Qtradefx.com Review Is QTradeFX Legit Or Scam

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Qtradefx.com Review: Is QTradeFX Legit Or Scam?

After doing some research, we found out that a lot of traders are reporting QtradeFX and writting bad reviews about it.
It seems like they are not happy about it and they warn others not to trade with them.

It’s always important to know what other traders are thiking about a broker before using it and we can say that they are not saying good things about QtradeFX.

What do regulators say about QtradeFX ?

This is the most important thing you need to know about a broker before using it. Is QtradeFX regulated ? Is it an offshore company ?

Most brokers are unregulated or regulated by an offshore regulation authority which won’t help you in case of problem. Keep in mind that if a broker steal your funds, you won’t be able to complaint about it unless they are licensed by a serious regulator such as the CySEC (Cyprus Securities and Exchange Commission).

An unregulated broker is clearly not authorized to operate in any regulated country and you should definitely not put any money into it.

QtradeFX is an unregulated offshore broker owned by Qtrade Limited and located at First Floor, First St.Vincent Bank Ltd, James Street, Kingstown.

They can be contacted by phone at this number : +13475351200 / +96170649485 / +966559552971 / +971589799440 or you can send an email to [email protected] / [email protected]

You should definitely avoid any unregulated or offshore broker and QtradeFX is one of them.

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Have you been Scammed by QtradeFX ?

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After asking you some questions, they will be able to build a chargeback case to fight the broker and get your money back as soon as possible.

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As we said before, the good news is that there is a solution and it’s called a Chargeback.
But what is a Chargeback ?
A Chargeback is the retroactive cancellation and refund of a charge made using your credit card.

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Qtradefx.com Review: Is QTradeFX Legit Or Scam?

QTradeFX Review: this is the name of a Forex broker that is located in Saint Vincent and the Grenadines. This is an offshore location and it is a massive red flag. Is Qtradefx.com a scam or a legit broker?

The location provided for the broker on the page is an offshore location, Saint Vincent and the Grenadines. Forex trading goes on without regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

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Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

On the website we find some enticing promises on how the broker is the best for making profit. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

QTradeFX Trading Platform

QTradeFX offers traders the MetaTrader 4 trading platform. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: 50+ Forex currency pairs and CFDs on precious metals, oil, stocks, indices, and crypto coins. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages offered is 1:200 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 1.4 pips on the EURUSD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on QTradeFX

The means of making payments are: Bank wire, VISA, MasterCard, PayPal, FasaPay, UnionPay, Neteller, and Skrill.

We find that e-wallets are available and this is encouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is placed at $100 which is within the obtainable average of $100 – $250 among brokers. Withdrawal are said to be dependent on some certain trade conditions. Traders are also informed that a fee of between 30-100% will be deductible if they are found to have disregarded some rules.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is QTradeFX Licensed?

No. QTradeFX is not duly licensed and registered. It is based in Saint Vincent and the Grenadines. which is an offshore location. Forex trading goes on without regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with the broker, clients are invited to dial: +971 52 101 5726.

Conclusion

Offshore Forex brokers are bad signs. It is not advisable for traders to choose them for Forex trading and this is the case with QTradeFX. We do not find it encouraging that there is no mention of a legit license on the website as well.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

QTradeFX Review – is it scam or safe?

QTradeFX is an offshore forex broker, offering over 50 currency pairs and various other CFDs with a choice of three account types, leverage of up to 1:200 and the MetaTrader4 platform.

Trading account Min. deposit Max. leverage Spread
Elite Account $100 1:200 1,4
Professional Account n/a 1:200 n/a
VIP Account n/a 1:200 n/a

Unfortunately the broker is not regulated as it should be, if they want to target regulated markets like the European Union, the U.S., Canada, Japan or Australia, and they also have some rather unusual withdraw conditions and fees, so if you are considering depositing your funds with them better read the following review first.

QTradeFX Advantages:

Leverage of up to 1:200

Leverage as high as 1:200 will surely be enough to satisfy even the most aggressive trading style. And yet such leverage levels are associated with a much higher risk as well, so it was not a big surprise when in the past few years virtually all major regulators throughout Europe, the U.S., Canada and now even Australia caped the maximum leverage allowed with retail forex transactions to levels well below 1:100.

QTradeFX offers the MetaTrader4 and we welcome this. The platform is highly reliable and functional, featuring well over 50 in build market indicators, as well as customizable trading robots that will readily help you run automated trading sessions. On top of that MT4 supports a really fine set of advanced charting tools, so here you may check as well our list of brokers, offering the platform:

QTradeFX is owned and operated by an offshore company, QTradeFX Limited, which is based on Saint Vincent and the Grenadines. And the broker says to have offices in Lebanon, the United Arab Emirates and Saudi Arabia.

However, QTradeFX does not have a forex license, which is obligatory if they want to target European or American customers.

Unregulated brokers in general are completely unaccountable for the way they handle your money, and quite too often are involved in scam. Properly regulated brokers on the other hand can be trusted, because of the strict financial and ethical rules they have to adhere to. So our best advise is to avoid unregulated, offshore brokers like QTradeFX and to trade only with properly regulated ones, licensed and authorized by respectable financial institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

What is more, with a FCA broker your funds will even be covered by an insurance policy of up to 85 000 GBP – money that will protect your trading funds in case your broker files for bankruptcy. Here you may check our list of FCA regulated brokers:

QTradeFX is a low credibility, unregulated, offshore broker, which we strongly advise you to avoid. And as we mentioned, they have some really unusual withdraw conditions and penalties in their client agreement, which seem specifically designed to justify a scam.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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