Quicktrade.co.za Review Is Quick Trade Legit Or Scam

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Quicktrade.co.za Review: Is Quick Trade Legit Or Scam?

Forex and CFDs are leveraged products, incur a high level of risk and may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand the risks involved and take into account your level of experience. Seek independent advice if necessary. QuickTrade (Pty) Ltd is an authorised Financial Services Provider (“FSP”) regulated by the Financial Services Conduct Authority of South Africa, FSP No. 45262

OUR PROFILE

QuickTrade (Pty) Ltd has been a Financial Services Provider since 2020 and is one of the fastest growing CFD and Forex Providers in South Africa.

Quicktrade.co.za Review: Is Quick Trade Legit Or Scam?

Quick Trade Review: this is the name of a South African based Forex and CFD broker. Is quicktrade.co.za a scam broker or legit one?

The broker is owned by a company called QuickTrade (Pty) that claims to be licensed and regulated as a South African Financial Service Provider, FSP. A Demo account is offered for traders to test their claims before starting up a live trading account.

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Its leverages are not excessively high as we have come to know that while high leverages are advantageous, they could also be bad for trades. Trading instruments are also impressive and encouraging.

Another interesting thing we found is the provision of the website in about three other indigenous languages besides English.

Quick Trade Trading Platform

It is mentioned that the broker’s trading software is operated on a MetaTrader 5 platform available to all their clients.

Legit brokers are known to offer at least the popular MetaTrader 5 trading platform.

This platform is a very good sign along with MT4, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

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Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders includes: 30+ currency pairs, CFDs on stocks, ETFs, crude oil, natural gas, precious metals and indices. We found no cryptocurrency offers.

Maximum leverage offered to traders is 1:100, which is encouraging and the spreads are said to begin floating from 1.2 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Quick Trade

Means for making payments and withdrawals are not mentioned on the website and we find this discouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

It is not also stated what the minimum deposit for this broker is. Withdrawal fees are not announced as well. It seems like the funding part of the website was ignored. The only thing of note we found about funds is that Quick Trade can only be funded with South African Rands.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Quick Trade Licensed?

Yes. As a licensed Financial Service Provider, Quick Trade is regulated by the South African FSCA. But it is worthy to note that unlike the top European commissions, the FSCA does not ensure brokers compensate their clients.

Support

To get in touch with the customer care service, call: 011-315-1000 or email: [email protected]

Conclusion

The fact that Quick Trade is licensed by the FSCA is an advantage. It also offers good leverage and tight spreads. However, the missing information on funding pointed out should be fixed. If it wants clients outside the country, it could also adjust the funding currency unless conversion is free.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

QuickTrade review – Is quicktrade.co.za scam or good forex broker?

Quick Trade is a forex and CFD broker from South Africa, which is licensed and authorized by the local Financial Services Conduct Authority (FSCA). The broker offer various asset classes with leverage of up to 1:100 and the MetaTrader5 platform. For more information about their offer you may check he following review.

Account type Min. deposit Max. leverage Spread s
Standard Account n/a 1:100 1.2 pips

QuickTrade Advantages:

Licensed by FSCA

An obvious advantage is that we are talking about a regulated broker. Quick Trade is a brand of QuickTrade (Pty) Ltd, which is a South African company, authorized as a Financial Services Provider (FSP) by the Financial Services Conduct Authority of South Africa (FSCA), FSP No. 45262. Here you may take a look at their license:

FSCA is a reliable financial watchdog, which has requirements similar to those of well known institutions like the Australian Securities and Investment Commission (ASIC) or the Financial Conduct Authority (FCA) in the UK, although in some aspects the FSCA rules are slightly more relaxed. For example South Africa is one of the last regulatory hubs where traders can still enjoy unlimited leverage.

Also FSCA brokers are not obliged to participate in client compensation schemes like the brokers in Europe, so here you may also check our list of brokers regulated by the FCA in the UK, where all trading funds are covered by an insurance of up to 85 000 GBP:

Leverage of up to 1:100

South African and New Zealand are probably the last major regulatory hubs, where traders can still enjoy virtually unlimited leverage, since regulators throughout the developed world caped the maximum leverage allowed for retail clients well below 1:100.

And the leverage Quick Trade is both attractive and not excessively high.

A nice selection of trading instruments

When we checked the Quick Trade trading platform we came across over 30 currency pairs some of which exotic or minor like USDHKD and USDZAR, as well as CFDs on stocks, ETFs, crude oil, Brent, Natural Gas, silver, platinum, gold, palladium and 12 indices. As there were no crypto assets however, here you may also check our list of brokers trading with bitcoin CFDs:

No information about the minimum deposit requirement

Just have in mind that most brokers ask for about 250 USD as a minimum deposit, while some well known names like FBS and IG do not have a minimum deposit requirement at all.

No information about the payment options

There was no information about the payment methods available on the Quick Trade web page. Just bear in mind that most broker accept payments with major debit and credit cards like VISA and MasterCard, bank wire and popular e-wallets like Neteller, Skrill and PayPal. Some even accept crypto coins, so here you may check our list of brokers, where you will be able to pay with bitcoins:

Quick Trade is a South African broker, licensed by the local Financial Services Conduct Authority, which makes them a legit trading partner. On top of that they offer competitive spreads, with relatively high leverage, a nice selection of trading instruments and the MetaTrader5. Unfortunately you will be able to open a trading account with them only in South African Rands. That is why we give the broker a good grade.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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