We suspect that QCFinances is a scam broker. Thus, we have decided to analyze what this dubious website has to offer in terms of trading.
It will all be here in our QCFinances Review so you can get familiar with what’s on the table. Please read this review and learn the truth about QCFinances!
The most important component of a broker’s legal background is the trading license. QCFinances’ regulation is problematic. This anonymous website claims that this brokerage is based in Switzerland.
We checked the register of the Swiss financial market regulator, FINMA, but didn’t find an entity by the name of QCFinances Group. If this entity is not found in FINMA’s database, it means that this brokerage is not authorized to operate in Switzerland.
Since Switzerland is part of the EEA zone, FINMA operates under the jurisdiction of the European Securities and Markets Authority (ESMA) and it’s clear that QCFinances isn’t compliant with ESMA’s regulatory rules.
For instance, the leverage cap for European brokers is 1:30 for retail clients whereas QCFinances offers up to 1:500.
We checked the registers of other reputable European regulators but found nothing. Oddly, QCFinances openly claims to not be regulated by the UK’s FCA.
There are three countries where QCFinances left fraudulent traces. Our little anonymous scam artist was active in the following domains:
The Dutch AFM is under ESMA, which is also off-limits to QCFinances. Last but not least, the financial swindler is not in ASIC’s database, meaning the broker is not welcome in Australia.
Judging by a complaint we found against QCFinances, this brokerage is definitely a scam. Namely, this unfortunate victim explained how the scammed unfolded.
… I invested $10K in July this year. It grew to $27K recently. Heavy pressure to add more dollars. I refused. Then I tried to withdraw. That was the trigger to stop all communication. Ii have sent numerous requests but no reply.
QCFinances’ only available trading platform on the website is WebTrader. This is a browser-based trading terminal that offers rudimental charts, indicators and graphs.
You may get a calendar and that’s about it. We got to see this platform and were utterly disappointed by how unpolished it looked. WebTrader doesn’t feature advanced options such as multiple timeframes and automated trading.
Those tools are available on MT4 and MT5 platforms and QCFinances does not offer any valid third-party software.
It doesn’t seem like QCFinances has any official social media platforms. This scammer probably buys Google ads or runs marketing campaigns to attract potential victims.
We’re not sure but that’s something to consider. While there may not be any social media links, QCFinances did include a phone number and email so we guess those are the main tools of communication with clients.
When it comes to the selection of trading instruments, QCFinances offers the following:
QCFinances promises a lucrative spread of 0.5 pips for EUR/USD. However, the average spread for the benchmark EUR/USD pair on the platform is 2.4 pips.
That means that the cost for trading per lot is 24 $. Unfortunately, it’s not a competitive spread nor is the commission profitable. The industry’s standard is 1.5 pips and anything tighter than that.
QCFinances offers five different trading account types:
As the account tiers go up, the max leverage rises as well. Thus, QCFinances leverage goes all the way up to 1:500. You may recall that we mentioned that ESMA limits EEA zone brokers’ leverage to 1:30 for retail clients.
The leverage cap was imposed to protect traders from huge losses as super-high leverage is a gamble that often doesn’t have a happy ending.
QCFinances also offers bonuses with each account type. Bonuses are banned by ESMA, which means that these pesky “awards” are illicit.
QCFinances proudly offers a free demo account for trading. However, we couldn’t find a demo account option anywhere on the website.
In the FAQ section, QCFinances claims that the trader has to contact the support team in order to request a demo account. It’s shady for sure.
Since QCFinances’ withdrawal policy does not exist, nor is there a Terms and Conditions document, we had to search for information regarding payments in the FAQ section. There, the unscrupulous broker says that the available payment methods include:
The minimum deposit is 250 $ and there are no hidden fees, allegedly… The processing time for deposits and withdrawals depends on the payment method.
If you’ve lost money to the QCFinance trading scam, please notify our team about it. We are open to evidence that we can forward to the authorities in order to report this fraudster.
Also, Global Fraud Protection will gladly assist you in getting your money back. Our experts specialize in bank chargebacks, recalls and crypto-tracing software such as CipherTrace. You must act quickly though. Book your consultation today!
If this broker steals your money, contact us for help. The easiest and fastest way to book a free consultation with us is via Online Chat.
No. QCFinances is an anonymous scam website with no trading license or regulation. Do not invest in this scam! If you did, call us immediately.
QCFinances listed three different deposit options: credit/debit cards, wire transfers, and popular e-wallets.
QCFinances claims to offer a risk-free demo account but you have to contact the broker in order to get it, which is shady.
No. QCFinances’ trading platform is web-based so it doesn’t require a mobile trading app.
No. QCFinances is an anonymous scam website with no trading license or regulation. Do not invest in this scam! If you did, call us immediately.
QCFinances listed three different deposit options: credit/debit cards, wire transfers, and popular e-wallets.
QCFinances claims to offer a risk-free demo account but you have to contact the broker in order to get it, which is shady.
No. QCFinances’ trading platform is web-based so it doesn’t require a mobile trading app.
The post The QCFinances Review Will Show You the Truth appeared first on Global Fraud Protection.
