QCFinances – Can You Trust Them?

Website URL: https://qcfinances.com

Founded: 2022

Regulations: None

Languages: English

Deposit Methods: Debit/Credit Cards

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: 500+

Types of Assets: Forex, Indices, Cryptos, Stocks, Commodities

Trading Accounts and Conditions

QCFinances offers their clients 4 different types of trading accounts:

• Standard: The minimum you are asked to deposit is $250. Minimum spreads are from 1.5 pips. The maximum leverage offered by the broker is 1:500. There is an up to 30% bonus offered.
• Silver: The minimum you are asked to deposit is $2,500. Minimum spreads are from 1.5 pips. The maximum leverage offered by this broker is 1:400. There is an up to 30% bonus offered.
• Gold: The minimum you are asked to deposit is $10,000. Minimum spreads are from 0.8 pips. The maximum leverage offered by this broker is 1:500. You are offered a bonus of up to 100%.
• VIP: The minimum you are asked to deposit is $50,000. Minimum spreads start from 0.0 pips. The maximum leverage offered by this broker is 1:500. You are offered a bonus of up to 100%.

Commissions and fees are not specified in the Account Types section – or anywhere else on their website.

QCFinances – Advantages

There are no advantages to trading with QCFinances.

QCFinances – Disadvantages

Here are all the reasons why it is a bad idea to invest with QCFinances:

• Lack of Regulation

The biggest giveaway of this broker’s scam is their lack of regulation.

QCFinances claims to be an international online broker, offering more than 500 trading instruments over 6 asset classes.

The broker seems to be owned and operated by QCFinances Group. The broker also provides an address in Sydney, Australia.

Here are all the holes that we have found in their claims.

To operate out of Australia, a forex broker needs to be registered with and regulated by the ASIC (Australian Securities and Investments Commission). Or at least be regulated by the FCA (the UK’s Financial Conduct Authority). However, the broker clearly states that they are regulated by neither of these authorities.

Instead, QCFinances claims to be regulated by the SCB (Securities Commission of the Bahamas). This is a lie. We checked the online registers of the SCB and found that there was no company – or broker – by this name listed with them.

Therefore, in essence, this broker does have any form of regulation at all! And that means that this broker is a scammer.

Plus500

$100

Minimum Deposit

Start Trading

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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

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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 Legal Documents

Another huge red flag that tells us that we are dealing with a scammer is the lack of legal documents.

QCFinances has no legal documents in place whatsoever. These documents are the contract between the trader and the broker. These documents detail what services are offered by the broker, what are the conditions that are attached to the services, the policies the broker has adopted and so on.

All legally operating brokers (i.e., regulated) have to have their legal documents in place.

The only brokers that do not have these documents in place are the scammers – like QCFinances.

• Poor Trading Platform

The most important product a broker has is their trading platform. So, most regulated brokers ensure that they offer their clients the best possible trading platform. Which usually means the MetaTrader 5 platform. This is the world’s best platform – user friendly, with a massive range of functions that make trading super-efficient.

QCFinances promises a platform with cutting-edge technology. However, when we registered and checked their platform, it turned out to be a poorly constructed WebTrader software. The kind that we have frequently seen on other scam brokers’ websites.

• Issues with Trading Conditions

We also have issues with the trading conditions this broker offers.

The spreads on their Account Types page start at a minimum of 1.5 pips, which is higher than the industry standard (which are usually less than 1 pip). However, when we checked their trading platform, we found out that their spreads were actually even higher – at 2.4 pips for the EURUSD.

Trading risks offered by this broker are also much too high. While the maximum leverage QCFinances offers is 1:500, you cannot go below 1:100. Such high leverage is dangerous and the fact that this broker does not allow their traders to choose lower leverages means that QCFinance is putting their customers at risk. This is another sign that you cannot trust this broker.

While the deposit amount is on the higher side, it is still within range of market standards. Having said that, there are many regulated brokers of excellent quality that will allow you to open accounts with them for less than $50.

• Issues with Funding Methods

The only two ways that you can fund your account on QCFinance is via credit cards or debit cards. However, none of your transactions are directly done. You need to go through the payment gateway called GWAYZ. This payment provider is known to be highly suspicious and is very unpopular because of that. So, why would a broker offer such a poor payment gateway to their customers?

Yet another reason not to trust QCFinances.

• Bonuses Offered

Bonuses have been banned in most jurisdictions because of the unfair withdrawal terms that they come attached with. With QCFinances, we know they offer big bonuses to their clients, however, since they have not provided us with any legal documents, we do not know the terms of using those bonuses.

• AnyDesk / TeamViewer Offered

QCFinances asks you to download AnyDesk and TeamViewer from their website. These apps allow you to access your computers from anywhere in the world. And since you would be downloading these apps from QCFinances’ website, they would get access to your computer and your personal information. A highly undesirable and dangerous situation.

Conclusion

After our review, we can safely conclude that QCFinances is not a broker that you can trust.

QCFinances

2.6

User Experience

3.0/10

Payment Options

2.6/10

Security

2.5/10

Support

2.3/10

Reputation

2.6/10

Pros

• None

Cons

• Lack of Regulation
• No Legal Documents
• Poor Trading Platform
• Issues with Trading Conditions
• Issues with Funding Methods