Beware! QProFX.Live 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.
There was something familiar in QProFX.Live, and we soon came to a crucial realization about the nature of this broker that changed the course of the review. Spoiler alert, it’s not at all good. But, we think that even the more novice traders amongst our readers would have detected that something is definitely not right here with this one. In all seriousness, this broker is not at all legit, and the following review reveals why. So read on.
The registration process was simple and very fast to complete, and in no time we were allowed access to a very shady user area. Combine this with the abrupt registration process, and you have typical scammer broker behavior.
As for the user area, it’s one of the worst user area we have ever seen, and that in no way help QProFX.Live out. But the worst part of the whole experience is that, in the end, we had no available trading software, No software exists in the user area nor on the website, and so we cannot speak of applicable trading conditions!
QPROFX.LIVE REGULATION AND SAFETY OF FUNDS
QProFX.Live claims to be licensed in Seychelles, Cyprus, and Australia, which are all very popular FX destination, especially Australia and Cyprus, where ASIC and Cyprus rule over the FX market, respectively. As for the Seychelles, it’s one of the most popular offshore FX destinations around, and so it’s pretty serious to get a license from it.
All the details were correct. The legal details were on point, but there was a major issue. The fact was that none of these legal conditions pertain to QProFX.Live. Instead, the broker has taken the information of a another broker and has made it in its own way without the approval of the broker or any legal entity.
So technically QProFX.Live is a clone firm of one of the most popular brokers ever, IC Markets. QProFX.Live has stolen not only the legal details but much of the website design and other aspects.
And so, as an IC Markets clone and a complete scam, QProFX.Live is completely unregulated and a risk to all! Also, do not allow the firm to offer you TeamViewer access, because through it the scammer can take full control of your working station. And do not invest here!
If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the European, UK, US, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!
QPROFX.LIVE TRADING SOFTWARE
The reason why there is no trading software is because there is no trace of one. Simple enough.
Instead, QProFX.Live offers the classic user area third party charts that are both completely useless and quite shady. Trading on them is impossible because they are not meant to be used as trading platforms.
And so, no trading exists. Another major reason why this so called broker is useless.
QPROFX.LIVE DEPOSIT/WITHDRAW METHODS AND FEES
None of the payment areas in the user area are available, as in they were all completely unresponsive. Both the deposit and withdrawal sections did not provide any helpful information, and we were left puzzled as to their availability.
And so, we were left at the mercy of the website. According to it, the available payment methods are credit cards, debit cards, popular e-wallets, and bank transfer. The minimum deposit is advertised as being $200, and there are possible banking fees, but there is no way of knowing this for sure.
Even worse, there are no details on any fees issued by the broker, which is always a sign that the firm is hiding something. Moreover, there are no further details on withdrawals, which begs the question of their availability as a whole.
We would not invest in this broker if we were you. It’s a full scam and a huge risk to all users. Only financial losses await here.
HOW DOES THE SCAM WORK
Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.
The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.
Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.
The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.
Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.
WHAT TO DO IF SCAMMED
The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.
An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!
We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.
Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!