Beware! Qtrade.org.uk 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.
Qtrade is an exposed scam by the Financial Conduct Authority in Britain. It’s a clone firm abusing the details of a duly authorised UK company. The warning aside, the website really suggest Qtrade is a scam scheme. On top of that, the so-called platform they provide cannot meet even the lowest industry standards. Find out what you need to know about this scam FX creature in the full Qtrade.org.uk review.
Qtrade.org.uk REGULATION AND SAFETY OF FUNDS
Qtrade is an anonymous entity claiming to be FCA regulated, but we found a warning in the British authority register, not a license. The warnings published guide traders which entities to avoid. The blacklisted ones are confirmed fraudulent brokers aiming to defraud the people and steal as much as possible. You should never deposit with Qtrade because it’s an exposed clone firm, therefore a proven scam! Clone firms abuse legit companies names, registration numbers, addresses etc. By doing so, the scammers are trying to trick the customer into believing they are dealing with a genuine company. It’s an effective way to take off the wary investors’ guard and facilitate the fraud.
Avoid Qtrade and see our selection of European brokers and British brokers. Europe is a secure environment, where customer protection and safety is a top priority. There are many strict rules brokers have to meet to get a license. Most importantly, the EU and the UK operate deposit insurance funds laid out to protect clients’ money. If you trade with Cyprus brokers, you can claim up to 20 000 EUR in compensation, while in the UK the guarantees are of even up to 85 000 GBP per client. Each EU member state is compelled to operate a similar deposit insurance fund, seen as the last resort for traders and investors if financial companies and brokers go bankrupt.
Qtrade.org.uk TRADING SOFTWARE
Before we continue, see the MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the most popular retail Forex trading platform globally, which traders prefer for its reliability and ease of use. It features sophisticated trading tools such as Expert Advisors, Algo Trading, Complex Indicators, reliable Strategy testers and even a marketplace with more than 10 000 trading apps available.
Qtrade provides with an amateur-ish web-based platform lacking most of the features MetaTrader provides. Worse though, the browser-based software brokers create are considered prone to fraud and price manipulation. The warning aside, you should avoid Qtrade solely because of the ornate platform they deliver.
Warning! Hidden spreads! It’s impossible to see what Buy and Sell quotes are. That’s a scam sign whatsoever! Trading with hidden spreads is like driving a car blindfolded; the crash is inevitable. A few words on spreads: it’s the Buy/Sell difference and forms part of the clients’ trading costs. Lower rates benefit traders and improve profit potential.
Qtrade offers maximum leverage of 1:800, an insane ratio which might destroy the account literally seconds after the trade execution. The leverage is a dangerous financial tool, so EU, UK and Australia (coming into effect later this year) restricted the allowed leverage to 1:30 as a customer protection measure. Canada and the US agreed on 1:50, so we do not recommend brokers providing outstretched levels due to the absence of satisfactory regulation. The Swiss brokers, are not leverage restricted, but Switzerland keeps scam away with its license costs- more than 22 mln USD to get authorised.
Qtrade.org.uk DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Qtrade is $100, which actually meets the regulated brokers’ requirements. The single funding method is Credit/Debit cards, which is actually the only positive feature of this broker. When funding via bank cards, it’s allowed to file a chargeback within 540 days from the transfer date. On the other hand, Wires and Bitcoin payments are final and non-refundable, therefore not recommended.
There is plenty of information about minimum withdrawal requirements, withdrawal fees, inactivity fees etc., but we found that Qtrade ripped the genuine company legal documents. So, we consider what’s inside irrelevant in this case.
Overall, Qtrade is an exposed clone firm, i.e. a scam enterprise, so keep your money safe and avoid this broker.
HOW DOES THE SCAM WORK
One can see hundreds and thousands of promising ads on the Internet and social media. Unfortunately, many of these are fraudulent schemes targeting to rip the people off their hard-earned money.
If you click and provide scammers with your e-mail and contact number they’d ring you immediately and will promise you anything to make you deposit money with them as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they will ask for your bank card numbers to make the deposit instead of you and save you the hassle. The urgency is a warning sign; they are always in a hurry to persuade you to start investing with them.
But the first deposit is only the beginning. Gradually scammers would ask for more money from you no matter the results. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to pay them if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every single day you should deposit more and more, for no obvious reason. Legit companies do not bother you on the phone to deposit with them, so if someone urges you to start investing, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to fraud. In case you got scammed, you need first to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment, but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!