Quitrade Review – This Platform Will Make You Quit Trading

Despite presenting its platform as a Forex industry leader, Quitrade falls short in many segments. The lack of a regulatory license and legitimate documentation represent key issues.

Due to several complaints against the platform, we suspect the provider of running a devious trading scheme. Read our entire Quitrade Review to learn why this firm is dangerous and how it can defraud you.

Broker status:	Unlicensed Forex Provider
Regulated by:	Unregulated
Operating Status:	Active Forex Trading Scam
Known Websites:	quitrade.org
Blacklisted as a Scam by:	N/A
Owner:	N/A
Headquarters Country:	UK (allegedly)
Website Active Since:	2023-04-06
Online Trading Platforms:	WebTrader
Mobile Trading:	Unavailable
Minimum Deposit:	100 USD
Deposit Bonus:	N/A
CFD Trading Option:	Yes, you can trade CFDs
Crypto Asset Trading:	Yes – BTC, ETH, SOL…
Available Trading Instruments:	Forex, Indices, Stocks, Cryptocurrencies
Maximum Leverage:	1:500
Islamic Account:	Available
Free Demo Account:	Unavailable
Accepts US clients:	Yes
Global Fraud Protection Experts’ Verdict:	Avoid Working with this Company

Is Quitrade Regulated?

Let’s first tackle the Quitrade regulation. The broker claims to be registered in several renowned financial hubs such as the UK, Australia, and Singapore. Yet, the shady firm operates without a single regulatory license, posing a threat to potential investors.

Despite purporting to have been founded in the UK, the platform is not registered and has not yet obtained authorization from the Financial Conduct Authority (FCA), the regulatory institution monitoring financial activities in that country.

This lack of an official license implies that the Quitrade broker is operating illegally, as the FCA’s authorization is a mandatory requirement for businesses involved in financial services. Investing in this platform carries huge risks. Should you lose your funds, you cannot count on the compensation scheme legit UK brokers offer.

Why Financial Market Regulations Matter

Brokerage firms that apply for a regulatory license under esteemed financial jurisdictions such as the United Kingdom must present a large operating capital of at least 730,000 GBP to even be considered by the FCA.

Furthermore, they must equip users with negative balance protection, provide them with a segregated account in a top-tier bank, a safe leverage cap (1:30), and a compensation scheme with the FSCS of up to 85,000 GBP.

Unreliable providers such as 10TradeFX open offices offshore to avoid such stringent requirements. You shouldn’t trust them.

Trader Reviews – Sharing Experiences

We found 10 Quitrade reviews on Trustpilot, where the broker received an average score of 2.2/5 (poor). Among the comments, we found several complaints with traders accusing the firm of fraudulent practices.

Judging by what we read, once you deposit funds into your account, there is no chance of withdrawing it. The fraudsters behind the bogus platform keep calling and demanding more money. It’s crucial to note that a provider cannot legally demand you pay an upfront fee to be eligible for a withdrawal.

We highly advise you to read what users wrote about this firm before making any hasty investments. Always do thorough research prior to accepting any offers. Check for regulatory warnings as well because they are indicative of illicit platforms like Group 500.

Who Are Quitrade’s Targets?

According to godaddy.com/whois, the quitrade.org website domain was created on April 6, 2023. Since then, the financial swindlers behind the scheme have been targeting mainly unsuspecting traders from the following countries:

• United States;
• United Kingdom;
• Canada;
• France;
• Netherlands.

These are all heavily regulated financial jurisdictions protected by rigorous laws. Their respective financial watchdogs inspect the market in a draconian manner to prevent unlicensed imposters from deceiving domestic traders and investors.

We shall stress once more that Quitrade does not have the necessary permit to offer services in any of these countries. If the money you deposited suddenly vanishes from your account, you won’t be protected by a financial compensation scheme.

Which Trading Platform Is Available?

Since there is no detailed presentation, download link, or demo account option, we assume the Quitrade trading platform is web-based. Such terminals usually offer elementary tools such as charts, graphs, and indicators but lack advanced features. It is devoid of sophisticated options such as automated trading.

For a pure trading experience, we recommend you find a licensed provider that offers renowned third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.

Quitrade account types

Account Type	Basic	Standard	Premium	Islamic	VIP	Institutional	Joint
Minimum Deposit	250 USD	2,500 USD	25,000 USD	1,000 USD	100,000 USD	500,00 USD	N/A
Maximum Leverage	1:500	1:500	1:500	1:500	1:500	1:500	1:500
Spreads	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Trading Conditions – Leverage, Spreads, Commissions

Quitrade’s leverage is capped at 1:500, which is higher than the legal cap for retail clients in force in Europe & Australia (1:30) and North America (1:50), meaning the broker directly violates regulations.

Trading with really high leverage in trading can magnify potential profits, but also has the potential to lead to terrible losses you won’t be able to recover from. The website says that spreads start from 0.0 pips, which is ultra-tight but also too good to be true in most cases. Fraudulent providers are known to charge hidden commissions as well.

Deposit and Withdrawal Process

The website lists three available payment methods that can be used to fund live accounts and withdraw earned profits:

• Credit/debit cards;
• E-wallets;
• Crypto transfers.

Should you experience any withdrawal issues, you should explore the chargeback option. If you have deposited funds via MasterCard or VISA credit/debit cards, a chargeback allows for a reversal within 540 days. Although you can deposit using cards, you cannot withdraw via the same method, which violates AML policies.

Scammers favor crypto transactions because such payments are challenging to trace, plus they can remain anonymous. Tracking down such payments is made possible by Fusion Forensics Limited, an advanced software employed by MasterCard.

You’ll need professional assistance though, which is why we urge you to reach out to our expert team. We specialize in utilizing various methods to recover clients’ funds.

What Should I Do If I Have Issues With Quitrade?

Time to wrap up our review. So far, we have concluded that the illicit platform is used as an instrument to rob users of their funds. The main targets of the Quitrade Forex scam are American, British, Dutch, Canadian, and French traders. The broker’s bogus website did not provide any proof of a trading license.

Since the platform is unregulated, it can easily steal your funds. In our analysis, we have stressed the importance of regulations and why it is better to trade on platforms supervised by recognized financial market watchdogs.

If you have fallen victim to the Quitrade scam, please book a free consultation with Fusion Forensics Limited. We have a team of experts who can assist you in the fund recovery process and get your money back as soon as possible.

Book your free consultation today and get your money back.