IQ Mining review and test – Is it a scam or not?
- IQ Mining review and test – Is it a scam or not?
- What is IQ Mining?
- Mining conditions:
- Trading Conditions:
- Test of the trading platform
- How to mine using IQ Mining
- How to trade with IQ Mining
- How to open an account with IQ Mining
- Conclusion with advantages / disadvantages: Not a scam but high risk investment
(3.3 / 5)
Mining and trading
Cryptocurrencies and forex
Introduction to the review:
If you are reading this review, you’re probably looking into mining cryptocurrency, or Bitcoin, to be specific. We really can’t blame you since Bitcoin has been gaining so much popularity since its inception. Experts even predict its price to skyrocket in the next few months or years.
Mining is arguably the easiest way to get a hold of cryptocurrency. You won’t need to look at charts all day or set up trading robots to open positions for you. But which cloud mining platform is ideal for you?
This review will focus on IQ Mining and what it has to offer. The information you find here will help you make an informed decision as to whether or not you should invest in IQ Mining.
What is IQ Mining?
IQ Mining is a cloud mining platform that was created by professional blockchain engineers and programmers back in 2016. Its data centers can be found in China, Algeria, Georgia, Iceland, Russia, and Canada.
IQ Mining also has a trading platform where traders can invest in digital options and forex trading. This combination of mining and trading is very strange. There is no other website that is offering this type of service. We will go into detail and show you the functions in this review.
(Risk warning: your capital can be at risk)
Is IQ Mining safe and legit?
There are a lot of cloud mining services that have been labeled as scams or Ponzi schemes. This is why it’s important to make sure if the cloud mining service you are planning to spend your money on is safe and legit.
With IQ Mining, your personal data, together with your bank details and log-in credentials, are protected by an SSL certificate. This ensures that all the information you send to IQ Mining goes directly to them.
But despite this layer of security, some users still accuse IQ Mining of scamming them. Upon doing a bit of research, this is all purely a misunderstanding. As we all know, the assets you are mining depend on market trends. Just because you decide to invest in a mining service doesn’t mean you are guaranteed a profit. IQ Mining is transparent about this.
So before you buy a contract with IQ Mining, make sure to do your research and take a look at how the asset you are planning to mine is doing in terms of profitability.
IQ Mining is not a regulated investment and trading service.
IQ Mining offers contracts for mining different cryptocurrencies. The assets that you can mine depend on the contract that you purchased. Clients can choose how long to subscribe to a particular contract. The options are one year, two years, five years, or lifetime.
- For SHA-256 contracts, clients can mine ten major coins with a minimum hash rate of 10 GH/s, starting with the price of $0.656 to $3.823 per 10 GH/s, depending on how long your contract is. Payouts for this contract are in BTC or Bitcoin.
- For SHA-256 PRO contracts, 100 to 150 altcoins can be mined, and the minimum hash rate is 10 GH/s. The price for this contract starts at $0.755 up to $4.405 per 10 GH/s. Payouts for this contract are the same as the SHA-256 contract.
- The SHA-256 BCH contract has the exact same mining conditions as the SHA-256 PRO. The only difference is the payout. Payout with this contract will be given in BCH or Bitcoin Cash.
- ETHEREUM contracts cost between $1.513 per 0.1 MH/s and $8.822 per 0.1 MH/s. With this contract, clients can only mine Ethereum with a minimum hash rate of 0.1 MH/s. Payments for this contract are in the form of Ethereum.
The last contract available is the USDT. This only runs for a year and costs $0.098 per 1GH/s. With this, you can mine ten major coins with a speed of 1 GH/s. Payments for this are in the form of USDT or Tether.
Each of these contracts also differs when it comes to the potential income. This depends on how long the contract is and which asset you are mining.
The maintenance fee for these contracts varies as well. It starts from $0.001 and can reach up to $0.00013. To get more detailed information on this, check out the table of contracts found on the website.
Aside from that, there are no other fees that IQ Mining charges from their clients for their mining feature. Additionally, when pledging your contract, all maintenance fees are also stopped until you repay your contract.
IQ Mining offers CFDs for cryptocurrency and options trading for forex, commodities, and cryptocurrencies. These can be traded from the web-based platform with minimum leverage of 1:3 and maximum leverage of 1:100.
