iQuoto

iQuoto has the feeling and look of a proper broker, one that does not go overboard with features, and retains an air of professionalism nevertheless. Read on to find out more about it.

iQuoto acts as an Appointed Representative of Kapwealth Limited, a company that is registered in the UK and is regulated by the FCA.

The Financial Conduct Authority (FCA), enforces strict financial and investment standards for brokers to abide by. Furthermore, Kapwealth Limited is a part of the Financial Services Compensation Scheme (FSCS), which, in the event of the company becoming insolvent, will reimburse traders with up to £85 000. Users’ money remains safe in segregated bank accounts away from the broker’s.

As a EU/UK broker iQuoto cannot give a leverage higher than 1:30, a decree settled by ESMA.

The EUR/USD spread that we got from a demo trading account was 0.9- 1.1 pips.

The current assets that can be traded with are the following: Forex Pairs, Indices, Precious Metals, and Energies. The obvious missing ones are Crypto and Shares.

The only language the website is available in is English.

IQUOTO LOGIN

The broker has gained access to the timeless MT4 platform, which is always a plus.

METATRADER 4

As one of the leading platforms in the world, MetaTrader 4’s design and interface is by now well known. The platform is abundant in trading options and possibilities, and attractive to users both rookie and pro. The platform also allows for VPS. The point of the VPS is to let the auto trading bots trade, without worrying that his job will be interrupted by a power failure or net crash. iQuoto allows for PAMM (Percentage Allocation Money Management) accounts to be utilized. The essence of this is that inexperienced traders, or those without the time, can allocate a sum of their money to a qualified trader they chose before hand. From there on, these adept traders will trade with their and your money with the sole purpose of generating as much profit as possible.

The leverage is capped at 1:30 by ESMA. Meanwhile the EUR/USD spread flickers between 0.9-1.1 pips. This is the value given to us while using a demo account. We have reason to believe that this spread is derived from an ECN Account, because the broker claims that all Standard Account spreads start from 1.3 pips.

Nevertheless, the ECN account has a commission attached to it, of $2 per side, or $4 round turn. This commission increases all ECN account spreads with 0.4 pips.

The MT4 is made available to traders as a desktop terminal, and can be accessed on Android and Apple devices.

IQUOTO MINIMUM DEPOSIT

There is no minimum deposit when opening a Standard Account. The minimum deposited funds for using an ECN account are $2000.

The base currencies that were given to us as options when registering a demo account were USD, GBP, and EUR.

Funding methods are limited to VISA, MasterCard, Maestro and Bank Transfer. This is the bare minimum that any legitimate broker offers, and there is definitely room for more options in the future,  like Neteller and Skrill, just no name a few.

The processing times for deposits have not been indicated. However, if we are to follow the industry standard processing times for funding an account, we can conclude that a Credit/Debit card deposit should be instant, while a Wire Transfer takes from 1 to 5 days.

There are no fees indicated.

IQUOTO WITHDRAWAL TIME AND FEES

The FCA guarantees the utmost safety and security for each and every withdrawal.

Information concerning withdrawals is very scarce, so please bear with us.

There is no indication on a minimum withdrawal amount.

What’s missing as well, is a clear indication on the methods of withdrawing. We assume that they are the same as the ones used for depositing: Credit/Debit Cards and Wire Transfer.

What’s more distressing is the lack of info on fees, if any. Most broker have some sort of fee on withdrawals, so we can theorize that iQuoto has some as well. Mind you, that the payment providers may charge separate fees on withdrawals.

The only information that has reached us is connected to the processing times. The broker claims that all withdrawals are processed within 24 hours. However, after that, the time it take for the money to reach your personal account depends on the payment issuer.

BOTTOM LINE

Even with all the missing information we still recommend iQuoto. There is a simplicity about it that we cherish, and we are sure that most novice traders will get a kick out of this one. We approve this one.