Beware! AnalystQue 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.
AnalystQue is one of the more decent-looking scam brokers out there – it is clear that the broker has put a lot of effort into making the website look good, putting together comprehensive Terms and Conditions, and getting its hands on some sort of decent trading software. However, this is a broker who is not regulated and is probably based in an offshore location – we say probably because we were not provided with an exact address. There are a ton of other problems that make AnalystQue look extremely unreliable – read on to find out more.
AnalystQue REGULATION AND SAFETY OF FUNDS
In its Terms and Conditions, AnalystQue mentions that it is run by a company based in Dominica – we were not provided with an exact address.
This is our first red flag since the local authorities of this country do not regulate brokers, and do not impose any laws or rules in that area of business.
However, on the website, there was a clear implication that the broker is regulated on another location – St. Vincent and the Grenadines.
The problem is that the FSA of St. Vincent and the Grenadines also does not regulate forex brokers and has stated so in multiple warnings to investors. Many scammers have set up companies on offshore locations with the desire to avoid the attention of strict authorities, and to be able to conduct business pretty much unsupervised.
Brokers in the UK, the EU, and Australia have to meet countless requirements and maintain the highest possible standard in order to obtain a license. Such brokers are under the jurisdictions of reputable financial regulators such as the UK’s FCA, Cyprus’ CySEC, and Australia’s ASIC. To prove their financial stability, UK and EU companies have to maintain a minimum operational capital of €730 000. Those in Australia have to have at least A$1 million. Client money must be kept in segregated accounts – so you can be sure of the fact that your broker would not be able to use your money for their own investments because they have very limited access to that money. UK and EU brokers also participate in compensation schemes – which means that in case your broker becomes insolvent, you could receive a compensation of up to £85 000 in the UK, and €20 000 in the EU depending on the size of your initial investment.
Trading with a licensed broker means countless investor protections and security measures meant to ensure that you are being treated in a fair and transparent manner. Such a thing cannot be said about trading with scammers.
AnalystQue TRADING SOFTWARE
AnalystQue offers access to a quite decent Webtrader. The software is definitely not as advanced as the most popular platforms in the trading industry – MetaTrader 4 and MetaTrader 5 – but is still quite functional while being pretty easy to use.
We cannot help but note, however, that no matter how decent the software is, it does not change the fact that the broker offering it is not reliable. And besides, such a simple web platform might be good if you are just beginning but cannot impress when it comes to features and trading tools.
We would recommend that you try MT4 or MT5 instead. Both of the platforms are still pretty beginner-friendly because of the intuitive interface but also offer a ton of impressive features such as Expert Advisors, VPSs, customizable signals, the chance to try out strategies in a demo account or through back-testing, and much more. There are many licensed brokers who offer one, and sometimes even both versions of the software – don’t hesitate to look them up.
AnalystQue TRADING CONDITIONS
AnalystQue asks you to deposit the “Bitcoin equivalent of 500 USDT” – which basically means the minimum deposit is $500 since USDT is a stablecoin meant to mirror the value of the US dollar. 1 USDT equals roughly one US dollar. $500 is actually a pretty high price to pay for a standard account – there are many great brokers who would set up such an account for less than $100. And legitimate crypto exchanges like Binance or Coinbase would let you invest as little as $10 and $2 respectively.
The leverage this broker offers on all assets is enormously high – as high as 1:200 on forex majors. And while offshore brokers are free to offer any leverage they would like, that does not make it any safer. High leverage enables you to make bigger offers and subsequently win or lose far more money. Authorities in many countries have tried to limit the losses you could suffer by trading with high leverage by imposing leverage restrictions. For example, brokers in the UK, the EU, and Australia cannot offer anything higher than 1:30 on forex majors to retail clients. When it comes to volatile assets like cryptocurrencies, you would not be able to trade with anything higher than 1:2.
The spread we got on AnalystQue’s platform on the EURUSD pair was impressively tight – o.2 pips. However, the broker has not mentioned what sort of commissions they charge to maintain those spectacular spreads – those might turn out to be enormous. And that is without mentioning the fact that some scammers manipulate platforms in order to make you believe that what they offer is attractive conditions – the truth might be much different.
AnalystQue DEPOSIT/WITHDRAWAL METHODS AND FEES
The broker has stated on multiple occasions that they only accept deposits (and allow withdrawals) directly from one Bitcoin wallet to another. Never trust a broker who insists that you deposit in crypto – such payments are mostly anonymous and completely irreversible. You would never be able to get a chargeback if you have already deposited with this broker – unless they decide to send the money back but that is not something you should be counting on. Don’t get led on by the fact that AnalystQue is also trying to pass as a sort of crypto exchange – legitimate crypto exchanges, just like legitimate brokers, support a variety of payment solutions such as credit or debit card, bank transfer, and even different e-wallets such as PayPal.
We were also not happy with the fact that AnalystQue charges a huge inactivity fee. After three months of no trading activity, you will be forced to pay $50, from the fourth month onwards the fee becomes $100.
Many legitimate brokers (like FBS, for example) have stopped charging such fees altogether. And those that do, would rarely ask for $100.
HOW DOES THE SCAM WORK?
Read the following paragraphs carefully – such scams have become quite the industry in recent years which is why it is important to know how they work in order to protect yourself from them.
It all starts innocently enough – you see an ad on the Internet for a broker who promises you fast, secure returns and entry into a life of luxury. Maybe you have heard about people earning a month’s pay by trading – so you decide to check out the website, and set up an account. After all, there is no harm in seeing what the company has to offer – and those promises are often extremely attractive. The moment you give the scammers your phone number or email, they will constantly be trying to get in touch with you and make you invest. Keep in mind that these are professional scammers so they can be very convincing. Once you have made your first deposit – and if they don’t run off with your money immediately – the scammers will ask you for bigger and bigger deposits. And you will gladly transfer this money since you will probably be turning a profit – on a manipulated platform.
Once you try to withdraw, however, you will run into trouble – the broker will make up reasons why this cannot happen – be it additional taxes, or shady clauses in the Terms and Conditions. At some point, you will figure out something is wrong – but the broker will be long-gone by then. Don’t count on them returning any of your calls.
WHAT TO DO WHEN SCAMMED?
Keep in mind that, sadly, there is not a big chance of you getting your money back. There are, however, some things you can do – and hope for the best.
Firstly, change all the passwords and banking details you have given the scammers access to. If you have given them remote access to your computer, remove the software immediately.
If you have deposited using Visa or MasterCard, file for a chargeback – both card providers try to fight scams and allow such chargebacks within 540 days. Retrieving money if you have used a wire transfer, or an electronic payment solution is much harder – but still, contact your bank or payment method provider to see if anything can be done.
Notify authorities, and share your story online and in your acquaintance circle – this way, more people will know about such scams and try to stay away from them.
Finally, don’t trust any “recovery agents” promising to hunt down the scammers and retrieve your money for a fee – this is just another type of scam.