IQMining foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://client.iqmining.com/register?, about the company's legal and temporary regulatory information, the company's address .
IQMining Forex Broker
Basic Information
United Kingdom
5-10 years Suspicious Regulatory License High potential riskCompany profile
Rating Index
IQMining Forex Broker - Complete Information Guide
1. Broker Overview
IQMining, founded in 2016, is a cryptocurrency mining and trading platform that allows users to mine various cryptocurrencies and trade forex, CFDs, and binary options. The company is registered under the name Tunewo Limited and has its headquarters in the Republic of Vanuatu. It operates as a private entity, focusing primarily on retail clients interested in cryptocurrency mining and trading.
Since its inception, IQMining has aimed to provide a seamless experience for users looking to engage in cryptocurrency mining without the need to manage physical mining hardware. The platform has grown significantly, offering a variety of mining contracts and trading options. Key milestones in its development include the introduction of lifetime contracts and a robust referral program, which incentivizes users to invite others to the platform.
The business model of IQMining combines cloud mining services with trading capabilities, allowing clients to switch between mining profits and trading funds easily. This unique approach distinguishes IQMining from many traditional brokers, making it an attractive option for cryptocurrency enthusiasts.
2. Regulatory and Compliance Information
IQMining operates in an unregulated environment, which raises concerns about the security and transparency of its operations. Although it claims to adhere to Anti-Money Laundering (AML) and Know Your Customer (KYC) policies, there is no valid regulatory body overseeing its activities. The lack of regulation means that there is no governmental oversight, which could expose users to higher risks.
The company does not provide specific regulatory numbers or licenses, making it difficult for potential investors to verify its legitimacy. Furthermore, IQMining does not participate in any investor compensation schemes, which could offer additional protection for clients in case of disputes.
The KYC process requires clients to submit identification documents for verification, but the specifics of this process are not clearly outlined on the platform. This lack of transparency can be a red flag for potential investors.
3. Trading Products and Services
IQMining offers a diverse range of trading products and services, catering to both cryptocurrency miners and traders. The platform supports over 100 different altcoins for mining and trading, including popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dash.
Forex Pairs
The platform provides access to a variety of forex currency pairs, allowing traders to engage in both major and minor currency trades. The exact number of available pairs is not specified, but the focus is on providing competitive trading conditions.
CFD Products
In addition to forex trading, IQMining offers Contracts for Difference (CFDs) on various assets, including:
- Indices: Major global indices.
- Commodities: Including precious metals like gold and silver.
- Stocks: A selection of stocks from different markets.
- Cryptocurrencies: Trade CFDs on popular digital currencies.
Unique Products
IQMining stands out with its mining contracts, which allow users to earn passive income through cloud mining without the need for physical hardware. The platform regularly updates its offerings, providing users with the latest mining technologies and strategies.
Retail and Institutional Services
While primarily focused on retail clients, IQMining also provides services tailored for institutional clients, although specific details about these services are limited.
4. Trading Platform and Technology
IQMining utilizes a proprietary web-based platform, which is designed for ease of use and accessibility. The platform does not support MetaTrader 4 or 5, but it offers a user-friendly interface for both mining and trading activities.
Web-Based Trading
The web platform allows users to manage their mining contracts and execute trades seamlessly. It features real-time statistics, including current hash rates, total earnings, and payout history.
Mobile Application
Currently, IQMining does not offer a dedicated mobile application for iOS or Android devices. However, users can access the platform via mobile browsers, ensuring that they can manage their accounts on the go.
Execution Model
The platform operates on a market-making model, which may not provide the same level of transparency as ECN or STP models. The technology infrastructure is reportedly robust, with multiple data centers located across various regions to enhance service reliability.
API Access
While there is no mention of API access for automated trading, clients can engage in manual trading and utilize the platforms tools for market analysis.
5. Account Types and Trading Conditions
IQMining offers several account types tailored to different trading needs. The minimum deposit for opening an account is set at $50, which allows clients to start trading with relatively low capital.
