn money through other alternatives and help you in saving money.
The commission is only chargeable for the services provided, and it varies for different services.
Though the platform tries its best to create a risk-free environment for trading, it is important to understand that market is dynamic and prone to risk. The company is not regulated; therefore, your hard-earned money can be at risk. New traders need to be aware of the market environment.
The trading platform is preferable for the learners as it creates a risk-free environment for the clients, and they can learn new trade techniques from the experts with the help of copy trading tools.