Some of the tradeable assets are the seven major currency pairs, gold, silver, Bitcoin, Ethereum, Monero, Litecoin, and many more. To see a full list of the available assets, check out their web-based platform and navigate your way to the “Trading” tab.
For options trading, clients can opt to buy calls and puts with an expiry period ranging from one minute up to one month. For CFD traders, clients could either go long or short and execute positions using market or limit orders.
There are no trading fees with IQ Mining even when using their copy trading feature.
(Risk warning: your capital can be at risk)
Test of the trading platform
IQ Mining mainly offers a cloud mining service. This means that you do not have to download any kind of software, nor do you need to install it on any kind of device. As long as you have a non-expired contract, you can continue to earn profits even when your devices are turned off.
To sign in, you need to input your email and password on IQ mining’s website. You will then be redirected to the mining page of IQ Mining. As a new client, you will notice that IQ Mining doesn’t only offer a single service for its crypto mining, but they also offer trading forex, cryptocurrencies, and options for both of these asset classes.
On the top-side of the trading platform, you will see multiple tabs and links that would redirect you to important links such as those used for mining, trading, adding funds, referrals, special offers, and account settings.
IQ Mining’s Main Platform
To access the main platform for mining, click on the Mining tab and then Dashboard. Here, you will see five different contracts for cryptocurrency mining.
Each of these five contracts has different mining strategies, minimum hash rates, contract prices, payouts, and potential income as well. On the platform, you will also see the current power of your miner listed in GH/s, your balance listed in BTC, BCH, USDT, or ETH, your daily income per GH/s, as well as your daily, weekly, monthly, and annual payouts.
On the same page, there is a drop-down box that shows your tickets for the giveaway. Once clicked, you get to see how many tickets you’ve earned for their weekly promo and giveaway.
Under the mining tab, you will be able to buy additional contracts or power in the form of GH/s to increase your profitability. You would also be able to view all your balance transactions on another page.
IQ Mining’s Trading Platform
To gain access to IQ Mining’s trading platform, clients need to verify their account first by sending a copy of their passport as well as signing an agreement. This is to ensure the safety of your account. It is worth noting that, within the agreement, clients must be non-US citizens and must not currently reside in the United States.
Once you’re able to trade, options, CFDs, and forex pairs will be available for you to trade manually. Subsequently, there is a list of all the assets that are available, as well as their corresponding charts.
These charts are powered by TradingView, so all clients get the best charting experience. Users will be able to draw and modify their charts to help them trade better.
Every so often, IQ Mining publishes fundamental analysis articles on their platform as well. As research published by veteran traders, users can gain valuable insight into the future movement of the market.
Trade pattern ideas are also given out that function as your guide for technical analysis on the market. News on the market is also updated on the platform. Clients can use this to their advantage when there’s market-moving news.
A calendar is likewise provided for clients that are anticipating market-moving events such as FED speeches or jobless claims when trading forex pairs.
Of course, as a trading platform, IQ mining has a section used solely for trading and executing your trades for CFDs, forex pairs, and options. However, they also provide copy trading services where clients can copy the top 10 traders that are using their platform.
When mining, you will be provided a graph that shows the amount of BTC, ETH, BCH, or USDT you gained through your investment period. When you add power or funds to your existing contract, you get to see faster growth of profits.
Each of the miners you’re subscribed to has a different graph to let you analyze the performance of each. However, your total payouts, as well as your daily, weekly, and monthly payouts listed below the graph, already takes into account all of your existing contracts.
On the trading platform, you are given a different set of charts that can only be used for trading assets. For trading options, you can choose between using tick charts or candle charts. Tick charts were made to benefit high-frequency and short-term traders that take advantage of minuscule market movements.
Candle charts, which are the only charts available for CFDs and Forex, allow more customization since they are partnered with TradingView. Aside from being able to edit charts, clients are able to add hundreds of indicators and explore other assets on TradingView’s system.
IQ Mining does not have a mobile application that is available for android and iOS devices. However, clients can access all of their services directly from their mobile platform. We suggest using web browsers such as Mozilla Firefox or Google Chrome since these offer the best experience.
