IQ Mining is a dual-purpose platform, serving as both a cloud mining hub for cryptocurrencies and a broker for Forex and binary options trading.
Its efficient utilization of smart contracts to precisely allocate trading funds sets it apart in mining, Forex, and Binary Options Trading.
Having been around for over 6 years in the market, IQ Mining has made a name for itself as being an innovative and reliable broker.
Traders on the IQ Mining platform can trade Forex, CFDs, and binary options with just a single sign-in.
Some of the cryptocurrencies that you can mine in IQ mining include: – Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Dogecoin, Aeon, Grin, Beam, and zCash.
In the following review, we’ll look at some of the top features that distinguish IQ Mining from its peers in the world of trading and give recommendations based on its: –
- Ease of use
- Payment methods
- Customer service
among other important aspects of a trading platform.
Before creating a trading account with this platform, make sure you read this review to the end to understand what you are getting into.
|📝 IQ Mining Features||Description|
|💰 Minimum deposit||$50|
|📈 Minimum trade amount||$1|
|🌐 Trading platforms||Web-based interface|
|📊 Instruments||Binary options, CFDs on currency pairs, stocks, and cryptocurrencies|
|💳 Account Currency||USD, EUR, BTC, ETH, and other cryptocurrencies|
|🔒 Caution||Users expressed frustration over delayed verification processes, withdrawal difficulties, and communication issues with customer support.|
|💳 Payment Methods||Visa/MasterCard, bank transfer, Perfect Money, Qiwi, Yandex.Money, WebMoney, Bitcoin, Litecoin, Ethereum, DASH, USD Coin, Tether, Zcash, etc.|
About IQ Mining
IQ Mining is a moderate-risk broker.
Based on my analysis, I’d give it a 2/5 score in our list of top-rated binary options trading platforms.
Why this low rating you ask, after a comprehensive evaluation of the company’s trading offerings and analysis of client reviews on different review platforms, I concluded that it is one of those brokers who however unique and desirable, must be approached with caution.
I suggest that traders interested in opening accounts in IQ Mining conduct thorough assessments of its pros and cons before making any deposit on the platform.
If it helps, Google IQ Mining reviews before you register. Scheme through all the feedback from various clients and you will notice a pattern.
A range of experiences, warranting caution in decision-making.
Beyond its broker status, IQ Mining allows CFDs, Forex, and binary options, while concurrently functioning as a cloud mining platform.
This unique dual-role setup enables users to make money actively with trading opportunities as well as passively with cryptocurrency.
For traders who live and work in Indonesia, Brazil, India, or Egypt; like trading CFDs on stocks, digital and fiat currencies, and are risk tolerant, then this might be a good choice.
Advantages of Trading on the IQ Mining Platform
- Daily Payouts: IQ Mining prides itself on its daily payouts, allowing users to receive their earnings in popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) on a daily basis.
- “Pro” Contract: If you go pro on the platform, you will get better deals. The “Pro” contract option offers an enticing 20% extra interest per year, enhancing the potential for higher returns on investments.
- Income Booster: The Income Booster feature is designed to maximize earnings. By enabling automatic reinvestment, users can potentially earn up to an impressive 180% annually.
- 24/7 Live Support with Quick Responses: IQ Mining stands out with its 24/7 live support. With a remarkable response time of under 3 minutes, users can count on timely assistance whenever they need it.
- Highest Payouts in Options Trading: You will earn up to 95% in just 60 seconds if you choose to trade options on IQ Mining’s trading platform. This is more than most binary brokers provide.
- Copy Trading: This unique feature offers an avenue to earn more by following the strategies of the best traders on the platform. Just look at what they trade and copy.
- Flexible Leverage: IQ Mining provides traders with flexible leverage options ranging from 1:3 up to 1:100. These are good risk options for traders with varying risk appetites and trading strategies.
- Contracts Pledging: This feature allows users to access up to 100% of the contract cost on their trading account balance.
- Multiple Payment Methods: IQ Mining ensures user convenience by supporting a variety of payment methods, making deposits and withdrawals seamless and accessible.
Disadvantages of Trading With IQ Mining
- Challenges with Verification and Withdrawal: Some users have reported difficulties in the verification and withdrawal processes on the IQ Mining platform. These challenges can potentially hinder the seamless user experience that we all seek.
