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TradeQuickFX Review: Is Tradequickfx.com A Scam?
Tradequickfx.com Review: this is the website of a Forex broker that offers trading Binary Options but gives unclear location details. Is it safe to invest funds in TradeQuickFX? Read what our investigation reveals about this company before doing anything else.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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TradeQuickFX in a bid to avoid the above scrutiny decided to hide its location. Rather it gives confusing details about where it operates from. One time it mentions that it is registered in England and Wales, then in the US. Also, it claims to be owned by 24EXPERTCOIN LIMITED and then by BIT ELITUM LTD. What all this means is that it is unlicensed.
Licensed brokerages are always forthcoming with their location details and the identity of their regulatory commission. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds.
Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of TradeQuickFX
They claim to be a legal company on their website and offer data and fund security. Privacy and customer support are also mentioned. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Tempting return percentages are offered. It is also TradeQuickFX for clients.
TradeQuickFX Trading Platform
No useful information is provided about the trading platform provided for clients of the Trade Quick FX Forex broker. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
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Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are Forex, Binary, and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is undisclosed and so is the spread used. Take note that some leverages are generous but may lead to loss of funds.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on TradeQuickFX
The means of making deposits and withdrawals with this broker are via bitcoins. We do not find any other thing mentioned. We are discouraged that popular e-wallets are not allowed.
This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required is $200 and this is good because it is within the average of $100 – $250 common among brokers. The withdrawal conditions of this broker are not listed, which is suspicious.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is TradeQuickFX Licensed?
No. TradeQuickFX is not a properly licensed brokerage. We reach this conclusion after considering the dodgy details about its location and regulations.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get more information about this broker, contact customer support services via (email: [email protected]). Phone access is open only to VIP.
TradeQuickFX is rated low because it is an unlicensed brokerage. The advantages listed on the page cannot be trusted and do not mean much. It does not support the MetaTrader trading platform, transaction methods are limited, and CFDs are not offered. The affordable minimum deposit requirement is good.
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TradeQuickFX review – 5 things you should know about TradeQuickFX.com
Beware! TradeQuickFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
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Simply put TradeQuickFX is quite the suspicious crypto currency investor firm that has not indicated any regulation, and claims to be located in the United States and in Canada, which is, in terms of regulation, impossible. Furthermore, the conditions for investors are vague, and overall the site is sloppy and unreliable.
TRADEQUICKFX REGULATION AND SAFETY OF FUNDS
The only piece of legal document is unhelpful, and reveals nothing to guarantee the safety of traders. What’s more is that it, not even once, mention a regulation. We are left with the footer info claiming that the firm has two locations: one in the US and the other in Canada. Let’s clear things out: For a broker, or any crypto investing firm to operate in the US it must be a member of the National Futures Association (NFA), AND has to be registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC). Also, the firm must only be registered in the US. As for the second address, . the main regulatory agency of forex brokers/ investment firms in Canada is the Investment Industry Regulatory Organization of Canada, or IIROC.
All these facts connote the obvious conclusion that TradeQuickFX is UNREGULATED and therefore a risk to all investors.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
TRADEQUICKFX TRADING SOFTWARE
Since TradeQuickFX claims to exclusively a crypto investor, we were expecting to see a different type of trader, but alas, the unregulated nature of the broker quickly comes on top. In other words, we registered two accounts, and were unable to log in with either one of them. This means that we had no access to a trading/investing platform. TradeQuickFX has not included any information of a terminal, which leads us to believe that there is no such option for registered users. There is a live bitcoin chart that indicates what seems to be real-time bitcoin prices, yet these values are provided by a third party; it has little to do with TradeQuickFX.
TRADEQUICKFX DEPOSIT/WITHDRAWAL METHODS AND FEES
Since we were unsuccessful with signing in, all deposit and withdrawal info will be taken from the website. Readers should note that most illicit brokers/investor firms claim false things on their website in order to initiate a deposit from unsuspecting clients.
At some point, the following pop up window came up:
This reveasl to us that the only methods for payment and receiving payment is via bitcoin, which is untraceable, and ideal for unregulated brokers. However, the FAQs claim that there are other funding methods, including Payeer and PerfectMoney. As for the minimum deposit, if we are to trsut the home page it’s $200, while the FAQ’s claim it to be $300.
Withdrawals are said to be processed within 24 hours, and there is no minimum amount for withdrawing. As for fees, TRADEQUICKFX has not mentioned any. We assume that there are hidden fees, that is if the broker allows for a withdrawal to be processed, which we highly doubt it will.
We strongly advice traders to only deposit the minimum deposit, or better yet- not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.
TradeQuickFX Review – is tradequickfx.com scam or safe?
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Trading accounts and conditions
|Investment plan||Min. deposit||Max. leverage||Spread|
TradeQuickFX says to offer trading in forex, binary options and cryptocurrencies. It offers several trading account types, but the trading conditions remain utterly unclear, and so is the corporate information on the broker’s website. Read on to get all the details and decide whether it’s safe to invest with TradeQuickFX.
Not any significant.
Inconsistent company information. Clearly not regulated
The corporate information presented on the website is quite chaotic. The broker says to be a trading name of Tradequickfx LTD., a company presumably based in the UK, since there is a local postal address provided. However, when we googled the company name, it became clear that it is only mentioned on TradeQuickFX’s website, so probably no such company exists.
Furthermore, we found out two certificates of incorporation uploaded on the broker’s website, belonging to 24EXPERTCOIN LIMITED and BIT ELITUM LTD. This is a bit confusing, as it remains unclear which of these entities operates TradeQuickFX, if any at all. Whichever it is, the broker is clearly not regulated, which is a major issue, as we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients.
Interestingly, TradeQuickFX claims to be insured by the US Federal Deposit Insurance Corporation (FDIC), which isn’t anything close to a regulator of online financial services providers.
Trading conditions and platform unclear
As a matter of fact, this broker has not announced any relevant trading conditions, other than the minimum investment amounts required for the various investment plans and the promised returns, which are unrealistic, to say the least.
This is another worrisome sign. We always view the lack of information as huge negative, and advise investors to always be as informed as possible before deciding to trade with a brokerage.
It is also unclear what platform does the broker use, if any at all. There is only a live chart on the website that indicates what seems to be real-time bitcoin prices, yet these values are provided by a third party, so they are hardly indicative of the broker’s offer.
That said, most traders prefer the industry standard MetaTrader4 (MT4) platform, which software offers some great functionalities, such as the top-notch charting and the automated trading bots developed known as Expert Advisors or simply EAs.
Only Bitcoin deposits accepted
It seems that the only payment method accepted by this brokerage is via Bitcoin, which is untraceable, and ideal for dodgy brokers like TradeQuickFX.
Judging by what we said in the present review, all fingers point to the conclusive fact that TradeQuickFX is clearly not legitimate and not to be trusted. On top of having a very sloppy and unprofessional website, the broker leaves a lot of important questions unanswered – which is he company behind the brand, what is the trading platform offered (if any at all), what are the spreads, etc. So, most probably we are dealing with a fraudster.
The only way to prevent being scammed by some of the numerous con-artists in the trading world is to deal only with reputable and well-regulated brokers. We like to give as examples those authorized to operate in EU countries like the UK and Cyprus, where the governmental agencies have a set of requirements for financial services providers and see to their compliance. These requirements aim at protecting the interests and the money invested by the clients of such providers, as well as fostering the overall stability on the financial market.
To sum up the above:
|None||Inconsistent company information|
|No regulatory oversight|
|Trading conditions and platform unclear|
|Only Bitcoin deposits accepted|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
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