- 1 A Brief Analysis of QuickFxTrade
- 2 Advantages and Disadvantages of QuickFxTrade
- 3 Are funds safe with QuickFxTrade?
- 4 Docility and License QuickFxTrade
- 5 Final verdict quickfxtrade.com
QuickFxTrade has deceived investors into depositing funds claiming it’s a lucrative binary and crypto trading platform. Learn more in our clear quickfxtrade.com review.
QuickFxTrade (quickfxtrade.com) doubles up as a binary and crypto trading platform. It’s also claiming to offer other crypto investments. Don’t invest with Quick FX Trade, and you will lose everything. The majority of members who deposited with the platform are now ruing the decision. None of them has had the chance to withdraw funds for the past few weeks. And that’s an issue we have to expose. Here’s the truth in our detailed QUICKFXTRADE REVIEW.
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A Brief Analysis of QuickFxTrade
It doesn’t surprise me that the website is a one-page trading platform. And that says there’s no professionalism. Despite having one page, navigation is far from easy. The platform tries to put all information on one page, and that’s just clutter.
There’s also no background and history of the platform. With crypto investing and trading, your reputation is everything. Unfortunately, it’s emerging that the platform doesn’t want anyone investigating their background.
As an investor, you want to know which platform takes your trading to the next level. The platform should have a solid background and enjoy a reputation from the community. That’s not the case with quickfxtrade.com.
Most of the information on the platform barely scratches the ground. And that points to a platform with no credibility or transparency. It makes it difficult to trust such a platform with our investment.
We can tell why investors would fall for such a platform from the website design. The design appeal makes it a joy to look at. And that’s what the creators are after, to grasp the attention of naïve investors.
Experts recommend researching a platform first before investing in it. That means taking a look under the bonnet and testing it. Also, make sure to ask around regarding user experience before committing funds.
Advantages and Disadvantages of QuickFxTrade
As an investor, before choosing which platform to go for, you have to weigh the pros and cons. When the pros outweigh the cons, you go for it. Unfortunately, that’s not the case with Quick FX Trade, and the cons outweigh the pros.
There are several red flags that we must highlight on the platform. These are the traps the owners use to fool investors into depositing with the platform. Unfortunately, you won’t believe some of these traps as they appear pros on the platform.
Here’s a closer look at the pros and cons of quickfxtrade.com;
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Accounts Quick FX Trade
The platform fails to mention the available accounts on the platform. Instead, the platform offers one account for all services. And that means the platform wants to take advantage of investors.
There are no features listed on the platform to indicate account features. So, for example, you don’t know the minimum acceptable deposit until you open an account with the platform. And that’s why investing with the platform is a huge issue.
An account type caters for different classes of investors. Each account should offer an added value to the other. Unfortunately, that’s not the case, as Quick FX Trade wants investors just to sign up and deposit funds.
There’s no mention of leverage and spreads for trading instruments from what we have seen. We suspect the platform offers high leverage exceeding 500:1. Regulators are against platforms that offer the high leverage.
The maximum acceptable leverage in Europe is 1:100. Retail traders in the United States enjoy maximum leverage of 1:50. High leverage puts your position at risk. Only experts take advantage of high leverage, and it’s on rare occasions.
We also don’t see any demo account you would expect in any trading platform. Of course, with the platform also promising binary options, you would expect some demo accounts. But that’s impossible as the platform wants you to buy everything they say.
Account opening process
When opening an account with the platform, we did notice some alarming features. First, the platform uses the same account opening process as any other platform. Members get to fill in their details and then open an account.
It’s after opening the account that the platform starts deceiving members. The platform will wait for you to click the withdrawal tab to verify your account. Members have to send crucial documents to verify accounts.
These documents include a copy of your ID, credit card, and bank statement. We don’t see the reason for this as there are other ways to verify a person. For example, the platform could use a two-factor authentication process to verify accounts.
From what we see, the platform is harvesting banking information from members. The platform will likely sell your information to third parties. That’s why you suddenly get an influx of spam emails. The platform has already sold your contact details to email marketing campaigns.
Are funds safe with QuickFxTrade?
There’s no way funds are safe with a platform failing to segregate accounts. We suspect the owner holds all funds in an offshore account. The platform also fails to offer a safety net in terms of insurance cover for deposits made by clients.
Negative balance protection is not in the cards on the platform. Also, there’s no DDoS protection or SSL encryption on the website. As a result, there’s a chance third-party attacks are likely to occur, and your information gets leaked.
Binary options trading
Despite claiming to offer binary options trading, that’s not the case, as the results are abysmal. The platform’s binary trading platform is a buy/sell option. You don’t get any tools to use when investing with the platform.
There’s little information to point to who owns or runs the platform. And that means we are likely dealing with an anonymous platform. Depositing funds on an anonymous platform should be the last thing.
The problem with such platforms is that there’s no way of recovering funds. Those who hire recovery agents end up losing more funds for the fees. These agents are also part of the scam as they get your information from the platform.
After paying for your contact, the recovery agent makes the first contact. After that, the agent will reach out and claim to have won a lawsuit against the platform. Then, all you have to do to get part of the settlement is cover legal fees.
Don’t send any funds as legal fees as these agents are part of the scam. Once you do so, the agents cut all communication. A recent investigation revealed that these agents are the final nail in your coffin.
Client testimony and reviews
You would expect some reviews of the platform on the web. There is, only that there are only negative reviews. No one seems to praise the platform for helping produce profitable trades. And that means the platform was not well received.
Docility and License QuickFxTrade
QuickFxTrade is not a licensed or regulated trading platform. And that means regulators won’t come to your aid when you call. After all, you engaged in an unregulated platform. The platform falsely claims to have compliance with several regulators.
Final verdict quickfxtrade.com
Please avoid interacting with Quick FX Trade
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Do you have anything to add? Feel free to drop a comment or email us with any queries.