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Binary IQ Trade foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://binaryiqfxtrade.com/register, about the company's legal and temporary regulatory information, the company's address 19 West 34th Street, New York 10001.

Binary IQ Trade Forex Broker

Basic Information

Registered Region
United States
Operating Period
--
Company Name
Binary IQ Trade
Abbreviation
Binary IQ Trade
Company employee
--
Customer Service Email Address
helpdesk.binaryiqfxtrade@gmail.com
Company address
19 West 34th Street, New York 10001
Keywords
2-5 years
Suspicious Regulatory License
Suspicious Scope of Business
High potential risk

Company profile

General Information Registered in the United States, Binary IQ Trade is a brokerage platform offering binary options, forex, and cryptocurrencies. Please note that Binary IQ Trade is not subject to any regulation, please be aware of the risk. Market Instruments With Binary IQ Trade, traders are said to get access to trading on binary options, a series of cryptocurrencies, as well as forex currencies. Investment Plans A total of four investment plans are offered to satisfy different traders trading needs and trading goals: Starter, Basic, Pro, and Executive. Starter Plan- is designed for beginners, with a minimum deposit of $1,000 (truly high). With this account, traders can enjoy some account services like 30% investment, personal manager, email support as well as 24/7 support. Basic Plan- is the most popular choice among these four plans. To start, traders need to fund at least $10,000 and a series of account offerings including 30% investment, personal manager, email support, and 24/7 support. Pro Plan is more suitable for professional traders, with its minimum deposit as high as $20,000 and its account offerings are the same as the first two accounts. An executive Plan is an account with the highest minimum deposit requirement. This account holder can enjoy 75% investment, phone & email support, executive manager, and 24/7 support. Spreads & Commissions Spreads and commissions are not disclosed on this brokerages website. Trading Platform Available It seems that Binary IQ Trade provides a proprietary trading platform. This brokerage hypes that its trading platform supports all devices and is equipped with a suite of powerful tools to support investment, easily available for everyone everywhere. Deposit & Withdrawal Only USD is available for a deposit. Withdrawal processing time depends on the payment methods and may differ from various payment methods. In terms of using electronic payment methods, the transaction time can vary from seconds to days. Direct Bank Transfer can take 3 up to 45 business to process. Clients can withdraw a part or all funds from their account by sending the company a request for withdrawal containing the clients‘ order to withdraw money from the client’s account, which complies with the following terms: Customer Support For any inquiries, or trading-related issues, traders get in touch with this broker through the following channels: Email: helpdesk.binaryiqfxtrade@gmail.com A contact form (fill out required details, then wait to be connected). Company Address: 19 West 34th Street, New York 10001.

Rating Index

Executive

Minimum Deposit
$50,000

Pro

Minimum Deposit
$10,000

  

Binary IQ Trade Forex Broker - Complete Information Guide

  

1. Broker Overview

  Binary IQ Trade is a brokerage platform that offers trading services in binary options, forex, and cryptocurrencies. Established in the United States, the broker aims to provide a comprehensive trading experience for both novice and experienced traders. The company operates from its headquarters located at 19 West 34th Street, New York, 10001. As a private entity, Binary IQ Trade focuses on retail trading, catering primarily to individual investors seeking to engage in various financial markets.

  Since its inception, Binary IQ Trade has aimed to carve a niche in the competitive trading landscape by providing a user-friendly platform that supports multiple trading instruments. Over the years, the broker has introduced various investment plans tailored to meet the diverse needs of its clientele. These plans range from beginner-friendly options to more sophisticated offerings for seasoned traders.

  The company operates under a straightforward business model, focusing on retail forex trading and binary options. However, it is crucial to note that Binary IQ Trade currently lacks valid regulatory oversight, which raises concerns about investor protection and the overall security of trading activities on its platform. This lack of regulation is a significant aspect that potential clients should consider before engaging with the binary iq trade broker.

  

2. Regulatory and Compliance Information

  Binary IQ Trade operates without any regulatory oversight, which is a critical factor for potential traders. The broker does not hold any licenses from recognized financial authorities, making it a high-risk option for investors. The absence of regulation means that there is no oversight to ensure fair trading practices or the protection of client funds.

  The regulatory status of Binary IQ Trade is concerning, as it has been reported to have a regulatory index of 0.00 and a business index of 6.11. These figures indicate a lack of credibility and suggest that traders should exercise extreme caution when considering this broker. Additionally, the absence of a client compensation scheme further exacerbates the risks associated with trading on this platform.

  Binary IQ Trade does not provide any information regarding its compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are essential for ensuring the integrity of financial transactions and preventing illicit activities. This lack of transparency raises further concerns about the broker's operational practices and commitment to safeguarding its clients.

  

3. Trading Products and Services

  Binary IQ Trade offers a variety of trading products, primarily focusing on binary options and forex trading. Traders can access a range of currency pairs, although specific details regarding the number of forex pairs available are not disclosed. The broker claims to provide access to several cryptocurrencies, allowing clients to diversify their trading portfolios.

