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iQuoto Review - is it scam or safe?

iQuoto Review - is iquoto.com scam or good forex broker?

RATING: 3.1 / 0 REVIEWS iQuoto
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iQuoto acts as a with label of Kapwealth, which is licensed and authorized by the Financial Conduct Authority (FCA) in the UK – one of the most reliable financial regulators in the industry.

 

The broker offers over 50 currency pairs on the MetaTrader4 platform and spreads that we find attractive. Here you may check for more detail about their offer.

 

Trading account  Min. deposit Max. leverage Spread
Standard Account $1 1:30 1,3 pips

ECN Account

2000 GBP 1:30 0,4 pips + $4 /lot

 

iQuoto Advantages:

 

Sound regulation

 

iQuoto, which is owned by IQUOTO LIMITED, acts as an appointed representative of Kapwealth Ltd, which is authorized and regulated by the Financial Conduct Authority in the UK – as we already noted one of the most respectable financial watchdogs in the industry. You may see the licenses of iQuoto and Kapwealth Ltd in the screenshots below.

 

 

Brokers regulated by the FCA are subject to a rigorous control. They have to file regular reports, to allow external audits, to guarantee their clients a negative balance protection, to keep their funds in a segregated, protected form creditors, trust, account, and to maintain a minimum operational capital of no less than 730 000 EUR, as is the requirement for all brokers regulated throughout the European Union.

  

With a FCA broker however, you will even get an insurance, covering up to 85 000 GBP of your account. So here you may check our list of brokers regulated in the UK as well:

 

>>FCA Regulated Forex Brokers<<

 

Over 50 forex pairs

 

A definite advantage is the selection of trading instruments. When we tested the iQuoto trading platform with a demo account we counted 51 currency pairs, many of which minor or exotic like USDCNH, USDHKD, USDILS, USDMXN, USDNOK, USDRUB, USDSEK, USDTRY and USDZAR, CFDs on precious metals like silver, gold, platinum and palladium, 11 indices and oil. As no crypto assets seem available, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Attractive spreads

 

iQuoto offers two account types - a Standard Account and an ECN Account. With the Standard Account spreads are advertised to start form 1,3 pips, while with the ECN Account spread are said to be raw, but with a trading commission of 4 USD per standard lot round trip, which basically adds another 0,4 pips to the actual spread.

 

What we saw with our demo account was slightly different. The benchmark EURUSD spread floated between 0,3 pips and 0,5 pips with a commission of 3,5 USD per lot, round trip. In any case, those are all good spreads. 

 

Bear in mind that spreads starting below 1,5 pips with a standard account are generally considered attractive and here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No minimum deposit requirement

 

That is another piece of good news. iQuoto does not have a minimum deposit requirement so basically you can start trading with as little as 5 USD or so. And besides, such is the policy of some of the most popular brokers on the European market like FBS and IG.

 

Professional traders can use leverage of up to 1:100

 

For retail traders the maximum leverage offered by iQuoto is capped at 1:30, as are the requirements of the European Securities and Markets Authority (ESMA). If you qualify for a professional trader, however, you can enjoy leverage as high as 1:100.

 

iQuoto Disadvantages:

 

Few payment methods

 

iQuoto accepts payments solely with credit and debit cards like VISA and MasterCard and bank wire. No e-wallets like NetellerSkrill seem to be accepted and no crypto coins are accepted either. So here you may also check our list of brokers, where you will be allowed to pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Still, on the plus side we should note that all withdrawals are processed within 24 hours and that is how legit brokers work.

 

Conclusion:

 

We should admit that we were pleasantly surprised by the iQuoto offer. They are properly regulated and provide, through their partnership with  Kapwealth, a good selection of trading instruments, decent spreads and the MetaTrader4 platform – basically all a trader would need.

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Traders` reviews for iQuoto

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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