In August of 2021, the stern German regulator BaFin launched an investigation into the QuantumMarket broker dealings. The shady provider’s website is down, which is a good sign.
We have decided to gather evidence indicating that QuantumMarket is a scam broker. You’ll find it all here in the QuantumMarket Review.
QuantumMarket LTD claims to be an offshore company operating under the jurisdiction of the Commonwealth of Dominica’s FSU. However, this isn’t the case as the dubious entity isn’t registered with the regulator.
Thus, we don’t know where this con artist comes from but we do know that the QuantumMarket regulation status is “unregulated”.
How could we be so sure? Well, the company isn’t registered in its alleged domain, plus, we checked the databases of the regulators that matter, i. e. ones that issue Tier 1 licenses.
By that, we mean the FCA, BaFin, FINMA, ASIC, etc. QuantumMarket had no business in the EEA zone since the European Securities and Markets Authority (ESMA) had prohibited unlicensed offshore brokers to offer services onshore.
QuantumMarket is an offshore broker from Dominica that was under investigation by the German regulator BaFin in 2021. The broker has scammed traders from the UK, US, Sweden, Norway and India.
The Dominican address may or may not be fake, we don’t care. The company QuantumMarket LTD isn’t registered with the local FSU.
Therefore, claims of the QuantumMarket reputation being legit are false and misleading. This isn’t a trustworthy broker.
The warning states that the provider “has not been granted authorization under the KWG to conduct banking business or provide financial services.” Section 54 of the German Banking Act (KWG) deems this a criminal offense.
From what we gathered, QuantumMarket managed to defraud traders from several countries. Namely, we discovered client complaints against the broker from the following:
The scammer became active on May 28, 2021. BaFin was quick to react to the scammer and stop it from conducting its crooked scheme in Germany.
On Trustpilot, QuantumMarket had 51 negative reviews at the time of this writing. Here’s a complaint from an unfortunate victim:
I am from Sweden it’s first time that I scammed by one guy from Quantummarket.net his name is Ruddy Jonson. He is a beg lier. Pleas becarefull don’t trust enyone…
On personal-reviews.com, we found even lengthier reviews of this fraud. Read this one from March 23, 2022:
Got tricked, by using a link on fb. Paied 250€ started ‘erning’ some money but after a week when i asked for a withdrawal it started causing problems. They asked for even more money due to some ‘main event’ that was going to take place and I should earn a lot on it…
The QuantumMarket trading platform is WebTrader. This browser-based platform is pretty basic and oversimplified.
Aside from some rudimental charts and graphs, there’s not much else. It’s disappointing that QuantumMarket doesn’t support any reliable third-party platform such as MT4, MT5 or cTrader.
Since WebTrader is web-based, there’s no need for downloading. Thus, there’s no mobile app available.
You could technically trade using the mobile version, which is suitable for quick adjustments. However, we don’t recommend you trust QuantumMarket or its platform.
As could be seen from traders’ experience, QuantumMarket uses Facebook to find victims. We guess it also uses Instagram, Snapchat, and other social platforms. YouTube is another possibility.
From our experience, we know scammers often directly call traders via phone or repeatedly send emails. Or, hire agents to run online marketing campaigns.
Other than those methods, we also encountered fake Google & LinkedIn ads, shady private WhatsApp & Telegram chats, deceitful dating app accounts, etc.
We found out that QuantumMarket used to offer five main asset classes:
Upon checking the spreads, we weren’t impressed. QuantumMarket offered 2 pips for the benchmark EUR/USD pair. Not very profitable considering the industry’s standard is 1.5 pips.
As for the fees, the phony broker charges a 5% fee after one month of inactivity. The fee increases by 2.5% after each subsequent month of inactivity, which is a lot.
The QuantumMarket account types have four different options:
Here you can see that QuantumMakret is out of its mind. Five thousand dollars just to open a live account?! With an unregulated broker?! No, thanks…
The leverage cap with QuantumMarket is 1:500. That’s significantly higher than the legal cap in force in the EEA zone and the UK – 1:30.
The QuantumMarket demo account option was missing. So, we conclude that there’s no free demo account available.
That’s an immediate red flag. Without a free demo account, you’re basically going in blind and are forced to invest real money right away. It’s not worth the risk.
Based on various sources, we found out that QuantumMarket had listed only two funding methods:
Most complaints were due to withdrawal issues. Thus, it’s clear to us that the QuantumMarket withdrawal process doesn’t actually allow withdrawals.
Judging by some of the reviews we read, QuantumMarket asked traders to pay a fee in advance, which is illegal.
You’re not the only victim of QuantumMarket scam. Global Fraud Protection has had other cases related to this fraud.
Hence, we can offer you help in getting your money back. It could be done via bank chargeback or recall. If you traded your crypto assets, CipherTrace ought to do the trick. But, you’ll need expert assistance with that and that’s where we come in!
If this broker steals your money, start the chargeback process. The easiest and fastest way to book your free consultation with us is via Online Chat!
No. QuantumMarket is an unlicensed and unregulated broker. Don’t invest. If you already did, please call us as soon as possible.
No. QuantumMarket does not offer a free demo account to traders.
No. Since the platform is web-based, there’s no need for a mobile app.
We’re not sure about this one since the website was down. Nevertheless, bonuses are banned in the EEA zone, the UK and Australia.
No. QuantumMarket is an unlicensed and unregulated broker. Don’t invest. If you already did, please call us as soon as possible.
No. QuantumMarket does not offer a free demo account to traders.
No. Since the platform is web-based, there’s no need for a mobile app.
We’re not sure about this one since the website was down. Nevertheless, bonuses are banned in the EEA zone, the UK and Australia.
The post QuantumMarket Review – We Have Detected An Illicit Broker appeared first on Global Fraud Protection.