  In addition to binary options and forex, Binary IQ Trade also offers Contracts for Difference (CFDs) on various assets, including commodities and indices. However, the specific categories of CFDs available are not detailed, leaving potential clients in the dark about the full range of trading opportunities.

  The broker has introduced several investment plans to cater to different trading needs and goals. These plans include:

  • Starter Plan: Requires a minimum deposit of $1,000 and offers basic account services.
  • Basic Plan: The most popular choice, requiring a minimum deposit of $10,000.
  • Pro Plan: Designed for professional traders, requiring a minimum deposit of $20,000.
  • Executive Plan: The highest tier, with exclusive benefits for account holders.

  Despite these offerings, the lack of detailed information regarding spreads, commissions, and the frequency of product updates raises questions about the broker's transparency and commitment to providing a comprehensive trading experience.

  

4. Trading Platform and Technology

  Binary IQ Trade provides a proprietary trading platform, which is designed to be accessible across multiple devices. However, it lacks support for widely used platforms like MetaTrader 4/5, which are favored by many traders for their advanced features and capabilities.

  The broker's platform is marketed as user-friendly, equipped with various tools to assist investors in making informed trading decisions. However, specific details about the platform's functionality, such as execution modes (ECN, STP, Market Making), are not disclosed, leaving potential users uncertain about the trading conditions they might encounter.

  The broker also claims to support automated trading through an API, although details on this feature are sparse. The platform's technological infrastructure, including server locations and reliability, is not explicitly mentioned, which is a crucial aspect for traders concerned about execution speed and platform stability.

  

5. Account Types and Trading Conditions

  Binary IQ Trade offers several account types, each with varying conditions. The standard account requires a minimum deposit of $1,000, which is relatively high compared to other brokers. The broker does not disclose specific information about spreads or commissions, which is a vital consideration for traders when evaluating the cost of trading.

  For those looking for more advanced trading options, the broker offers VIP and professional account types, although the criteria for these accounts are not clearly defined. Additionally, the availability of special accounts, such as Islamic accounts, is not mentioned.

  The leverage ratios available to traders are also unspecified, which can significantly impact trading strategies and risk management. The minimum trade size is not clearly outlined, and the broker's policies regarding overnight fees remain ambiguous, adding to the uncertainty surrounding trading conditions.

  

6. Fund Management

  Binary IQ Trade supports a limited range of deposit methods, primarily focusing on USD transactions. The minimum deposit requirement varies by account type, with the starter plan requiring a minimum of $1,000. The processing times for deposits and withdrawals are not clearly defined, with electronic payment methods potentially taking seconds to days, while bank transfers may take significantly longer.

  The broker does not provide detailed information about deposit fees, which is essential for traders to understand the cost implications of funding their accounts. Withdrawal methods are also limited, and clients must submit a request to withdraw funds, which may be subject to processing delays.

  The lack of transparency regarding withdrawal fees and conditions raises concerns about the overall accessibility of funds for traders. Without clear guidelines on these processes, potential clients may find themselves facing unexpected challenges when attempting to access their capital.

  

7. Customer Support and Educational Resources

  Binary IQ Trade offers customer support through various channels, including email and an online contact form. However, the responsiveness and effectiveness of the support team are not well-documented, leaving potential clients uncertain about the level of assistance they can expect.

  The broker does not appear to provide extensive educational resources, such as webinars or tutorials, which are crucial for helping novice traders navigate the complexities of trading. Market analysis services, including daily updates and research reports, are also lacking, which may hinder traders' ability to make informed decisions.

  While the broker claims to offer some trading tools, details on the types of tools available, such as calculators and economic calendars, are not provided. This lack of comprehensive support and educational materials may deter potential clients from engaging with Binary IQ Trade.

  

8. Geographic Coverage and Restrictions

  Binary IQ Trade primarily serves clients in the United States, offering its services to a broad range of markets. However, the broker does not provide specific details about the regions it operates in or the distribution of its regional offices.

  Notably, Binary IQ Trade does not accept clients from several countries, including those with stringent regulations on binary options trading. This limitation may restrict potential traders from accessing the broker's services, particularly in regions where binary options are heavily regulated or banned.

  Overall, while Binary IQ Trade aims to provide a diverse range of trading options, the lack of regulatory oversight, transparency regarding trading conditions, and limited educational resources raise significant concerns for potential clients considering this broker.

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Latest Reviews

得劲(Kevin Wang)

得劲(Kevin Wang)

India

I am sharing my personal experience of using this platform. So, I had tried many platforms before but none really gave me the profits that I was looking for. But then this platform came and I started to see some actual profits. This gave me a plethora of assets to trade which I love because I always felt restricted with this on other platforms.

Positive

2023-03-22

Binary IQ Trade Forex Broker has an overall rating of 1.44, Regulatory Index 0.00, License Index 0.00, Business Index 6.47, Software Index 4.00 Risk Control Index 0.00.
Binary IQ Trade