Standard Account Conditions
- Minimum Deposit: $50
- Spreads: Competitive spreads, although specific rates are not disclosed.
- Commissions: No trading fees are charged for executing trades.
Advanced Account Types
IQMining provides advanced account options, including VIP and professional accounts, though details about these accounts are not extensively covered on the platform.
Special Accounts
There is no mention of specific account types such as Islamic accounts or corporate accounts.
Leverage
Leverage options vary depending on the type of asset being traded, with maximum leverage ratios reported to be as high as 1:100.
Minimum Trade Sizes
The platform allows for flexible trade sizes, accommodating both small and large transactions.
Overnight Fees
IQMining has a policy regarding overnight fees, which applies to positions held beyond standard trading hours.
6. Fund Management
IQMining supports a variety of deposit methods, making it convenient for users to fund their accounts. The available deposit options include:
- Bank Transfers
- Credit Cards: Visa and Mastercard.
- E-Wallets: Including Perfect Money and Qiwi.
- Cryptocurrencies: Bitcoin, Ethereum, Litecoin, and other altcoins.
Minimum Deposit Requirements
The minimum deposit varies based on the account type, typically starting at $50.
Deposit Processing Times
Deposits made via credit cards and e-wallets are processed quickly, generally within a few hours. Bank transfers may take longer, typically up to three business days.
Withdrawal Methods and Limitations
Withdrawals can be made through the same methods used for deposits, with specific conditions applying to different payment methods. Withdrawal requests are usually processed within 24 hours.
Withdrawal Fees
IQMining charges fees for international bank transfers, which can amount to $50. Other withdrawal methods may not incur additional fees, but clients should verify this with the platform.
7. Customer Support and Educational Resources
IQMining offers multiple channels for customer support, including:
- Live Chat: Available 24/7 on the platform.
- Email Support: Clients can reach out via support@iqmining.com.
- Phone Support: Available for users in the UK and Russia.
Service Hours and Coverage
Customer support operates around the clock, ensuring that users can receive assistance regardless of their time zone.
Multilingual Support
The platform provides support in several languages, including English, Russian, Chinese, German, Thai, French, and Spanish.
Educational Resources
IQMining offers limited educational materials, focusing primarily on cryptocurrency mining. There are no comprehensive training programs or tutorials available for traders.
Market Analysis Services
The platform provides basic market analysis, including news updates and insights, but lacks in-depth research reports or analytics tools.
Trading Tools
Users have access to basic trading tools, such as calculators and market calendars, to assist with their trading activities.
8. Regional Coverage and Restrictions
IQMining primarily serves clients in various regions, but it does not accept customers from the United States. The platform is accessible to users globally, with a particular focus on markets in Europe, Asia, and Africa.
Regional Offices
While specific regional offices are not detailed, the company operates data centers in several countries, including Canada, China, Russia, and others.
Countries with Restrictions
Clients from the United States are explicitly restricted from using IQMining services, which may limit its market reach.
Special Restrictions
There are no additional restrictions mentioned, but users should be aware of the potential risks associated with investing in an unregulated environment.
In summary, IQMining presents itself as a versatile platform for cryptocurrency mining and trading, but potential investors should approach with caution due to the lack of regulation and mixed reviews from users.
IQMining Similar Brokers
Latest Reviews
Nghĩ Nguyễn
Malaysia
I was very worried at first, as I have never done it before. After I made the transfer toIQMining. All I have to say is AMAZING! The account manager managed to double my account overnight with one bitcoin trade! I don’t know if it will always be that easy, but it's a very good start!
Positive
2023-02-28
睡其
Vietnam
I've been using IQMining for quite some time now and I must say, it's one of the most reliable and user-friendly platforms I've come across. What I particularly like about IQMining is the level of transparency they provide. All transactions and fees are clearly laid out, and there are no hidden charges. They also have a very responsive and helpful customer support team who are always available to answer any questions I have. One thing that stands out about IQMining is the speed at which withdraw
Positive
2023-03-27