Note that both mining subscriptions, as well as trading services, are available for the mobile version of the web-based platform. Clients should also keep in mind that when mining, you do not need to turn your phone on to gain a profit. Since IQ Mining offers cloud-based mining, all processes needed to earn Bitcoin or other currencies are done through an offshore crypto mining farm.
IQ Mining does not offer a mobile app.
How to mine using IQ Mining
When subscribing to cryptocurrency mining platforms, you might find it difficult because of the numerous jargon and hard-to-understand concepts but in reality, investing using this method is really simple.
Before beginning to mine, clients must select their preferred miner from the five available on IQ Mining. To select a miner, a few considerations must be made, such as its maintenance fee, minimum hash rate, mining strategy, payouts, contract price, and most importantly, the potential income per contract period.
Keep in mind that you are also able to set the duration for this contract. Generally, the longer the contract, the more discounts you get. IQ Mining even offers a lifetime mining contract for several of its miners for an affordable fee. This enables clients a non-expiring source of passive income as long as the company exists.
For example, the first product that IQ Mining offers is the SHA-256. This miner only deals with the top 10 major coins; these include Bitcoin, Ethereum, Litecoin, and many more. Its payout is in BTC and has a minimum hash rate for mining power of 10 GH/s.
A one-year contract with this miner is worth 340 USD when purchasing 5000 GH/s, and upon navigating to IQ Mining’s account funding page, you would see a payout forecast for this miner that would range from $389 to $538.
This payout forecast also does not take into account reselling of altcoins since this is dependent on how the client manages his funds. It is worth noting that when paying more than $50,000 USD and reaching Diamond status for your account, clients are entitled automatically to a 5% bonus power that they can use to earn even more.
Once you’ve selected a miner, you can go back to your trading platform’s Dashboard to monitor it at any time. There will be graphs that will depict the performance of each of your miners since they started functioning.
Your power, also known as hash rate, will appear on the left side, and this symbolizes the speed at which your miner is processing transactions. With higher hash rates, you mine faster, and you gain more through IQ Mining. Below this, you will find your current balance. You can choose to either add more funds or even transfer these funds to convert them into power which you can use to let you gain more profits.
Since payouts for all miners are given out daily, you would see your daily income per GH/s as well as your daily income in BTC and USD. Weekly, Monthly, and Annual Payouts are also listed down so that you can track your miners’ performance.
IQ Mining goes the extra mile and also provides a feature called Auto-Reinvesting. In the finance industry, this is the same as with what is known as rolling returns. With this, clients can automatically put their earned funds back into the system for them to gain even more mining power.
On the platform, you should select which contracts should be auto-reinvested as well as a percentage of the profits you want to reinvest. Subsequently, IQ Mining encourages users to input a minimum balance to reinvest, but if left at default, this amount would remain at 0 USD. Additionally, it is worth noting that all reinvested funds will be a separate contract from your existing one but would have the same duration as the last contract the client purchased.
There will be times wherein mining Bitcoin, or other currencies will not be profitable. To solve this problem, IQ Mining offers clients the option to do Contract Pledging.
When pledging contracts, clients are able to get funds immediately equal to their contract cost. With these funds, clients could multiply their capital by trading manually or copy trading through IQ Mining.
Once a client deems market conditions to be profitable for mining, they may repay the contract and keep all the excess funds for them to enjoy or reinvest to purchase more power. Keep in mind that during pledging, IQ Mining grants clients a contract extension with the same duration that the client pledged their contract.
(Risk warning: your capital can be at risk)
How to trade with IQ Mining
IQ Mining’s trading platform has everything you need to trade. A list of assets, a charting software, and a section where you could execute your trades and orders.
To start trading, first, you need to select an asset that you want to trade from the asset classes available on IQ mining. These asset classes can be classified between options, and CFD and both require different order types.
For options trading, you need to enter an amount that you want to invest. Then, you should select the duration of the expiry date of your trade. Next, you should select whether your trade should be a call or put. We encourage clients to practice first using a third-party demo account since options trading is quite risky.
CFD trading is quite basic. After selecting an asset, input your desired investment amount as well as the price you want to go, long or short. Once the asset’s price reaches your desired price level, you should consider closing the trade or, at the very least, lighten your position.
For both CFDs and options, it is suggested by veterans and experienced traders to do your own research first before investing your hard-earned money.
