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QtimeFX Review - is it scam or safe?

QtimeFX review - Is qtimefx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS QtimeFX
QtimeFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


QtimeFX is an offshore forex and CFD broker, offering three account types with leverage as high as 1:500 and the MetaTrader5 platform.

  

Account type Min. deposit Max. leverage Spreads
Standard Account $10 1:500 0,5 pips
ECN Account $500 1:500 0,1 pip + $4/lot 
VIP Account $2 000 1:500 0,4 pips
 

Unfortunately the brokers does not have a legit license, so if you are considering to invest your funds with them we would suggest that you read this review first.

 

QtimeFX Advantages:

 

Leverage as high as high as 1:500

 

The option to trade with higher leverage is still seen by many as an advantage. And it surely is, if you manage to use leverage with caution. Otherwise in a coordinated effort to curb retail investment risks, in the past couple of years regulators throughout Europe, the U.S., Canada, Japan and now even Australia curbed the maximum leverage allowed with forex and CFD transactions well under 1:100.

 

You can start trading with just 10 USD

 

And this is another piece of good news. Besides, some big names like Trading.bg, FBS and IG will also let you start trading with just a few dollars or so.

 

Competitive spreads

 

As tested with a demo account the spread on the QtimeFX trading platform looked good, but still we may also suggest that you take a look at our list of brokers offering tighter spreads as well:

 

>> Lowest spread forex brokers<<

 

Various payment methods

 

QtimeFX says to accept payments with Skrill, Neteller, FasaPay WebMoney VISA, MasterCard and UnionPay. Unfortunately we were not able to confirm this and as we do not see the option to pay with crypto coins in the list, here you may also check our list of brokers accepting bitcoins:

 

 >>Forex Brokers Accepting Bitcoin<<

 

MetaTrader5 supported

 

MetaTrader5, the successor of the industry standard MetaTrader4 platform, is a highly reliable trading solution, with many advanced features, as for example the option to run algorithmic trading sessions with the help of specially designed trading robots known as Expert Advisors. And the platform also features over 50 integrated market indicators, as well as a set of advanced charting tools. So here you may check our list of brokers supporting MT5 as well:

 

 >>MT5 Brokers<< 

 

QtimeFX Disadvantages:

 

No legit license

 

QtimeFX is owned and operated by QtimeFX INC. - a company based offshore on St. Vincent and the Grenadines. And they also claim to be regulated by the local  Financial Services Authority (FSA) of St. Vincent and the Grenadines.

 

 

This sounds nice except that FSA does not regulated forex and CFD broker and they have stated that point blank on their website as a warning. 

 

FSA of St. Vincent and the Grenadines regulates solely the banking and the insurance sector on the islands, but not internationally operating brokers like QtimeFX. 

 

So here QtimeFX is deliberately trying to mislead their customers, pretending to be a regulated broker, while in fact they are simply not accountable for the way they run their business.

 

That is the general problem with all unregulated brokers - for the safety of your funds you will have to rely solely on the integrity of the people that operate those brokers, and quite too often that integrity is not very high.

 

So our general advise is to trade only with brokers, licensed and authorized by well known and well respected institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) – probably the three most popular regulatory hubs in the industry.

 

And besides, with a FCA broker your funds will even be covered by an insurance of up to 85 000 GBP. So here you may check our list of brokers licensed and authorized in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Trading bonuses

 

QtimeFX offers a 50% welcoming bonus and we do not like this. Our problem with any kind of a trading bonuses is the fact that they are invariably linked to some minimum trade volume requirement – in this case you will have to trade one standard lot or 100 000 USD for every 3 USD bonus you have received, before you will be allowed to request a withdraw. Unfortunately too often trading bonuses are used as a pretext to cancel any withdraw attempts.

 

Bear in mind that trading bonuses are prohibited on most regulated markets like the European Union for example.

 

Administration and withdraw fees

 

QtimeFX will charge you administration and withdraw fees without bothering to specify what exactly. On top of that they say withdraws can only be processed by wire transfer, and that is not usual as well.

 

Few trading instruments

 

QtimeFX says to offer over 80 trading instruments including Forex pairs, and CFDs on precious metals, indices, energy commodities and other. As we tested their trading platform with a demo account, however the only instruments we came across were 20 major forex pairs. No other CFDs or crypto assets for example. So here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Managed accounts

 

QtimeFX says you can opt for a managed PAMM account and we do not like this either. The problem here is that most brokers, even legit ones act as market makers, which means they make money whenever you lose. So if a market maker offers you to manage your account it will surely be in a conflict of interest.

 

Conclusion:

 

QtimeFX is an offshore broker we can not recommend for a single reason – they are not regulated and authorized to offer any kind of financial services on regulated markets like the European Union, the U.S., Australia or Canada. So our advise in such cases is to chose only among brokers, licensed and authorized by well known institutions like the the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) – this is the only way you can keep your money safe.

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Traders` reviews for QtimeFX

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