QuickTrade Review: Uncovering the Issues with This South African Forex Broker
QuickTrade is a forex brokerage based in South Africa that claims to operate under local regulations in rendering trading services. While advertising itself as a regulated provider, several red flags bring up concerns about the authenticity of its services. This QuickTrade review will break all of that information down into important points to help traders make decisions.
Company Name – QuickTrade
Website – https://quicktrade.co.za/
Address – Portion Bldg, Grnd Floor, 345 Rivonia Rd, Rivonia, Johannesburg, 2128
Regulatory Warning – Not Recommended By Review Website Like Scams Report
Domain Blacklisted Status – It seems there is no direct mention of this domain being on a blacklist.
Lack of Transparency
Another serious issue with QuickTrade is the missing critical information from its website. Important data about trading conditions, fees, withdrawal procedures, and platform details were either vaguely explained or simply not stated at all, thus inhibiting clients’ attempts to analyze their future efforts.
Regulatory Claims
QuickTrade maintains that it is being regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, and as such, it has registered an FSP and an FAIS Category I license. However, South African regulations, in general, are much more lenient than global standards. That means unlimited leverage is still allowed, and this presents serious risks, especially for inexperienced traders.
FMA and OTC Derivatives
QuickTrade also states that it has applied for authorization from the FMA and shall be governed by FSCA and FMA concerning OTC derivatives. But,
- CFD transactions are conducted on a principal-to-principal basis.
- Transactions are therefore not covered by FAIS.
This essentially means that traders have very little protection when things go awry.
Trustpilot Reviews Paint a Grim Picture
Again, negative reviews on platforms like Trustpilot point to a recurring problem:
- Users complain they cannot log into their accounts on MT5.
- Promises of free $5k trading accounts are said to be unreachable.
- Customer support does not respond, even after so many complaints.
- “Scam” has been an outright tagline for many reviews, telling others not to fall victim to their marketing tricks.
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