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QTradeFX Review - is it scam or safe?

QTradeFX review - Is qtradefx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz QTradeFX
QTradeFX is an offshore broker. Your money is not safe.

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QTradeFX is an offshore forex broker, offering over 50 currency pairs and various other CFDs with a choice of three account types, leverage of up to 1:200 and the MetaTrader4 platform.

 

Trading account  Min. deposit Max. leverage Spread
Elite Account $100 1:200 1,4
Professional Account n/a 1:200 n/a
VIP Account n/a 1:200 n/a

 

Unfortunately the broker is not regulated as it should be, if they want to target regulated markets like the European Union, the U.S., Canada, Japan or Australia, and they also have some rather unusual withdraw conditions and fees, so if you are considering depositing your funds with them better read the following review first.

 

QTradeFX Advantages:

 

Leverage of up to 1:200

 

Leverage as high as 1:200 will surely be enough to satisfy even the most aggressive trading style. And yet such leverage levels are associated with a much higher risk as well, so it was not a big surprise when in the past few years virtually all major regulators throughout Europe, the U.S., Canada and now even Australia caped the maximum leverage allowed with retail forex transactions to levels well below 1:100.

 

MetaTrader4 available

 

QTradeFX offers the MetaTrader4 and we welcome this. The platform is highly reliable and functional, featuring well over 50 in build market indicators, as well as customizable trading robots that will readily help you run automated trading sessions. On top of that MT4 supports a really fine set of advanced charting tools, so here you may check as well our list of brokers, offering the platform:

 

>>MT4 Brokers<<

 

Over 50 forex pairs

 

The selection of trading instruments offered by QTradeFX is definitely not bad – when we tested their trading platform with a demo account we counted 54 currency pairs, many of which minor or exotic like USDCNH, USDDKK, USDHKD, USDHUF, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY and USDZAR. And we also saw CFDs on silver gold, platinum and palladium, oil, 14 indices, stocks and several crypto coins including Bitcoin, Ethereum, Litecoin and Ripple. Still, if you are tempted to trade crypto assets, here you may also check our list of brokers, trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Acceptable spreads

 

When we tested QTradeFX trading platform with a demo account we saw spreads starting from about 1,4 pips – 1,5 pips and that looks acceptable especially since the broker does not take a trading commission. Still, here you may also take a look at our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Acceptable minimum deposit requirement

 

You can open a trading account at QTradeFX with just 100 USD and that is in line with the best practices on the market. And yet, bear in mind that with some big and well known names like FBS and IG you will be able to start trading with just 5 USD or even less.

 

Various payment methods

 

QTradeFX says to accept payments with a bank wire, VISA, MasterCard, PayPal Skrill, Neteller and UnionPay. As we have not  registered a live account we can not confirm this, and because we do not see the option to pay with crypto currencies, here you may check our list of brokers accepting payments with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

QTradeFX Disadvantaged:

 

No license

 

QTradeFX is owned and operated by an offshore company, QTradeFX Limited, which is based on  Saint Vincent and the Grenadines. And the broker says to have offices in Lebanon, the United Arab Emirates and Saudi Arabia. 

 

However, QTradeFX does not have a forex license, which is obligatory if they want to target European or American customers. 

 

Unregulated brokers in general are completely unaccountable for the way they handle your money, and quite too often are involved in scam. Properly regulated brokers on the other hand can be trusted, because of the strict financial and ethical rules they have to adhere to. So our best advise is to avoid unregulated, offshore brokers like QTradeFX and to trade only with properly regulated ones, licensed and authorized by respectable financial institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC). 

 

What is more, with a FCA broker your funds will even be covered by an insurance policy of up to 85 000 GBP – money that will protect your trading funds in case your broker files for bankruptcy. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

Bear in mind that with a legit broker you will be able to withdraw your funds, whenever you wish, no questions asked. This is not the case with QTradeFX – see for yourself:

 

 

Unusual penalties and fees

 

On top of that QTradeFX says that they may penalize your account with “a deduction of 30-100% of the value of the invested capital” if they decide you have violated some of their rules. And they also say  they will charge you another 30% of your account, if for some reason you have not traded enough. Once again, a legit broker will never have something like this in its client agreement:

 

 

Conclusion:

 

QTradeFX is a low credibility, unregulated, offshore broker, which we strongly advise you to avoid. And as we mentioned, they have some really unusual withdraw conditions and penalties in their client agreement, which seem specifically designed to justify a scam.

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Traders` reviews for QTradeFX

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