AnalystQ – Can You Trust Them?

| Publish date: 07/11/2020 (Last updated: July 13, 2020 12:33 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

AnalystQ - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Deposit
X

updated 2020

AnalystQ claims to offer 16,000 trading instruments, the highest number offered by a broker anywhere in the world. The broker offers trading in Energy Commodities in both renewable and non-renewable categories, cryptocurrencies, Crypto-Fiat currency pairs, precious metals, soft commodities. We did not find any forex pairs.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

Website URL: www.analystq.com

Founded: February 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Bitcoin

Minimum Deposit: 500 USDT (Tether)

Free Demo Account: No

Number of Assets: 16,000 assets in 6 classes

Types of Assets: Energy Commodities, Cryptocurrencies, Currency Options, Precious Metals, Soft Commodities

Trading Accounts and Conditions

AnalystQ offers its clients 3 different classes of trading accounts: Primary, Professional and AutomatiQ

  • Primary Accounts

For the Primary Accounts, AnalystQ has 3 different tiers:

  • Standard Account: The minimum deposit for this account is the Bitcoin equivalent of 500 USDT.
  • Education Account: The minimum deposit for this account is the Bitcoin equivalent of 5,000 USDT.
  • Specialty Account: The minimum deposit for this account is the Bitcoin equivalent of 25,000 USDT.
  • Professional Accounts

For the Professional Accounts, AnalystQ has 2 tiers:

  • MarginQ Account: The minimum deposit for this account is the Bitcoin equivalent of 75,000 USDT
  • Platinum Account: The minimum deposit for this account is the Bitcoin equivalent of 150,000 USDT
  • AutomatiQ Account

To use this account, you need to choose any one of the above funding options, and the software will automatically trade for you.

The maximum leverage offered by AnalystQ is 1:300, and the spreads for the BTC/USD pair stands at $50, which is much higher than the market average of $10 (1%).

AnalystQ – Advantages

Here are the advantages of trading with AnalystQ:

  • Range of Trading Instruments

AnalystQ claims to offer 16,000 trading instruments, the highest number offered by a broker anywhere in the world. The broker offers trading in Energy Commodities in both renewable and non-renewable categories, cryptocurrencies, Crypto-Fiat currency pairs, precious metals, soft commodities. We did not find any forex pairs.

AnalystQ – Disadvantages

Here is a list of the all the disadvantages that AnalystQ has:

  • Unregulated, Offshore Broker

AnalystQ is operated by AnalystQ, a company that is incorporated in the Commonwealth of Dominica, which makes it an offshore brokerage. Furthermore, Dominica does not have laws in place that regulate forex or CFD brokers. Even then, we checked the country’s financial regulator’s online register to see if this company was listed as a financial services provider with the authorities in Dominica.

We found that this broker is not listed at all. Therefore, AnalystQ is not even a registered company, let alone regulated. And since the broker has not given any other information about its licensing or regulatory status, we can safely say that this is an unregulated broker.

Plus500
$100
Minimum Deposit

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

 

  • No MetaTrader 5 Software Available

On its website, AnalystQ boldly states that it offers the MetaTrader 5 software to its traders. The MetaTrader 5 (MT5) platform is one of the most advanced trading software in the market today. It has an advanced charting tools, a wide range of technical market indicators, a massive back-testing environment and an array of trading robots called Expert Advisors.

Now, if AnalystQ actually had the MT5 platform, it would have been a huge advantage. However, we checked the entire website and could not find a download button for the software. Finally, when we registered for an account, all we were shown was a so-called proprietary web-based trading platform that doesn’t even come close to what the MT5 platform offers.

Basically, this broker has lied about offering the MT5 software!

  • High Spreads

We already mentioned earlier that this broker offers a spread of $50 for the BTCUSD trading pair, which is 5 times higher than the market average. Most brokers offer a spread of 1% or $10 for this currency pair.

A high spread is advantageous for the broker, and increases trading costs for the traders. So, even if everything else was okay with AnalystQ, we would still not recommend them to our readers because this broker is just too expensive.

  • Bitcoin Only Transaction Option

The only way you can make deposits or withdrawals is through Bitcoin, which raises a huge red flag for us. Bitcoin transactions, like most other cryptocurrency transactions, are anonymous and permanent. This means that you don’t know where your money is going and once it is gone, there is no way to get it back.

So, if you invest in this broker, even if you find out you have been scammed, you have lost your funds forever. This is why we recommend using credit cards to carry out transactions with new brokers. You have a chargeback option in case you have been scammed.

  • Lies About Withdrawal Fees

AnalystQ says on its website that there are withdrawal and deposit fees imposed for each transaction, and that the details of these fees are given on their platform. However, when we attempted making a deposit, the only thing we were given was a deposit address for Bitcoin. There was absolutely no information about what kind of fees we would be charged.

  • Confusion About Minimum Payments

When you check the numerous account types this broker has, they say that you need to be make a minimum deposit of Bitcoins that are equivalent to 500 USD.

A $500 minimum deposit requirement is very high and definitely a negative.

  • Unfair Payment Conditions

The first thing we noticed is that this broker states that withdrawal requests will take 3 to 5 business days to process. If this were traditional banking methods, this time period would be within acceptable limits. But this broker only allows transactions in Bitcoin, in which transactions are instant. So, why do they need 3 to 5 business days?

Furthermore, this broker charges an Inactivity Fee. If you have deposited BTC in your account, but haven’t used your account for 2 months, then you will be charged an inactivity fee of 0.0040 BTC (~$36.68), which is massive.

Conclusion 

Everything about this broker indicates that it is yet another scam operation. We would not recommend AnalystQ to any trader.

AnalystQ

2.5

User Experience

3.3/10

Payment Options

2.2/10

Security

2.4/10

Support

2.3/10

Reputation

2.4/10

Pros

  • Range of Trading Instruments

Cons

  • Unregulated, Offshore Broker
  • No MetaTrader 5 Software Available
  • High Spreads
  • Bitcoin Only Transaction Option
  • Lies About Withdrawal Fees

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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