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MT4Quotes Review - is it scam or safe?

MT4Quotes review - Is mt4quotes.com scam or good forex broker?

RATING: 1.2 / 0 REVIEWS MT4Quotes
MT4Quotes is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


MT4Quotes is an offshore broker registered on St Vincent and the Grenadines, which unfortunately is not regulated, so if you are considering opening an account with them better read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Fixed Account

$1 1:500 0,7 pips*
Variable Account $10 1:500 1,5 pips*
*commission

 

MT4Quotes Advantages:

 

Lots of trading instruments 

 

One possible advantage about the broker is the nice variety of trading assets they advertise in their presentation. Unfortunately we were not able to open a demo account and to verify this, and yet MT4Quotes tell us that they offer over 60 currency pairs with many exotic and minor ones like USD/CZK, USD/DKK, USD/HKD, USD/HUF, USD/ILS, USD/MXN, USD/NOK, USD/PLN, USD/RUB, USD/SEK, USD/SGD, USD/TRY and USD/ZAR. 

 

And they offer quiet a variety of CFDs on assets like silver, gold, platinum and palladium, coffee, sugar, oil and natural gas, indices, stocks, ETFs and even crypto coins. Still if you really want to trade crypto assets here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:500

 

This might seem as an advantage, but you should not forget that trading with leverage as high as 1:500 is extremely risky. So it is not a surprise why the regulators in Europe restricted all high leverage trading in the beginning of August last year. Still, if you want to trade with virtually unlimited leverage, you may also check our list of brokers regulated in Australia – the last major regulatory hub where higher margin trading is still legal:

 

>>Brokers regulated in Australia<<

 

No minimum deposit requirement 

 

MT4Quotes says you can start trading with virtually 1 USD and that is good news as well. Just bear in mind that some big well respected brokers like FBS and IG do not have a minimum deposit requirement as well.

 

Various payment methods

 

The broker accepts deposit in various ways – with major credit or debit cards like VISA and MasterCard, bank wire and popular e-wallets including NetellerSkrill, WebMoney and FasaPay. Still as they do not accept payments with crypto coins here you may check our list of brokers, which accept bitcoins: 

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader4 supported

 

MT4Quotes says they are offering the MetaTrader4 – the most widely used trading platform on the market for more then a decade. The platform is highly reliable and features many customizable market indicators, and trading robots, which may help you run automated trading sessions. And besides, the charting package is also excellent so here you may also check our list of brokers supporting MetaTrader4 as well:

 

>>MT4 Brokers<<

 

MT4Quotes Disadvantages:

 

No license

 

MT4Quotes is owned and operated by MT4Quotes Ltd, which as we already noted is based on St Vincent and the Grenadines  - an offshore territory in the West Indies. 

 

The local financial authorities on St Vincent and the Grenadines do regulate the banking sector on the islands, but not forex and CFD brokers like MT4Quotes, so basically the broker, although registered on SVG, is not regulated and is totally unaccountable for the way it handles your money.

 

Properly regulated brokers on the other hand are completely reliable. Besides, most legit brokers in the industry are actually licensed by either the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) – those are the three most popular regulatory destinations, where the FCA license and the CySEC license give brokers the right to operate in any country in the European Union. So here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

No demo account available

 

As we noted, we were not able to open a demo account to check the spreads, an yet MT4Quotes tell us that the benchmark EURUSD spread with their Mini ECN Classic Account is just 0,7 pips, while with the  Mini ECN Premium Account - 1,5 pips. The broker however takes a trading commission of 4 USD and 3 USD per standard lot respectively, which basically adds up 0,4 pips and 0,3 pips to the actual spreads.

 

Thus it turns out the actual spreads with the Mini ECN Classic Account start at 1,1 pips, while with the  Mini ECN Premium Account at 1,8 pips. We are not sure why the trading conditions with Classic Account look better then the ones with the Premium Account, but that is what we saw in the presentation.

 

In any case here you may also check our list of brokers offering tighter spreads: 

 

>> Lowest spread forex brokers<<

 

Trading bonuses

 

MT4Quotes offers trading bonuses and that is not a good sign. The problem is that all trading bonuses always come with some unusual withdraw conditions, so it is not a surprise why regulators throughout Europe and other markets have long banned all such practices. The additional withdraw conditions usually include some minimum trade volume requirement, which too often proves too difficult to fulfill. 

 

Conclusion:

 

We can not recommend you to deposit your funds with MT4Quotes for one obvious reason – they are not regulated and are virtually unaccountable for the safety of your funds. That is why we will repeat our usual advise – trade only with brokers holding a legit license either by the FCA in the UK, CySEC in Cyprus or ASIC in Australia. 

 

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Traders` reviews for MT4Quotes

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