Beware! TradeQuickFX is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Simply put TradeQuickFX is quite the suspicious crypto currency investor firm that has not indicated any regulation, and claims to be located in the United States and in Canada, which is, in terms of regulation, impossible. Furthermore, the conditions for investors are vague, and overall the site is sloppy and unreliable.
TRADEQUICKFX REGULATION AND SAFETY OF FUNDS
The only piece of legal document is unhelpful, and reveals nothing to guarantee the safety of traders. What’s more is that it, not even once, mention a regulation. We are left with the footer info claiming that the firm has two locations: one in the US and the other in Canada. Let’s clear things out: For a broker, or any crypto investing firm to operate in the US it must be a member of the National Futures Association (NFA), AND has to be registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC). Also, the firm must only be registered in the US. As for the second address, . the main regulatory agency of forex brokers/ investment firms in Canada is the Investment Industry Regulatory Organization of Canada, or IIROC.
All these facts connote the obvious conclusion that TradeQuickFX is UNREGULATED and therefore a risk to all investors.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
TRADEQUICKFX TRADING SOFTWARE
Since TradeQuickFX claims to exclusively a crypto investor, we were expecting to see a different type of trader, but alas, the unregulated nature of the broker quickly comes on top. In other words, we registered two accounts, and were unable to log in with either one of them. This means that we had no access to a trading/investing platform. TradeQuickFX has not included any information of a terminal, which leads us to believe that there is no such option for registered users. There is a live bitcoin chart that indicates what seems to be real-time bitcoin prices, yet these values are provided by a third party; it has little to do with TradeQuickFX.
TRADEQUICKFX DEPOSIT/WITHDRAWAL METHODS AND FEES
Since we were unsuccessful with signing in, all deposit and withdrawal info will be taken from the website. Readers should note that most illicit brokers/investor firms claim false things on their website in order to initiate a deposit from unsuspecting clients.
At some point, the following pop up window came up:
This reveasl to us that the only methods for payment and receiving payment is via bitcoin, which is untraceable, and ideal for unregulated brokers. However, the FAQs claim that there are other funding methods, including Payeer and PerfectMoney. As for the minimum deposit, if we are to trsut the home page it’s $200, while the FAQ’s claim it to be $300.
Withdrawals are said to be processed within 24 hours, and there is no minimum amount for withdrawing. As for fees, TRADEQUICKFX has not mentioned any. We assume that there are hidden fees, that is if the broker allows for a withdrawal to be processed, which we highly doubt it will.
We strongly advice traders to only deposit the minimum deposit, or better yet- not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.