Analysis of IQCent (Wave Makers LTD) as a Broker ¶

This analysis evaluates IQCent, operated by Wave Makers LTD, based on online complaint information, risk level assessment, website security, WHOIS lookup, IP and hosting details, social media presence, red flags, regulatory status, user precautions, potential brand confusion, and website content. The official website is https://www.iqcent.com/. The assessment draws from available web sources and critical evaluation to provide a comprehensive overview.

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1. Online Complaint Information

IQCent has garnered significant negative feedback across platforms like Trustpilot and forex-related review sites. Common complaints include:

• Withdrawal Issues: Numerous users report delays or outright denials of withdrawal requests, with some waiting months without receiving funds. For example, one user mentioned a withdrawal request for $12,214 pending for over a month and a half, with generic responses like “it’s in the queue.”
• Account Closures: Several traders reported their accounts being closed for “suspicious activity” after profitable trades, with no clear explanation or refund of initial deposits. One user claimed their account was shut down after earning $11,824, and their brother’s account, which copied trades, was also terminated.
• Misleading Promotions: Users cite issues with bonuses that lock funds, preventing withdrawals unless strict trading volume requirements are met.
• Poor Customer Support: Complaints highlight unhelpful or unresponsive support, with repetitive replies and no resolution to issues. Positive Reviews: Some positive reviews exist, particularly praising the platform’s interface and copy trading feature. However, these are often overshadowed by allegations of fake reviews, with Trustpilot removing several for being inauthentic. Assessment: The volume and consistency of complaints, especially regarding withdrawals and account closures, suggest significant operational issues. The presence of fake positive reviews further erodes trust.

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2. Risk Level Assessment

IQCent is widely regarded as a high-risk broker due to several factors:

• Lack of Regulation: IQCent is not regulated by any reputable financial authority, operating under Wave Makers LTD, registered in the Marshall Islands, an offshore jurisdiction with minimal oversight.
• Regulatory Warnings: The Spanish National Securities Market Commission (CNMV) and Portuguese Securities Market Commission (CMVM) have issued warnings against IQCent for providing unauthorized financial services, labeling it a scam.
• User Losses: Reports of users losing significant sums, coupled with inability to withdraw funds, indicate a high financial risk.
• Offshore Jurisdiction: The Marshall Islands is known for lax regulatory standards, offering little investor protection. Risk Level: High. The combination of no reputable regulation, regulatory warnings, and user-reported financial losses makes IQCent a risky choice for traders.

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3. Website Security Tools

• SSL Certificate: IQCent uses a valid HTTPS connection, ensuring encrypted communication between the user’s device and the website. This is a basic security measure, but its presence does not guarantee legitimacy, as even scam sites often use free SSL certificates.
• Website Vulnerabilities: No specific reports of security breaches or vulnerabilities were found in the provided data. However, the proprietary trading platform’s lack of transparency (e.g., undisclosed data feeds) raises concerns about potential manipulation.
• User Data Protection: The minimal identification required during signup is a red flag, as legitimate brokers typically enforce strict Know Your Customer (KYC) protocols to prevent fraud. Assessment: While the site employs basic encryption, the lack of robust KYC and transparency in platform operations suggests inadequate protection for user data and funds.

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4. WHOIS Lookup

• Domain Registration: The domain iqcent.com was registered on October 16, 2022, via GoDaddy.com, LLC.
• Domain Age: The domain is relatively new (less than three years old as of April 2025), which is often a risk indicator for financial platforms, as established brokers typically have older domains.
• Registrant Information: WHOIS data does not provide detailed registrant information, likely due to privacy protection services, which is common but can obscure accountability. Assessment: The recent domain registration and lack of transparent registrant details raise concerns about the platform’s long-term credibility.

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5. IP and Hosting Analysis

• IP Address: The website is hosted on IP addresses 104.26.4.156 and 172.67.11.230, managed by Cloudflare, Inc., a reputable provider based in San Francisco, USA.
• Hosting Provider: Cloudflare is a widely used content delivery network (CDN) that enhances site performance and security. Its use is standard and does not inherently indicate risk.
• Server Location: The servers are located in the United States, which contrasts with the broker’s Marshall Islands registration, potentially complicating jurisdictional oversight. Assessment: The hosting setup is professional, but the offshore registration undermines any security benefits, as hosting location does not address regulatory or operational risks.

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6. Social Media Presence

• Platforms: IQCent maintains accounts on Instagram and Twitter (now X), providing updates and promotions.
• Engagement: Specific engagement metrics are unavailable, but user complaints mention influencers like “Marco Brown” and “X5_trader” promoting IQCent on YouTube and Telegram, often via affiliate programs. These promotions are criticized for misleading claims about withdrawals.
• Red Flags: The reliance on influencers with affiliate links, coupled with allegations of fake reviews, suggests manipulative marketing tactics. Assessment: The social media presence is active but tainted by associations with questionable influencers and potential fake endorsements, reducing trustworthiness.

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7. Red Flags and Potential Risk Indicators

Several red flags indicate significant risks:

• Unregulated Status: No oversight from top-tier regulators like FCA, ASIC, or CySEC, and warnings from CNMV and CMVM.
• Offshore Registration: Wave Makers LTD’s Marshall Islands base offers minimal investor protection.
• High Leverage: Offering 1:500 leverage, especially to Australian residents, violates ASIC regulations (max 1:30), indicating non-compliance with international standards.
• Withdrawal Delays: Consistent user reports of prolonged or denied withdrawals.
• Bonus Traps: Bonuses with high trading volume requirements that prevent withdrawals.
• Proprietary Platform: The use of a proprietary platform with undisclosed data feeds raises concerns about price manipulation.
• Affiliate Marketing: Heavy reliance on influencers who may prioritize commissions over transparency.
• Fake Reviews: Trustpilot’s removal of fake reviews suggests attempts to inflate credibility. Assessment: The numerous red flags, particularly the lack of regulation and withdrawal issues, strongly suggest that IQCent operates with questionable integrity.

