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QuickTrade Review - is it scam or safe?

QuickTrade review - Is quicktrade.co.za scam or good forex broker?

RATING: 2.8 / 0 REVIEWS QuickTrade
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Quick Trade is a forex and CFD broker from South Africa, which is licensed and authorized by the local Financial Services Conduct Authority (FSCA). The broker offer various asset classes with leverage of up to 1:100 and the MetaTrader5 platform. For more information about their offer you may check he following review.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:100 1.2 pips

 

QuickTrade Advantages:

 

Licensed by FSCA

 

An obvious advantage is that we are talking about a regulated broker. Quick Trade is a brand of QuickTrade (Pty) Ltd, which is a South African company, authorized as a Financial Services Provider (FSP) by the Financial Services Conduct Authority of South Africa (FSCA), FSP No. 45262. Here you may take a look at their license:

 

 

 FSCA is a reliable financial watchdog, which has requirements similar to those of well known institutions like the Australian Securities and Investment Commission (ASIC) or the Financial Conduct Authority (FCA) in the UK, although in some aspects the FSCA rules are slightly more relaxed. For example South Africa is one of the last regulatory hubs where traders can still enjoy unlimited leverage.

 

Also FSCA brokers are not obliged to participate in client compensation schemes like the brokers in Europe, so here you may also check our list of brokers regulated by the FCA in the UK, where all trading funds are covered by an insurance of up to 85 000 GBP:

 

>>FCA Regulated Forex Brokers<< 

 

Leverage of up to 1:100

 

South African and New Zealand are probably the last major regulatory hubs, where traders can still enjoy virtually unlimited leverage, since regulators throughout the developed world caped the maximum leverage allowed for retail clients well below 1:100.

 

And the leverage Quick Trade is both attractive and not excessively high.  

 

A nice selection of trading instruments

 

When we checked the Quick Trade trading platform we came across over 30 currency pairs some of which exotic or minor like USDHKD and USDZAR, as well as CFDs on stocks, ETFs, crude oil, Brent, Natural Gas, silver, platinum, gold, palladium and 12 indices. As there were no crypto assets however, here you may also check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Attractive spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 1,2 pips and we find that attractive especially with a standard account and no trading commissions. Quick Trade does not take a commission on their trades and that makes tings look good. Still here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader5 supported

 

MetaTrader5 is a well known and highly reliable trading platform, preferred by professional and beginner traders alike.

 

 

 

The platform features nearly a hundred customizable market indicators and trading robots, especially designed to help you run automated trading sessions. On top of that you can use a fine set of advanced charting tools, so here you may check our list of brokers offering MT5 as well:

  

>>MT5 Brokers<<

 

Quick Trade website available in several languages

 

Quick Trade services are available in English, Zulu, Xhosa and Afrikaans.

 

QuickTrade Disadvantages:

 

No information about the minimum deposit requirement

 

Just have in mind that most brokers ask for about 250 USD as a minimum deposit, while some well known names like FBS and IG do not have a minimum deposit requirement at all.

 

No information about the payment options

 

There was no information about the payment methods available on the Quick Trade web page. Just bear in mind that most broker accept payments with major debit and credit cards like VISA and MasterCard, bank wire and popular e-wallets like NetellerSkrill and PayPal. Some even accept crypto coins, so here you may check our list of brokers, where you will be able to pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

You can open a trading account only in South African Rands

 

As we proceeded with our registration it turned out the only option is to open a trading account in South African Rands. This is somewhat inconvenient for traders outside of South Africa, who do not have bank accounts in Rands.

 

Conclusion:

 

Quick Trade is a South African broker, licensed by the local Financial Services Conduct Authority, which makes them a legit trading partner. On top of that they offer competitive spreads, with relatively high leverage, a nice selection of trading instruments and the MetaTrader5. Unfortunately you will be able to open a trading account with them only in South African Rands. That is why we give the broker a good grade.

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Traders` reviews for QuickTrade

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