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TQR Trade Review - is it scam or safe?

TQR Trade Review - is tqrtrade.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account  Min. deposit  Max. leverage Spread
Standard  $250 1:200 1.6 pips
Classic  $2 500 1:200 N/A
Premium  $20,000 1:200 N/A
Gold  $50,000 1:200 N/A

 

 

TQR Trade markets itself as a broker providing one of the easiest ways to become richer, and offers the above account types, plus Islamic (swap-free) one.

 

This review will shade some light on the broker's service, and if you are going to skim through it, be sure to check out at least the first point of the negatives section. We have some major concerns regarding TQR Trade, but as always, we will start off with a few possible benefits.

 

 

TQR Trade Advantages

 

Trading in wide range of instruments on the MT4

For all its faults, the brokerage at least does provide traders with a wide variety of CFDs, which can be traded on the MetaTrader4 (MT4) platform. More specifically, TQR Trade allows its clients to trade in many currency pairs, and an array of CFDs – on indices, commodities, stocks, and the most popular cryptocurrencies.

 

The presence of the MT4 is always appreciated. Easy to use, fast, and reliable, the MT4 is the most widely used trading platform in the forex industry. This piece of trading software is especially popular for its top-notch charting, automated trading bots also known as Expert Advisors (EAs), MQL marketplace, customization options and more. Besides, the MT4 is available in all forms and shapes – desktop download, web-based version and mobile apps.

 

 

>> Find the top-tier MT4 brokers <<

 

 

Solid leverage

Furthermore, TQR Trade provides solid leverage of up to 1:200, which will suffice the needs of most traders. Yet, we feel the need to warn you that using leverage levels that high involves significant risk and is not suitable for all investors.

 

 

TQR Trade Disadvantages

 

A clone, flagged by several EU regulators

TQR Trade is allegedly a trademark of Eternity Capital Management Ltd., a company based in Nicosia, Cyprus, that is licensed by the Cyprus Securities and Exchange Commission (CySEC).

 

 

While this company is indeed authorized by CySEC, tqrtrade.com website is not in the list of approved domains. What is worse, we found out that the Cypriot financial watchdog has explicitly warned investors that tqrtrade.com does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities. The broker is also blacklisted by Spain’s financial regulator, the CNMV.

 

In other words, the website of this broker publishes corporate information which is deceptive and misleading, and TQR Trade was blacklisted by the authorities in Cyprus as a potential scammer, which is a major red flag.

 

Related to the notorious West Media Group

Furthermore, TQR Trade`s demo MT4 is provided by West Media Group limited - a company that has become notorious in the trading world. It partners with other unregulated brokers like FirstBTCfx, WinCapitalPro, SmartProFX, 360SmartFX, CapitalFXClub, FirstFXClub, CapitalBTCfx, CryptoClubFX, SmartBTCfx, GameBtcFx, and many more. All of these brokers, as well as West Media Group limited, are also blacklisted by some EU financial regulator.

 

As we have reviewed the abovementioned brokers, we spotted that the websites of some of them are almost identical in terms of both lay-out and trading conditions, which inclines us to suspect that they are involved in a seral scam scheme.

 

For example, the account types and the trading conditions of TQR Trade and CapitalFXclub are identical, and the lay-out of their websites is almost the same. See for yourselves:

 

 

Click on any of the images to view larger.

 

Demo spreads don’t match announced ones

According to the information on its website, the spreads TQR Trade offers on EUR/USD are 1.6 pips, which is on the upper end of the average in the industry. When we tested the broker’s MT4, we found the benchmark EUR/USD spread floating around 0.2 – 0.3 pips, and no commission applied. This is just too good to be true.

 

 

If trading costs are the same in live trading environment, there is no way for TQR Trade to be profitable. We suppose that the lack of commission fees and the tight spreads on demo accounts are just a trick to attract customers.

 

 

>> Compare real-time spreads of the best FX brokers <<

 

 

Conclusion

 

TQR Trade has been exposed by the CySEC as a potential scammer, and does not hold a legit forex broker license. Besides, it seems involved in some sort of a seral scam scheme. THerefore, we would advise investors to direct themselves to better trading options to which we have linked throughout this review. 

 

As always, our best advice for traders looking for a reliable forex broker, is to select among those licensed by reputable financial agencies such as the Financial Conduct Authority (FCA) in the UK or the CySEC.

 

 

>> Trade with the best CySEC-regulated brokers <<

 

 

And finally, here are the highlights of the present review of:

 

Pros Cons
Trading in wide range of instruments on the MT4 False claims of regulation
Solid leverage Blacklisted by CySEC & CONSOB
  Related to the notorious West Media Group
  Demo spreads don’t match announced ones

 

Latest news about TQR Trade
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Traders` reviews for TQR Trade

Spread

Pros

Cons

 

 

Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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