Beware! Quanto Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Over 50 forex pairs, several account types and a leverage of up to 300:1 – the offer of Quanto Markets might sound attractive and yet the broker turned out not to be regulated and that is a major setback.
Another setback is the fact they do not offer a functioning demo account so we were not able to check their spreads either.
Still here is the information we were able to gather – among the 50 forex pairs we counted a number of exotic currencies like Mexican Peso, Singapore Dollar, Hokg Kong Dollar, South African Rand, Turkish Liar, Hungarian Forint, Polish Zloty, Swedish Krona, Norwegian Krone, Danish Krone and Chinese Yuan.
And we also came across a number of crypto CFDs on coins like Bitcoin, Ethereum, Monero, Ripple, Zcahs, Litecoin, Bitcoin Cash and AICoin, as well as gold, silver, oil, several indices and stocks.
Quanto Markets regulation & safety of funds
The Marshall Islands based Quanto Global Corp is officially the company behind Quanto Markets. However, all payments are processed by GIM Limited, which is based in Budapest, Hungary.
So basically Quanto Markets is an offshore broker, not regulated by any official financial authority, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) and that is unfortunate as this legally means Quanto Markets has no right to operate on regulated markets, including the UK and the rest of the European Union, the US, Australia or Japan.
Once more, we will repeat our usual advice in cases like this – make sure to deal only with brokers holding legit licenses. Properly regulated brokers had to abide by strict rules among which to keep all trader’s money in a segregated account, to guarantee a negative balance protection – which means you can not loose more money than you have deposited – to maintain at all times a certain minimum capital adequacy ratio, to file regular reports, to allow external audits and even to insure traders money.
FCA regulated brokers for example have to participate in a client compensation scheme, that guarantees up to 50 000 GBP of your invested capital. Similarly the insurance with CySEC regulated brokers covers up to 20 000 EUR of your funds.
Quanto Markets deposit/withdrawal methods and fees
At Quanto Markets you can deposit funds with major credit and debit cards like VISA and MasterCard, wire transfer and a couple of e-wallets – Neteller, Skrill, AliPay and WebMoney. The minimum deposit requirement being just 250 USD is in line with what most other broker would ask you for.
However, the broker has some unusual withdraw conditions linked to their bonus policy. For example, in order to withdraw your profit after you have received a bonus, you will have to trade at least 0,1 standard lots or 10 000 USD for every dollar you have gained as a profit. Needless to say that might prove quite challenging.
How does the scam work?
Among the many scenarios scammers use to hunt for victims, some are based on the so called robo – scam websites like Crypto Revolt and Bitcoin Evolution, which are especially designed to mislead gullible investors with a promise of fast and easy returns.
All you have to do is fill a simple registration form with your e-mail and phone. And if you do that you will be instantly transferred to the website of a unregulated, offshore broker, where you will be asked to deposit about 250 USD. Take a note that if you do open a trading account with the scam broker, the people running the robo scam website will get their commission.
Also, do not be surprised how successful your initial trades will be – actually the money in your account will almost double in just a couple of days. That however will not be real. Scammers will simply manipulate your account, so that latter you will be much more easily convinced to invest a larger amount.
And besides, you will surely receive a phone call as well. It will be form your senior account manager, who will expertly advice you to invest at least 10 000 USD, if you really want to make some real cash.
Chances are you will invest those money as well, and probably will not realize that you have been scammed until the moment you request to withdraw some of your funds. Than it will suddenly turn out you have no right to withdraw, because of some minimum trade volume requirement, you have agreed with, when you have accepted your trading bonus in the first place. Of course it could be something else, but the bottom line will be the same – scammers will simply refuse to pay you any money back.
What to do if scammed?
If you are a victim of a scam probably there is just one adequate step you may take to recover your money and that is to file for a charge back with your credit card provider. Fortunately both MasterCard and VISA extended the period in which you will be allowed to do that to 540 days.
Also, be aware that scammers may try to steal money directly form your bank account. So if you have told them for any reason the number of your credit card or your online banking password, be sure to immediately block your credit card and change the password.
And one last warning. Do not trust the so called recovery agencies. You will just be tricked to pay them some money in advance and they will not recover you a single penny.