Quanta.trade Review – 5 things you should know about Quanta Trade

Quanta.trade Review – 5 things you should know about Quanta Trade

Rating: 1

Beware! Quanta.trade is an offshore broker! Your investment may be at risk.

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Quanta.trade is presented as an international online broker, providing access to over 130 tradable instruments from 6 asset classes for both retail and institutional investors. It’s allegedly registered as a company headquartered in London, UK, but that’s not enough to consider it a legit broker. Quanta.trade is a suspected scam, and we’ll explain why we claim so in the following review.

 

Quanta.trade Regulation And Safety Of Funds

As you can see from the screenshot above, Quanta.trade claims to be a British company, and we could trace it. In fact, there’s not enough evidence that Quanta.trade is really a brand of QUANTA ASSET MANAGEMENT LIMITED, so the former may as well be a clone firm. But whatever the case, the company mentioned has no FCA license, meaning that the trading service is unregulated and practically illegal. That’s a red flag, but the worst of all is the fact that Quanta.trade falsely claims to be regulated! They apparently lie, which is a severe problem, further suggesting that the so-called brokerage is very likely a scam!

The bottom line is that Quanta.trade is unlicensed and risky, so it’s recommended to stay away! If you are really interested in trading, you should go for adequately regulated brokers instead! For example, both CySEC (Cyprus) licensed brokers and FCA (Britain) brokers are proven safe as both authorities force strict regulations to guarantee safety for clients’ funds. The compulsory rules include client account segregation, risk-reducing measures like leverage restrictions and negative balance protection, and increased capital requirements to license a broker (€730 000). Most importantly, though, both authorities maintain deposit insurance funds – clients of CySEC brokers can claim up to €20 000 in compensation, while the UK protections are even higher at £85 000 per person! It goes without saying that if you trade with unregulated brokers, you’ll remain unprotected and exposed to fraud risks!

Here is the result of our check in the FCA registers, and as you can see, Quanta.trade is nowhere to be found:

Quanta.trade Trading Software

Quanta.trade’s software remained a mystery for us. We tried multiple registrations with different credentials, but it didn’t help – Quanta.trade’s Dashboard remained out of reach due to some parameters validation errors. On the other hand, there were Windows and macOS desktop terminal distributions we could download, but due to security reasons, we refused to get and install them.

In any case, Quanta.trade provides neither MetaTrader4 nor MetaTrader5, so whatever their software, we doubt it would be something special. We mentioned both MTs for a particular reason – the MetaTrader terminals are market leaders and more or less have become a synonym for trading. Both MT4 and MT5 are acclaimed for their stability and the abundance of advanced features they provide – automated trading and analytical tools, excellent charting tools, many complex indicators and even an in-built marketplace with thousands of trading apps developed by third parties. If you are interested in Forex trading, you should definitely check out the regulated MT4 and MT5 brokers!

Quanta.trade Trading Conditions

With no platform at our disposal, we cannot discuss real-time trading conditions – spreads and leverage, but we will still cover the claims found on the website!

The asset classes available for trading are not revealed, but Quanta.trade makes some conflicting statements. On the front page, they claim to provide more than 1000 currencies for trading, while on other pages, the number of tradable instruments is reduced to 136 only. We can’t say which one is true, but Quanta.trade apparently contradicts itself, which is a worrying sign nonetheless.

Quanta.trade mentions nothing about spreads, so trading costs remain unknown. Trading risks, however, are quite high, and the leverage ratio of 1:500 put the brokerage into yet another controversy. Namely, Quanta.trade claims to be headquartered and regulated in the UK, but the regulator itself does not allow more than 1:30 leverage! So, the leverage itself provides enough evidence that there is something wrong with Quanta.trade. Of course, we already proved that Quanta.trade is not regulated, but it’s a good example of how small details may reveal significant red flags you’d better pay attention to!

And before we continue, have a look at our failed attempts to access Quanta.trade’s Client Area.

Quanta.trade Deposit/Withdraw Methods And Fees

Quanta.trade does not mention anything about a minimum deposit, and we can’t say whether there are some requirements or not. At any rate, Quanta.trade is not regulated, so it’s not recommended to deposit even a dollar there.

As for funding, the actual methods are unknown, but judging from the Terms and Conditions, Credit/Debit cards are accepted.

As for withdrawals, there aren’t many provisions specified either, which is a worrying sign. While browsing through the legal documents of Quanta.trade, we realised the broker conceals too much important information, and their behaviour certainly raises questions. Trustworthy brokers are transparent enough, and if they are not, regulators may punish them severely.

And finally, we’ll show you a highly unfair clause, which reveals the true nature of the broker – untrustworthy and potentially fraudulent. If you look at the screenshot below, you’ll see the dormancy provisions, according to which customers should pay 100 EUR for 45 days of inactivity! That’s at least ten times more than the industry standards – 5 to 10 dollars per month! In our humble opinion, such fees are an argument enough to avoid Quanta.trade!

How Does The Scam Work

Forex scams are different from one another, but in most cases, the fraudulent scheme is practically carried out in the same way. Scam brokers are always unregulated and usually registered somewhere offshore, which helps scammers remain anonymous and untraceable. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a treacherous sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.

In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. You’ll soon see magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back. As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a  false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realise it’s a scam!

What To Do If Scammed

You should first inform the authorities – call the police and contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.

If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!

And lastly, consider sharing your experience to help protect others and provide further information about how scams work!

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