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Quantum Trade Review – Reasons to Avoid This Scam Broker
Table of Content
Quantum Trade claims to be the world’s number 1 forex and CFD broker, trusted by happy clients around the globe. The reality on the other hand is much different since this is nothing more than a website with zero credibility, which openly lies to be licensed and authorized.
It actually appears that Quantum Trade broker is part of a serial scam, already blacklisted by the financial authorities in Ontario, Canada.
From the lies of being headquartered in Austria, to claim they are registered and licensed, there is a lot to cover in this Quantum Trade broker review about this investment scam.
|Broker Type||Forex and CFD|
Is Quantum Trade Legit or Scam? Regulation
Quantum Trade presents itself as a part of QuantumTrade Corp., an alleged subsidiary of Quantum Global Trading.
First of all, Quantum Global Trading – DMCC is a legitimate firm for trading physical commodities such as crude oil and natural gas. It’s not a trading brokerage and has nothing to do with other assets.
Additionally, the brand only operates through the domain quantum-global.com. And finally, their regulation is not a Quantum Trade regulation. So, in other words, no, Quantum Trade is just another scam that holds no regulation or license.
Quantum Trade Trading Software Overview
While advertising its software as a “unique, most up-to-date trading platform,” the brokerage doesn’t deliver. Once we registered an account, we could access one simple Webtrader.
Quantum Trade trading platform is browser-based and has basic functions, such as trading history, economic calendar, and market news. You can also find pending orders and Stop Loss and Take Profit. This allegedly advanced software lacks advanced functionalities, such as EAs and social trading.
Because of this, it’s for the best to stay away from this or other scam brokers alike, simply because the web trader can be easily manipulated and all of these fraudulent brokers like to do so.
Account Types Option at Quantum Trade
|Broker||Quantum Trade||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
In regards to the trading accounts, Quantum Trade offers the following ones:
- Basic- which requires a minimum deposit of $250.
- Standard- the minimum deposit is $1,000
- Silver- $5,000
- Gold- $25,000
- VIP- $100,000
- Pro- $250,000
This surely is a nice range of different account types. However, because they don’t hold any license or regulation and they are likely just an offshore-based company, it’s best to not deposit any funds with them.
There are many better brokers out there that will have a fully working website and that will be transparent with you.
Trading Instrument Available
Quantum Trade scam broker is offering the following trading instruments:
- Currency pairs
This is a very good variety of trading instruments but you shouldn’t forget that they are unregulated. In other words, you would have no protection and you would get scammed.
Deposit and Withdrawal Process
We weren’t at all surprised that the only payment method accepted by QuantumTrade is Bitcoin.
Cryptocurrencies are the payment method of choice for most financial scammers. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.
Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards, and established e-wallets such as PayPal, Neteller, and Skrill. We advise you don’t invest your money with any other similar illicit broker.
It will only cost you your money and your time. Make sure that you always work with a good and reliable broker that will not lie about its regulation.
Quantum Trade Scammed Me – How Can I Recover My Money?
If you have ever fallen victim to this type of scam, the most common action to take is to file for a chargeback. But this is possible only if the user has invested with a credit or debit card.
That’s why you don’t get many investment frauds taking card payments nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible.
And lastly, if you have deposited using crypto, these transactions are unfortunately much harder to reverse and that’s why scam companies take advantage of this policy.
We suggest you never trust unregulated brokers with any type of payment, but especially crypto. In this case, it’s best to contact your local authorities.
Quantum Trade Summary
In this Quantum Trade review, we tried our best to give you a better insight into how this illicit broker operates. Not only are they unregulated and unlicensed but they falsely claim to be.
Additionally, they claim to operate from Austria, but for brokers to be based there, they must have a license issued by FMA which this one doesn’t.
PredCoin offers their customers an opportunity to invest in forex and CFD, however, something as basic as their trading platform doesn’t function properly, indicating that you are dealing with a scam.
Lastly, they managed to get an official warning from the CSA and OSC for presenting themself as a legitimate broker.
In conclusion, we advise you to stay away from this and many other fraudulent brokers alike. And also remember to always read the reviews. It’s important to be and stay safe online in today’s time.
FAQs About Quantum Trade Broker
Is Quantum Trade A Good Broker?
No, quantum Trade is not a good broker as they operate without licenses and follow no regulations.
Is My Money Safe at Quantum Trade?
No, neither your money nor your personal data is safe with this scam broker
What Is The Minimum Deposit for Quantum Trade?
The minimum deposit Quantum Trade seeks from traders is $250.