IQX Trade Forex Broker

Note: IQX Trades official website: https://iqxtrade.net/ is currently inaccessible normally.IQX Trade Review SummaryFounded2023Registered Country/RegionSeychellesRegulationFSA(Exceed)Market InstrumentsForex, Commodities, Cryptocurrencies, CFDs, Indices, Stock CFDsDemo Account❌LeverageUp to 1:500Spread/Trading PlatformMT5 (Desktop, iOS, Android)Min Deposit$100 (Standard Account)Customer SupportHeadquarters: +44 20378827312, support@iqxtrade.comBranch: +44 20378827312, support@iqxtrade.comIQX 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 ConsPros Cons Offers a range of tradable instrumentsUnregulated for Forex operations (Non-Forex license)Provides Islamic Swap-Free accountsNo demo account availableHigh leverage of up to 1:500Website currently inaccessibleIs 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 TypeTrading PlatformMin DepositMax LeverageCommissionSpread TypeSuitable forStandard AccountMT5$1001:500$0Variable SpreadBeginners and regular traders seeking no commission feesECN AccountMT5$5001:500$6/lotVariable SpreadHigh-volume traders prioritizing tighter spreadsSwap-Free AccountMT5$5,0001:500$0Variable SpreadIslamic traders seeking Sharia-compliant accountsLeverage 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 PlatformTrading PlatformSupported Available Devices Suitable for what kind of tradersMT5✔Desktop, iOS, AndroidTraders requiring analytical tools and automated tradingDeposit 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.