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QuotaTrade had us for a while. The look and feel of this broker sells. Yet we started raising eyebrows as soon as we saw the footer which had not included any regulatory info. The review reveals all that one need to know of QuotaTrade.
One important thing to get out of the way is the lack of a license. We carefully went through the website and all its legal documents, and were genuinely surprised by the lack of regulatory info. QuotaTrade had us fooled for thinking it was a legitimate broker; most of the signs of a proper brokerage firm are there (at first glances), but for the most important aspect whose absence makes all other elements completely irrelevant. Thus QuotaTrade is UNREGULATED and is therefore a risk to all those traders that deposit in it!
Brokers that do not have a license are capable of stealing your investment. We urge traders never to deal with such fraudulent brokerage firms. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We registered a live account, and were presented with a trading platform from which we got trading conditions. The website claims that the leverage is capped at 1:1000, while the registration process promised only a 1:400. Readers should be aware that such inconsistencies are signs of trouble. Nevertheless, the trading platform did not reveal any leverage value, leaving it ambiguous at best. As for the EUR/USD spread it's 1 pip on average which is quite the profitable cost of trade.
Users can access the website only in English.
There are no commissions on the spreads. This would be a great opportunity, if not for the fact that half the platform of QuotaTrade, mainly the charts and tools, is provided by a third party chart developer. The spread values seem independent of what the chart indicates, adding to the confusion. We can only say that QuotaTrade has thus increased our suspicion for it to the max, and we can 100% say that users should not trade at all with it!
Because of this, all trading conditions are non-applicable to this broker.
QUOTATRADE MINIMUM DEPOSIT
The payment terminal reveals two funding options: Visa and Master Card, and no wire transfer as the legal documents seem to hint. Nor are there a plethora of e-payment options are promised by the website. This is typical of scammer brokers.
The minimum deposit is $250, at least as per the website. The payment area did not reveal such details.
This broker is unregulated, and if you choose to fund an account with it, it will put you directly at risk of losing all investment money. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
QUOTATRADE WITHDRAWAL TIME AND FEES
Withdrawals are said to be processed within 5 days. Oddly enough users can withdraw by means of wire transfer, bitcoin, credit card, and “other”, what ever that is.
It seems that all withdrawal methods are charged by unspecified fees, as revealed on multiple occasions throughout the legal documents. The only charge that has been revealed is a 0.5%, which if under $30 will automatically be set to $30.
However, and this is a deal breaker, the broker does not allow the withdrawal of profit gained from trading, or so called non-deposited funds.
ADDITIONAL FEES AND TAXES
A user that has not traded or logged in for more than 3 months will be levied a 10% monthly charge.
And of course how can we forget and not include the classic indemnification clause, basically stating that the broker will not be held accountable for any damage it has cause to the user:
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable of realizing their schemes, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the kind from this broker; it will only bring you financial anxiety.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
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!
Slowly but steadily QuotaTrade turned out to be quite the pesty little scam. First impression apparently are not essential. Do not deposit here unless you want to lose money!
QuotaTrade compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines