QTIMEFX

QTIMEFX has the feel of a good broker, and many aspect, as seen for the first time, point towrds it being efficient and reliable. In truth, is it so? Read the review to learn more.

QTIMEFX is said to be registered in St. Vincent and the Grenadines by the Financial Services Authority (FSA) as an International Business Company. Readers should be aware that SVG does not regulate the forex market. The company may be registered there but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it. Thus QTIMEFX is in fact UNLICENSED and therefore a risk to all that invest in it.

Truth be told, the website is quite decent, and all the legal documents are well presented, but that does not change the fact of its unregulated status.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

The leverage is capped at 1:500. We were unable to register neither a demo nor live account; we kept getting an error message. This means that we are left with no choice but to trust the website with the spread value. QTIMEFX claims that the EUR/USD cost of trade is 0.5 pips for the Standard Account. In all honesty, we do not trust this info.

The website says that there are Forex Pairs, Crypto, Indices, and Commodities as trading assets.

The website is translatable in English and Chinese.

QTIMEFX LOGIN

The brokers has offered the MT5 platform. Although not as popular as MT4, MT5 still retains some great features that you will want in your trader’s repertoire. MT5 allows for a centralized market trade and is certified by many stock exchanges. There are also improvements in the time frames, better charting tools allowing for greater accessibility, and more pending order types for more versatile trading options. Expert Advisors have not gone anywhere; they’re still at your service with MT5.

We were not able to have a proper look at the MT5 because we could not register.

The EUR/USD spread is allegedly 0.5 pips for the Standard Account, 0.4 pips for the VIP Account, and 0.1 pips for the ECN Account. The ECN has commissions attached to it, which are $4 round turn, increasing the 0.1 pip spread by 0.4 pips, leaving us with an actual ECN Account EUR/USD spread of 0.5 pips.

The leverage is maxed out at 1:500. Users should be wary, and not be easily tempted. Such a high leverage, although completely capable of turning a small investment into a significant profit, has the potential of quickly sucking in all your deposit and leaving you empty handed.

QTIMEFX MINIMUM DEPOSIT

Without an account, we have to trust the website for deposit info, and withdrawal information. As many of our readers are aware, most of the time this information is in direct contradiction to what the client portal offers, but at QTIMEFX we are incapable of providing a solid base for comparison.

With that out of the way, the minimum deposit seems to be $10 for the Standard Account, $2000 for the VIP Account, and $500 for the ECN one.

Funding methods are indicated as being Wire Transfer, Credit/Debit Card, UnionPay, WebMoney, FasaPay, Skrill, Neteller, and AliPay. However, most of the legal documents mention Wire Transfer and Credit/Debit cards as payment methods, and alternative methods are referred to only a couple of times.

We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

QTIMEFX WITHDRAWAL TIME AND FEES

According to the legal documents, withdrawals can only be made by means of Credit/Debit cards and Wire Transfer.

The time it takes for the broker to process the withdrawal request is between 4 to 7 days.

The only fees are attributed to the payment systems. The broker allegedly does not charge any fees.

ADDITIONAL FEES AND TAXES

When bonus are applied to the original deposit, trader must trade a minimum of 1 lot in order to withdraw $3 of the bonus.

The broker talks about rolling fees, which are nothing new. However, in a clause in the Client Agreement, it gives itself the right to directly deduct the rolling fee from the user’s credit card, which no legitimate broker would consider doing.

Dormant account are charged with a “semi-annual” fee of $25. An account become inactive if there are no trading activities in it for more than 12 consecutive months.

We want to remind readers that many offshore brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won't ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

QTIMEFX may have potential, but in order to climb the ladder it must cover the essentials, including the acquirement of a license. Without it, we urge traders to stay away from QTIMEFX.