Beware! Quantfury 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.
If you look at the interface of Quantfury, you will see the motto Everybody’s Honest Trading written there aiming at inspiring confidence in the ‘honest’ trading intentions of this broker. However, entrusting your hard-earned money to it could be a big mistake. And here it is why.
Quantfury regulation and safety of funds
We searched the company’s website to find where the address of this company is. However, we couldn’t find any information about it. The only piece of information we could find was that the governing law in case of any disputes is of the British Virgin Islands. This information, however, is not conclusive though about the what jurisdiction the company belongs to.
On the other hand, the National Securities Market Commission (CNMV) in Spain has issued a warning that this broker is not authorised to provide investment services there (screenshot below). This is clear proof that Quantfury is not licensed and non-legitimate broker that is out there trying to scam you.
Unfortunately, there are hundreds of forex brokers like Quantfury that you should be aware of and avoid at all cost. If you are wondering how to select a reliable and legit forex broker, we can help you by explaining and providing you with links that will lead you to the best ones. First of all, you need to direct your attention to the well-established jurisdictions where the conditions for forex traders are favourable and the brokers are reliable. For example, if you are looking at the EU and the UK, you must know that licensed brokers there must jump through various hoops in order to get their license. First of all, they must have an initial capital of no less than 730,000 EUR which among other things serves as a preventive measure against scammers. As you can imagine, scammers won’t invest this amount of money just to look legit. There are also other measures to protect traders. They include reporting transactions on a daily basis to avoid shady deals, keeping traders’ accounts separately with tier-1 bank establishments, not exceeding the leverage cap of 1:30 for major forex currencies and not offering bonuses and other incentives. But the best part is that the licensed brokers must deduct funds towards compensation funds or schemes from which traders can be reimbursed in case the broker declares bankruptcy. If the forex broker is regulated by FCA and contributes to the local Financial Services Compensation Scheme, its traders will be refunded up to 85,000 GBP per person. Traders that choose to trade with brokers regulated by CySec won’t get that much in the form of compensation. The amount up to which they can be refunded is 20,000 EUR per person but only if the broker contributes to the local Investor Compensation Fund. These, in our opinion, are the best conditions for traders.
However, if you prefer to trade with licensed brokers from the US and Australia, you must know that compensation schemes do not exist there. However, by meeting a requirement to be well-capitalised, these brokers will also manage to protect their clients.
Quantfury Trading software
This forex broker trades in stocks, cryptocurrencies, ETFs and futures. To access the trading software, its clients must download an app and then find out what trading accounts are available and how much the deposits are.
The lack of transparency and accessibility of information on that broker’s website worries us and we ask you to exercise utmost caution when you happen to come across such brokers.
We must tell you that the majority of licensed and reliable forex brokers offer either MetaTrader 4 and MetaTrader 5 trading platforms which are considered to be the best in the forex trade world. Both platforms are equipped with an excellent package of trading tools and instruments that can enhance the trader’s experience. For example, these platforms have an auto trading option, code base with customs scripts, VPS, trading signals obtainable for a subscription fee, an app market, a financial calendar, etc. One of the best features of these platforms is the charting options that come in a variety of charts, colours and time frames to facilitate trading. We can’t miss mentioning the array of technical analysis indicators that help predict the future direction of exchange rates and help traders make a profit. Among them, the most popular are Fibonacci retracement, moving averages and Bollinger Bands.
Quantfury Deposit/Withdrawal methods and fees
The only information regarding the payment methods is that funding of traders’ accounts is done only in cryptocurrency.
There is no information whatsoever about fees, dormant account and anything else that may affect your funds.
Again, when you happen to chance across a broker that hasn’t made the information on its website visible and accessible, avoid it at all cost and do not entrust your money to it.
How does scam work?
No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for a chargeback.
What to do if scammed?
You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for a chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for a chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!
Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.
Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.
Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!