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QDM Review - is it scam or safe?

QDM review - Is qdmfx.net scam or good forex broker?

RATING: 1.1 / 0 REVIEWS QDM
QDM is an offshore broker. Your money is not safe.

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QDM is a forex and CFD broker offering some 45 currency pairs and CFDs on the MetarTrader5 platform. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $100 1:100 n/a

 

QDM Advantages:

 

Leverage of up to 1:100

 

Leverage of up to 1:100 as offered by QDM is basically enough to accommodate any trading strategy. Still, keep in mind that while higher leverage may help you score reasonable profit with a relatively small deposit, it can also erase your funds in a matter of minutes, in case the market fluctuation is more substantial. 

 

You can start trading with 100 USD

 

You can open an account with QDM, investing 100 USD and that is in line with the best practices on the market. Still have in mind that with some big players like FBS and IG you can start trading with just 5 USD or even less.

 

MetarTrader5 available

 

Having the MetarTrader5 as an option is always good news. The platform is light and intuitive and has all notable features of the legendary MetaTrader4, including the option to run automated trading sessions with the help of customizable trading bots – Expert Advisors. Here you may check our list of brokers, also offering MetaTrader5:

 

>>MT5 Brokers<<

 

QDM Disadvantages:

 

Lack of regulation

 

QDM, operated by the Honk Kong based QDM LIMITED, claims to have a license form the National Futures Association (NFA) in the United States.

 

 

We diligently checked the NFA registers and it turned out that the broker is listed as an EXEMPT COMMODITY POOL OPERATOR and a EXEMPT COMMODITY TRADING ADVISOR, which in no way means it is a licensed forex broker under US regulation.

 

 

Indeed Golden Grand Global Holding Limited's NFA registration is very different form the one that big players such as FOREX.com and OANDA have. Among others, the two major US regulated brokers have the following NFA statutes: FOREX FIRM APPROVED; RETAIL FOREIGN EXCHANGE DEALER REGISTERED; FOREX DEALER MEMBER APPROVED; NFA MEMBER APPROVED and FUTURES COMMISSION MERCHANT REGISTERED.

 

Besides NFA has very tough fiscal requirements for its members, including a minimum operational capital requirement in the amount of 20 mln. USD.

 

All of that makes us believe QDM is an unregulated broker with very little credibility. 

 

It is very risky to trust your capital with unregulated brokers, as they are not bound by any fiscal or ethical rules. 

 

Besides, traders have very limited leverage in case of a legal dispute with such brokers. Regulated brokers on the other hand have to a bide by very strict rules.

 

Well respected financial authorities such as CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investment Commission (ASIC) for instance do provide traders with sufficient security about their investments. 

 

Apart from being obliged to maintain a minimum capital adequacy ratio and to hold all clients money in a segregated, trust account, CySEC and  FCA brokers have to participate in clients compensation schemes, under which traders can receive part of their capital back in case their broker goes insolvent. 

 

In the case of CySEC the compensation can reach 20 000 EUR, while with FCA it can be up to 50 000 GBP. Here you can check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

No demo account, unspecified trading conditions

 

QDM says to be offering some 45 forex pairs and CFDs on spot metals and commodities. However, since we could not open a demo account and the broker does not bother to specify the trading conditions on their website, we were not able to assess their spreads. Still here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the payment methods accepted

 

With most brokers you can deposit or withdraw funds with all major credit or debit cards, bank wire and e-wallets, such as SkrillNeteller or PayPal. There is no information on the QDM website about the payment methods they accept, so here you may check our list of brokers, accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

QDM is an unregulated broker with limited credibility. Keep in mind that trading with unregulated brokers is associated with substantial risk of losing your money to scammers.

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Traders` reviews for QDM

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