IQ Mining also offers copy trading services that benefit all their clients. With this, users will be able to view the top 10 traders on their platform and copy their strategies. This only requires three simple steps, which include selecting a trader to copy, monitoring your position, and then you can withdraw whatever profits you gain.
How to open an account with IQ Mining
IQ Mining’s registration form can be found by clicking on the “sign up” button on the website. The form will ask for basic information such as your complete name, phone number, email address, and password.
Make sure to read the terms and conditions as well as the risk policy before you sign up. IQ Mining won’t require you to send valid IDs to verify your account. As soon as you send in your form, you will be redirected to the web-based platform.
(Risk warning: your capital can be at risk)
IQ Mining presents its clients with multiple payment methods. This is to ensure that users can deposit funds to their accounts without a problem.
Clients can deposit using Visa or MasterCard cards and Perfect Money. They also have the option to deposit cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more via Altcoins and Stablecoins.
Deposit and minimum deposit
The minimum deposit varies depending on the account type and contracts you wish to purchase. The amount ranges between $33 to $100. For more information on this, check out the website and the different types of contracts and accounts.
How to withdraw
On IQ Mining’s web-based platform, navigate your way to the “Funds” tab and select “Withdrawal” on the drop-down box. This will redirect you to the withdrawal window, where you will have to choose which account to withdraw from and how much you wish to withdraw.
Send in your request, and it will be processed within 24 hours. Within this time frame, you can expect your funds to be credited to your account. If you encounter any problems, you can email them regarding your concern.
IQ mining Demo Account
Once you register with IQ Mining, you won’t instantly be given access to a demo or trial account. If you wish to test the platform, simply send the customer service representatives an email, and they will process this.
A trial contract will be sent to your email within two weeks after you inform the customer service representative. This trial contract can be used to test out each of the available contracts without having to pay any of the fees.
IQ Mining offers 2 types of bonuses:
IQ Mining hosts a monthly giveaway for its clients on the web-based platform. To be able to participate, you must purchase a mining contract worth $100. Fifty participants stand to win different gadgets like smartphones, tablets, laptops, and smartwatches.
Referring a friend to IQ Mining will give you a 10% hash rate of all the purchases made by your referred friends. To get your referral code, open the Referrals page, and you will find it there. Simply copy your code and send it to your friend to avail of this bonus.
Support and services
IQ Mining has a built-in live chat system on its website and web-based platform. Here, you can get in touch with knowledgeable customer support representatives to address your concerns or answer any of your questions.
You can also send them an email at firstname.lastname@example.org or give them a call at +44 1224 459763 (United Kingdom) or +7 (499) 677 68 19 (Russia). Customer support representatives are available any time, any day.
Conclusion with advantages / disadvantages: Not a scam but high risk investment
One feature that sets IQ Mining apart is its trading or copy trading feature. Most cloud mining platforms don’t offer this to their clients. Additionally, with contract pledging, clients are able to make use of their funds to trade during hard mining seasons.
IQ Mining is also transparent when it comes to their fees, and their customer service representatives are prompt to respond and can answer any of your queries.
The downside to using IQ Mining is that it is not clear as to whether they are registered or not. They claim to be a legal service, but there’s no other information on this found on their website. Since IQ Mining has a trading platform, it’s quite concerning that, as a supposed broker, they are not regulated.
But as a mining service, IQ Mining functions well and provides legit payouts. If you have done research on the profitability of the contracts they offer, you will surely gain a profit in a year or so.
(Risk warning: your capital can be at risk)
FAQ – Most asked questions about IQ Mining:
IQ Mining does not guarantee a profit if you use their services. The asset you are mining is dependent on the market conditions when it comes to its price. Depending on how much you invest and when you decide to mine, using IQ Mining will give you higher potential when it comes to profits.
IQ Mining ensures that all the data you share with them, which is your personal data and bank details, and log-in credentials are 100% safe from hackers or other unwanted third parties.
When it comes to mining, however, there is no guarantee that you won’t lose any money. We advise that you only deposit the amount that you are willing to lose.
IQ Mining is a legit cloud mining service that offers different contracts depending on which assets you want to mine. Furthermore, they serve over 250,000 clients around the globe, and these users have often praised this platform.
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