- High Initial Deposit Requirement: Compared to many other binary options platforms that allow lower initial deposits, IQ Mining requires a higher starting investment of $50. This might deter traders who are looking for a more affordable entry point.
- Risk of Capital Loss: Like all forms of trading, engaging with IQ Mining carries inherent risks. The potential for losing some or all of the invested capital is a reality that you should be aware of before investing in binary options trading.
How to Register in IQ Mining
Registering on the IQ Mining platform is a simple and straightforward process. To get started,
a). Visit the Official Website: Begin by visiting the official IQ Mining website using your preferred web browser.
b). Click on “Sign Up”: Look for the “Sign Up” or “Register” button on the homepage and click on it. This will initiate the account creation process.
c). Provide Your Details: Fill in the required information, including your name, phone number, email address, and a strong password. Make sure the password is unique and combines letters, numbers, and special characters for enhanced security.
d). Verify Your Email: After submitting your details, IQ Mining will send a verification email to the address you provided. Open your email inbox and click on the verification link to confirm your email.
e). Complete Your Profile: Once your email is verified, you’ll need to upload your passport, and a signed agreement (form downloaded on the verification page)
f). Choose an Account Type: IQ Mining typically offers different account types with varying features. Select the account type that aligns with your trading goals and preferences.
g). Deposit Funds: To start trading or mining, you’ll need to fund your account. Navigate to the “Deposit” section and choose from the available payment methods to add funds to your account.
h). Start Trading or Mining: With your account funded, you can now explore IQ Mining’s trading options or cloud mining services. Take your time to familiarize yourself with the platform’s features and tools.
It’s important to note that while registration is relatively simple, you should exercise caution and ensure that you provide accurate and truthful information as this may affect verification.
Other important factors to consider before creating an account on this platform
IQ Mining Promo Code and Bonuses
While IQ Mining doesn’t offer traditional bonuses, it does provide some enticing sign-up deals that you can take advantage of.
During our research for this review, we found a notable offer—a generous 35% discount on all mining contracts. This discount effectively reduces the initial investment required to start cloud mining, presenting a potential opportunity to save on costs.
It’s however important to note that despite such discounts, you might never make a living mining on this platform.
Mining operations incur administrative fees, which, when combined with maintenance costs, can influence the balance between returns and expenses.
While these bonuses may lower your entry costs, it’s essential to approach cloud mining with a clear understanding of the potential risks and rewards. In some cases, direct investment in cryptocurrencies might be a simpler alternative for those seeking exposure to the crypto market.
Lest I forget, IQ Mining does not have an active promo code for binary options traders at the moment.
The “About Us” section of IQ Mining appears to be fairly basic, lacking specific ownership details or the company’s exact location.
While some sources suggest the head office is in Seychelles, others mention Latvia or Vanuatu.
This is confusing and shows red flags off the bat.
That said, their facilities might not even be in Canada, Russia, Iceland, Georgia, Algeria, and China—as they claim. They could as well be in Nigeria, who knows?
When you want to start trading on a real account on IQ Mining, you will need to deposit.
Iq Mining has numerous deposit and withdrawal methods that do not charge any commissions.
Among the options available for transactions are Bitcoin, Litecoin, Ethereum, Dash, Zcash, TrueUSD, USD Coin, and Tether.
Other than funding your account with crypto, you can also choose to fund your account with well-recognized choices like Visa, MasterCard, WebMoney, Perfect Money, QIWI, or even opt for a traditional wire transfer.
Impressively, IQ Mining has a customer service department with quick agents taking as little as 3 minutes to reply to clients.
And it’s also easy to start a live chat.
Upon arriving at the IQ Mining website, the live chat function emerges promptly at the bottom right corner of the home page.
Our assessment during this IQ Mining review involved testing the service and we found out that the support staff is courteous, resourceful, and knowledgeable.
You can also communicate with them in English, Russian, German, Spanish, and French.
Here’s our verdict.
As always, we begin with this Question, Is IQ Mining a scam or a legitimate broker?
To form a comprehensive perspective, we’ve carefully analyzed user reviews, considering both positive and negative experiences.
Positive reviews highlight IQ Mining’s features such as diverse payment options, access to turbo options, and the availability of customer support.
