Qteck – Is It a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Qteck - DO NOT TRADE WITH THIS PROVIDER
3.7/10
$100
Minimum Depositupdated 2020
Qteck offers its clients 5 different account types:
- Basic: You need to make an initial deposit of a minimum of $250 to trade on this account.
- Bronze: You need to make an initial deposit of a minimum of $5,000 to trade on this account.
- Gold: You need to make an initial deposit of a minimum of $50,000 to trade on this account.
- Platinum: You need to make an initial deposit of a minimum of $100,000 to trade on this account.
- Diamond: You need to make an initial deposit of a minimum of $500,000 to trade on this account.
While on the surface of it, these account types look good, but when you dig a little deeper, you realize that there isn’t much information about the broker’s trading conditions.
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: https://www.qteck.io/
Founded: N/A
Regulations: Unregulated
Languages: English
Deposit Methods: Credit/Debit Cards, Phone Payment
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex pairs, CFDs on precious metals, stocks, commodities, indices, and major cryptocurrencies (Bitcoin, Ethereum, Litecoin, Ripple, Dash)
Trading Accounts and Conditions
Qteck offers its clients 5 different account types:
- Basic: You need to make an initial deposit of a minimum of $250 to trade on this account.
- Bronze: You need to make an initial deposit of a minimum of $5,000 to trade on this account.
- Gold: You need to make an initial deposit of a minimum of $50,000 to trade on this account.
- Platinum: You need to make an initial deposit of a minimum of $100,000 to trade on this account.
- Diamond: You need to make an initial deposit of a minimum of $500,000 to trade on this account.
While on the surface of it, these account types look good, but when you dig a little deeper, you realize that there isn’t much information about the broker’s trading conditions.
The only information we could find was about the Basic account, for which the broker offers a maximum leverage of 1:400 and a spread of 4.5 pips for the EURUSD benchmark currency pair.
Qteck – Advantages
Here the few advantages we could find for trading with Qteck:
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Range of Trading Instruments
The plus of trading with Qteck is that you are offered a wide range of trading instruments, from Forex pairs to CFDs in numerous assets such as precious metals, indices, stocks, commodities and even cryptocurrencies.
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Generous Leverage
Another plus that we noticed about Qteck was the leverage levels it was offering for its Basic account. The leverage offered by this broker is as high as 1:400, which is generous enough to satisfy even the most demanding of traders.
However, while high leverage levels allow you to trade more, you need to also remember that it carries a much higher level of risk too. And when you are trading with shady brokers, then the chances of you losing your money become that much higher.
Qteck – Disadvantages
A generous leverage and a wide range of trading instruments were the only two advantages we could find for Qteck. Now, the list of disadvantages with this broker are many and also serious:
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Lack of Corporate Information
Qteck, on its website, states that it is operated by a company called Global Software Solutions. This company is registered in St. Vincent and the Grenadines (SVG), which makes it an offshore company.
But beyond that, there is no information about the company or the broker.
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.
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.
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Not Regulated
It is possible for a broker to be based offshore, but also make the effort to ensure that it is licensed by the reputed financial regulators. Unfortunately, this isn’t the case with Qteck.
Nowhere on its website is a registration number mentioned, and Qteck also hasn’t mentioned that it being regulated by any financial authority.
What makes it even more suspicious is that when you go through the Terms and Conditions, there is a contradictory piece on information that states that the company operating Qteck is actually located in the Marshall Islands.
All of these factors point to the fact that Qteck is not regulated in any way, and therefore is a broker that you need to avoid trading with.
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Blacklisted by Swedish Regulators
A deeper dive into Qteck’s background revealed that the broker has been blacklisted by the Swedish regulatory body, the Finansinspektionen (FI).
In its notice, the FI stated that it carried out an investigation into this broker and found that it was not authorized to operate in Sweden and was not regulated by the agency.
Interestingly enough, the FI also revealed that Qteck wasn’t even authorized to operate in its country of domicile!
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No Demo Account
The broker also does not offer its clients a free demo account. This is significant because reputed brokers want their clients to know what they are getting into before they actually invest money with them.
Reputed and regulated brokers transparently show their trading conditions to their customers so that they are confident about the platform when they start trading.
Disreputable brokers, on the other hand, tend not to offer demo accounts because they don’t want their prospective victims to know what they are getting into.
The only way to find out will be to open a live account and trade with real money to find out what the trading conditions are. And this is how traders end up losing money to unscrupulous brokers.
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Little Information about Trading Conditions
Beyond the tiny snipped of information about the broker’s Basic account, Qteck has not revealed anything else about its trading conditions. This lack of clarity is a clear sign that this is not a broker to be trusted.
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High Spread
One of the few pieces of information we were able to glean out of this broker’s website was that the spread offered (for its basic account) was 4.5 pips, which is unreasonably high and favors the broker, not the trader.
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Sloppy Trading Platform
Besides the fact that Qteck does not offer the MT4 (MetaTrader 4) trading platform, the trading platform that it does offer is poorly constructed, with a few charting options and little else.
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Cannot Withdraw Funds
This is a serious issue with Qteck. Since there was no demo account, we had to open a live account. And once we registered, we saw that there was no withdrawal button anywhere.
Basically, there was no way we could withdraw our funds from this broker’s account!
Conclusion
After going through Qteck’s website and trading platform, we can say with utter confidence that this is one broker that you must avoid at all costs – it is a scam.
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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 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.
2 comments
To whom it may concern This is my experience with this fake binary options broker, I traded with Qteck. I wanted to earn some money to pay for some bills so I invested $3,000, these brokers said I will be able to withdraw about $5,500 from my earnings. The brokers called me everyday to deposit to invest and make good profits, I told them all my funds are in the trading account and I can’t deposit more money anymore. They became so rude and stopped calling and also stopped responding to my messages and finally blocked my account. I wanted to withdraw my money and I couldn’t, they denied me my access to withdraw my money, Months went by and I still couldn’t withdraw my money. be very careful.
DO NOT COME NEAR THIS SCAM, I deposited $250, then made one trade and wanted to withdraw my money, these a-holes literally stopped answering, they are nowhere to be found.