I recently had some requests for my opinion and honest review of “Cent Brokers” in binary options. Today we will look at the newest and most prominent one on the market, IQ Cent. Cent Brokers refer to binary brokers where one is able to engage in trading for as little as $0.01.
Its really important that I put up this review because black sheep need to be singled out. It would be a shame if people gave trading a miss because scam brokers drag good brokers into the stereotype.
Cent Brokers are a Gimmick
After some research, I found that the only “Cent Brokers” were IQCent, and BinaryCent. I would like to point out that IQ Cent has nothing to do with IQ Option, which is a really well-reputed broker that is regulated by several authorities.
Also, upon observation, IQ Cent is merely a newer brand by the same people of BinaryCent, and prior to that, BinaryMate.
Furthermore, the whole point of trading with less is to make a smaller deposit go a longer way. Yet, the minimum deposit is $50 or $250 – depending on geo-location, which is considered high when other brands IQ Option, Pocket Option, Quotex offer minimum deposits as low as $5-20 (depending on your geo-location).
Scam Reports, Deposit Fraud, and Fake Reviews
I then went over to TrustPilot, to look out for the reviews on this brand. Since it is the above brands are related, I decided to look at the latest one, IQ Cent. You can also link to the review page here.
You will find very common problems people are experiencing – which is stalled withdrawals. You can see some write that their withdrawal has been stalled for 6 months and beyond.
Price Manipulation and Auto-Trading Money Bait
According to the reviews, people have encountered price significant price jumps which did not make sense and resulted in losses which should not have occurred.
Many people are enticed by easy money, and they are baited to invest with “bots” in the system. But there is no transparency whether they are really users or just virtual trades “Madoff Style” done on old data. Greed makes people deposit more, and then they realise they cannot withdraw the funds.
Template Responses – Furthering the Fraud?
One review that stood out to me was how the reviewer mentioned that he is regretful that the money he took 5 minutes to send, is taking months to come back and he probably will never see it again.
The bad reviews were all met with the same template response to write to [email protected]. PR for “Public Relations”. Probably they will make some offer? But it wouldn’t be a far-fetched guess to assume they may be further strung along by some risk-free trades or lots-free trading bonus, to drag on the non-payment charade for a few more months or years till they give up.
Does Safer and Better Exist?
For Pocket Option, Quotex, IQ Option – depending on the deposit method, such as for USDT, you can even receive the withdrawal same day or within one business day.
Pocket Option has a Social Copytrading feature where you can copy other people’s trades.
These are real users, because you will soon discover you can even enable your account for copying by others.
You will even notice that the broker restricts people from copying traders – typically when they are getting too profitable because it is just bad for business – which should be the logical case.
How To Trade For Less Than $1 Per Trade
What is the point of that, especially if you have to deposit $250.
If you deposit $30-50, $1 is just 2-3% of the account which is a very good risk management.
However, if you insist on trading sub-$1 I will recommend that you sign up with Pocket Option, make any amount of live deposit, and try Social Copytrading from the smallest possible size.
If you copy a trade by proportion, 10% the size of the original traders’ trade size of $1 is just $0.10.
In fact, if you’re testing out traders via social copy trading, it’s good to start at such sizes, to monitor the performance and consistency of the trader you’re copying, to see if they are keeping close to their results.
If they are, you can scale immediately.
Public Service Announcement
I wrote this post with the intention of a public service announcement. No one likes money lost, and worst, lost meaninglessly.
I hope you find this article useful, and that I have saved you from getting money stuck in a way you will later regret.