IQX Trade Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-12-16 14:00

Abstract：Established in 2023, IQX Trade is a broker registered in the Seychelles. Trading in Forex, commodities, indexes, stock CFDs, and cryptocurrencies are all offered by the firm. Its Seychelles FSA regulatory status raises issues because the license does not cover Forex transactions, despite the fact that it offers high leverage up to 1:500.

　　Note: IQX Trades official website: https://iqxtrade.net/ is currently inaccessible normally.

IQX Trade Review Summary
Founded	2023
Registered Country/Region	Seychelles
Regulation	FSA(Exceed)
Market Instruments	Forex, Commodities, Cryptocurrencies, CFDs, Indices, Stock CFDs
Demo Account	❌
Leverage	Up to 1:500
Spread	/
Trading Platform	MT5 (Desktop, iOS, Android)
Min Deposit	$100 (Standard Account)
Customer Support	Headquarters: +44 20378827312, support@iqxtrade.com
Customer Support	Branch: +44 20378827312, support@iqxtrade.com

IQX Trade Information

　　Established in 2023, IQX Trade is a broker registered in the Seychelles. Trading in Forex, commodities, indexes, stock CFDs, and cryptocurrencies are all offered by the firm. Its Seychelles FSA regulatory status raises issues because the license does not cover Forex transactions, despite the fact that it offers high leverage up to 1:500.

Pros and Cons

Pros	Cons
Offers a range of tradable instruments	Unregulated for Forex operations (Non-Forex license)
Provides Islamic Swap-Free accounts	No demo account available
High leverage of up to 1:500	Website currently inaccessible

Is IQX Trade Legit?

　　With license number 239017, IQX Trade is governed by the Financial Services Authority of the Seychelles. It is registered as a Common Business Registration but does not hold a Forex license. This indicates that the broker is putting investors at risk by operating above the extent permitted by the license.

　　Iqxtrade.net was registered by UAB HOSTINGER activities on May 25, 2023. The domain expires on May 25, 2026, and was updated on April 25, 2024. It is clientTransferProhibited, so only the owner can transfer it, preventing illegal alterations. This site is active, but its regulatory position raises worries about its legality and safety.

What Can I Trade on IQX Trade?

　　Currency pairs, commodities, indexes, stock CFDs, and cryptocurrencies are among the tradable products that are available on IQX Trade.

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Cryptocurrencies	✔
CFDs	✔
Indices	✔
Stock CFDs	✔
ETFs	❌

Account Types

　　Standard, ECN, and Swap-Free live trading accounts are available from IQX. It also offers Swap-Free for Islamic merchants. No practice demo account is mentioned.

Account Type	Trading Platform	Min Deposit	Max Leverage	Commission	Spread Type	Suitable for
Standard Account	MT5	$100	1:500	$0	Variable Spread	Beginners and regular traders seeking no commission fees
ECN Account	MT5	$500	1:500	$6/lot	Variable Spread	High-volume traders prioritizing tighter spreads
Swap-Free Account	MT5	$5,000	1:500	$0	Variable Spread	Islamic traders seeking Sharia-compliant accounts

Leverage

　　IQX Trade allows traders to control larger positions with less capital investments with leverage up to 1:500. Effective risk management is essential to avoid large losses due to high leverage.

IQX Trade Fees

　　The fees charged by IQX Trade are standard for brokers of a similar nature. The ECN account levies a $6 commission each lot, but the Standard and Swap-Free accounts don't have any commissions. The type of account and the instruments exchanged affect spreads.

Trading Platform

Trading Platform	Supported	Available Devices	Suitable for what kind of traders
MT5	✔	Desktop, iOS, Android	Traders requiring analytical tools and automated trading

Deposit and Withdrawal

　　There are no fees associated with deposits or withdrawals at IQX Trade. The Standard Account has a minimum deposit of $100, although this varies depending on the kind of account.