Beware! Qteck 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.
Qteck is one of those brokers that can easily fool you if your are not looking close enough. The leverage offered here is 1:200, and the EUR/USD spread is 4.5 pips which immediately conveys a message of uncertainty. Be sure to read the review before depositing.
QTECK REGULATION AND SAFETY OF FUNDS
The footer of the website reveals that the parent company of the broker, Global Software Solutions, is said to be located on the small island nation of St. Vincent and the Grenadines, which is the ideal location for illicit brokers, since the country does not regulates the forex market. This means that any would-be broker can register there without issue and start offering shady trading services, while twisting the rules, much like Qteck has done. It’s obvious then, that St. Vincent and the Grenadines does not regulate the forex market, meaning that any registered broker inside of the nation is not licensed.
Furthermore, in the Terms and Conditions there is a contradicting piece of information that locates the broker in the Marshll Islands. Users should be aware that this location is known for its affiliation with suspicious brokers, most of which offer shady trading trading conditions. The crucial thing to note here is that the Marshall Islands have no financial regulator.
All this information, plus the fact that the broker does not at all reveal that it is in fact regulated means one thing: Qteck is an UNREGULATED brokerge firm, making it a risk to deposit in it!
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.
QTECK TARDING SOFTWARE
The trading terminal is the most common type of illicit broker trading platform there is. There are some convenient trading conditions including some chart customization, and a decent amount of assets, but that’s basically it. At its current state we cannot recommend this one at all. Best stick to the MT4.
QTECK DEPOSIT/WITHDRAW METHODS AND FEES
According to the client portal the sole way to deposit funds is by means of Credit/Debit Cards and by phone. The minimum deposit is $200.
Once we registered, we were not given the option to withdrawal. In other words, we could not find a withdrawal button anywhere. This measn that users probably do not have the option to withdrawal.
There are mentions in nsome of the legal documents about fees and charges connected to payment, but the broker does not revel any specific sums. It’s common that unlicensed brokers hide their fees from clients.
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.