These reviews speak to the platform’s efforts to provide users with a range of choices and support services.
However, we also have negative reviews that highlight significant concerns.
Users expressed frustration over delayed verification processes, withdrawal difficulties, and communication issues with customer support.
Some have even questioned the transparency of the platform, raising doubts about its operational integrity.
There are even users who have complained of financial loss, and unmet withdrawal requests.
These diverse experiences lead us to emphasize the importance of due diligence and cautious decision-making.
My two-penny advice?
While IQ Mining offers certain advantages, including the ability to trade Forex, and Binary Options as well as mine crypto easily, it’s essential to consider the potential drawbacks as well.
Negative experiences, including difficulties in withdrawals and concerns about transparency, warrant careful consideration.
Ultimately, whether IQ Mining is deemed a scam or a legitimate broker depends on individual experiences and perceptions.
While some users have faced challenges, others seem to have found success.
As with any investment, it’s wise to thoroughly research, seek expert advice, and make informed decisions that align with your risk tolerance and financial goals.
Frequently Asked Questions
Q1. What is IQ Mining?
IQ Mining is a multifaceted platform that offers both cloud mining services and serves as a broker for Forex and binary options trading.
As a cloud mining platform, IQ Mining enables users to mine various cryptocurrencies without the need for advanced technical knowledge or specialized hardware.
Additionally, it provides opportunities for traders to engage in Forex, CFDs, and binary options trading, offering a dual-purpose platform for both active and passive income generation.
Q2. Is IQ Cloud Mining Legit?
The legitimacy of IQ Mining’s cloud mining services is still a huge topic of discussion among users.
While some users have reported positive experiences with earnings and payouts, negative reviews have also emerged, citing challenges with withdrawals and customer service responsiveness.
It’s essential to exercise caution, conduct thorough research, and consider the experiences of other users before engaging in any cloud mining activities.
Q3. What is the Minimum Deposit for IQ Mining?
The minimum deposit required for IQ Mining can vary based on the specific type of trading or mining contract you’re interested in.
I recommend reviewing the platform’s current terms and conditions or contacting their customer support for the most up-to-date information regarding minimum deposit requirements.
Q4. Which Cloud Mining is Best?
Determining the “best” cloud mining provider depends on several factors, including the user’s individual goals, risk tolerance, and preferences.
My two-penny advice?
Research various cloud mining options, read user reviews, and consider factors such as transparency, track record, fees, and available cryptocurrencies before selecting your broker.
Q5. Does Cloud Mining Really Pay?
Cloud mining can offer potential earnings, but it’s important to approach it with realistic expectations.
While some miners have reported positive results on selected mining platforms, others have encountered challenges with profitability and withdrawals.
The dynamic nature of cryptocurrency markets and mining operations can impact earnings.
As with any investment, it’s recommended to conduct thorough research and consider potential risks before participating in cloud mining.
Q6. How to Start Cloud Mining?
To start cloud mining, you typically need to follow these steps:
1) Choose a reputable cloud mining provider
2) Create an account on their platform
3) Select a mining contract that suits your budget and goals
4) Make the required deposit
5) Monitor your mining activity and earnings through the platform’s dashboard.
Keep in mind that research, due diligence, and understanding the provider’s terms and conditions are crucial before getting started.
Compare IQMining With Other Brokers
- Deriv: Deriv is an online trading platform that offers various types of binary options and forex trading. It has a minimum trade size of $0.35 and a maximum payout of 100%. Unlike all the other brokers in this list, it supports automated trading.
- IQOption: This is one of the leading online trading platforms that offers binary options, digital options, forex, and CFDs trading. IQOption has a minimum trade size of $1 and a maximum payout of up to 900%. It has a user-friendly and customizable web-based platform that features charts, indicators, signals, and social trading. IQOption also offers a free demo account and various other trading accounts.
- Expert Option is a popular online trading platform that offers binary options trading. it has a minimum trade size of $1 and offers a maximum payout of up to 95%. The Expert Option platform is also simple, intuitive, and easily accessible from a web browser or a mobile app.
- IQCent: A new online trading platform that offers binary options and CFDs trading. IQCent has a minimum trade size of $0.01 and a maximum payout of 95%. It has a similar web-based platform as RaceOption, which features charts, indicators, signals, and social trading.