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8. Regulatory Status

• Claimed Regulation: IQCent claims to be operated by Wave Makers LTD, registered with the Marshall Islands Registry (IRI), registration number 103581. However, the IRI registration is annulled, and the Marshall Islands does not regulate forex or brokerage activities.
• Regulatory Warnings: The CNMV (Spain) and CMVM (Portugal) have blacklisted IQCent as a scam for offering unauthorized financial services.
• No Top-Tier Regulation: IQCent lacks oversight from reputable regulators like the FCA (UK), ASIC (Australia), or SEC (USA), which is a critical risk factor. Assessment: IQCent is effectively unregulated, with no credible oversight, making it highly risky for investors. Regulatory warnings confirm its illegitimacy in multiple jurisdictions.

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9. User Precautions

To mitigate risks when considering IQCent or similar brokers, users should:

• Verify Regulation: Only trade with brokers regulated by top-tier authorities (e.g., FCA, ASIC, CySEC). Use tools like BrokerChooser’s “Find My Broker” to identify regulated options.
• Test Withdrawals: Deposit a small amount and attempt a withdrawal to verify the process before committing larger sums.
• Avoid Bonuses: Decline bonuses that impose restrictive trading requirements, as these often lock funds.
• Research Reviews: Cross-reference reviews on platforms like Trustpilot, but be wary of fake positive reviews. Check regulatory warning lists.
• Use Regulated Alternatives: Consider brokers like IC Markets or AXI Trader for Australian residents, which comply with ASIC regulations.
• Report Issues: If scammed, report to local authorities (e.g., Marshall Islands police), your bank, or agencies like the FBI for international fraud.
• Secure Accounts: Use strong passwords and enable two-factor authentication (if available) to protect personal data. Assessment: Users must exercise extreme caution with IQCent, prioritizing regulated brokers to avoid potential losses.

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10. Potential Brand Confusion

• Similar Platforms: IQCent is linked to other brokers under the “finministry” network, including Raceoption, Smartytrade, Binarycent, and Videforex, which share similar interfaces and are also unregulated.
• Name Similarity: The name “IQCent” may be confused with legitimate brokers like IQ Option, which is regulated in some jurisdictions. This could mislead users into assuming IQCent is similarly credible.
• Affiliate Misrepresentation: Influencers promoting IQCent may create confusion by associating it with reputable platforms or exaggerating its legitimacy. Assessment: The potential for brand confusion, especially with regulated brokers like IQ Option, and ties to other unregulated platforms heighten the risk of misleading marketing.

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11. Website Content Analysis

• Claims and Features: IQCent’s website promotes a user-friendly proprietary platform, low minimum deposits ($50), copy trading, and bonuses up to 100%. It offers trading in forex, CFDs, cryptocurrencies, and binary options.
• Transparency Issues: The site lacks clear information on commissions, spreads, and data feed sources, which is critical for assessing trading costs and fairness.
• Misleading Promises: Claims of “fast withdrawals” (e.g., 24 hours) contradict user experiences of delays lasting weeks or months.
• Contact Information: The site provides live chat, email ([email protected]), and a physical address (Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960), but lacks phone details in some sections, reducing accessibility.
• Bonus Terms: Bonus terms are vague, with conditions like 3x trading turnover requirements that can trap funds if not met. Assessment: The website’s polished appearance and attractive features are undermined by a lack of transparency, misleading claims, and restrictive terms, aligning with scam broker tactics.

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12. Critical Evaluation

While IQCent offers appealing features like low deposits and copy trading, the overwhelming evidence points to it being an unreliable and potentially fraudulent broker. The lack of regulation, regulatory warnings, and consistent user complaints about withdrawals and account closures are damning. The Marshall Islands registration, minimal KYC, and reliance on affiliate marketing further suggest a focus on attracting deposits rather than ensuring client success. The proprietary platform’s opaque data feeds and high leverage offerings (e.g., 1:500) indicate potential manipulation and non-compliance with global standards. Positive reviews appear manipulated, and the platform’s ties to other unregulated brokers under “finministry” reinforce concerns about its legitimacy.

Conclusion

Recommendation: Avoid IQCent. The broker exhibits numerous red flags, including no credible regulation, regulatory warnings, withdrawal issues, and misleading marketing. The high risk of financial loss, coupled with its offshore status and poor user feedback, makes it an unsafe choice for trading. Safer Alternatives: Opt for brokers regulated by top-tier authorities (e.g., ASIC, FCA, CySEC), such as IC Markets or AXI Trader for Australian residents, or eToro for global users. Always verify a broker’s license, test withdrawals, and avoid unregulated platforms promising high returns with minimal oversight. Sources:

• BrokerChooser (,)
• Trustpilot (,)
• TraderKnows ()
• FraudComplaints.net ()
• FXFundManagers ()
• 55Brokers ()
• ScamBroker ()
• AutoSiteChecker ()
• BrokersView ()
• TradingBrokers ()
• ScamQuery () Note: This analysis is based on available data as of April 24, 2025, and reflects a critical examination of sources. Always conduct independent research before engaging with any broker.