Overview of QOINTECH
QOINTECH is a broker based in Japan that has been operating for less than a year. However, it is important to note that QOINTECH currently lacks valid regulation, which raises potential risks for investors. The broker's regulatory status with the United States NFA is categorized as unauthorized, and it exceeds the business scope outlined by its license. Additionally, QOINTECH lacks trading software, which may hinder trading activities. As such, caution is advised when considering engagement with this broker, and it is recommended to explore regulated alternatives with established track records for a safer investment experience.
QOINTECH offers a range of market instruments for trading, including 31 currency pairs in the FX market and opportunities to trade cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. The broker offers leverage options, with individual leverage set at 25x (10x for specific currency pairs), subject to weekly review for corporations. QOINTECH does not charge transaction fees but may impose a separate position management fee. Deposit options include direct deposit and transfer deposit, while withdrawals are free of charge, with processing times aimed at within 3 business days.
The trading platforms provided by QOINTECH include a trading tool compatible with TradingView, offering access to real-time exchange rates, advanced charts, and real-time cryptocurrency rates. The broker also provides educational resources to enhance users' trading knowledge and skills. QOINTECH operates during specific trading hours based on US Standard Time, and customer support is available through a call center.
Pros and Cons
QOINTECH has several pros and cons to consider. On the positive side, they offer a range of market instruments for trading, including currency pairs and cryptocurrencies. They also provide leverage options for individuals and corporations. The platform offers useful trading tools such as real-time exchange rates, forex charts, and cryptocurrency rates. Additionally, QOINTECH provides educational resources to enhance users' trading knowledge and skills. Another advantage is that no commissions are required for trading.
However, there are some drawbacks to be aware of. QOINTECH's regulatory status with the United States NFA is unauthorized, raising concerns about its legitimacy and regulatory oversight. The variety of market instruments available may be limited compared to other brokers. The lack of specific information on spreads and payment methods could make it difficult to assess the cost and convenience of trading. QOINTECH also lacks trading software, which could potentially hinder trading activities. Additionally, there is a lack of customer support information, such as email address or phone number, and a limited variety of account types.
Is QOINTECH Legit？
QOINTECH is currently operating without valid regulation, posing potential risks for investors. The broker's regulatory status with the United States NFA is categorized as unauthorized, and it exceeds the business scope outlined by its license. Additionally, QOINTECH lacks trading software, which may hinder trading activities. Caution is advised when considering engagement with this broker, and it is recommended to explore regulated alternatives with established track records for a safer investment experience.
Market Instruments
FX: In terms of FX Lots and currency trading, it supports 31 currency pairs, including popular options such as USD/JPY, EUR/JPY, GBP/JPY, AUD/JPY, NZD/JPY, CHF/JPY, and more. It also includes major pairs like EUR/USD, GBP/USD, AUD/USD, NZD/USD, EUR/GBP, and EUR/AUD. These currency pairs allow investors to engage in forex trading and speculate on the exchange rate movements between different currencies.
Cryptocurrencies: In addition to traditional currency trading, QOINTECH also provides opportunities to trade crypto assets. Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash are mentioned as examples of virtual currencies available for trading. These crypto assets offer alternative investment options for individuals interested in the digital currency market.
Pros and Cons
How to Open an Account
To open an account with QOINTECH, follow these steps:
Visit the QOINTECH website and locate the “Account Opening” or “Register” section.
2. Provide your phone number, ensuring to select the appropriate country code (e.g., +1 for America).
3. Enter your email address accurately in the designated field.
4. Fill in your name as requested.
5. Create a password for your account and enter it twice for confirmation.
6. If you have received an invitation code, enter it in the provided field.
7. Complete the verification process by entering the verification code you received, or click on the option to generate a new code.
8. Once all the required information is filled out, click on the “Register” button or similar prompt to submit your account opening request.
Leverage
QOINTECH offers leverage options for both individuals and corporations. Individual leverage is set at 25x, except for RUB/JPY and TRY/JPY currency pairs, which have a leverage of 10x. As for corporations, the leverage is subject to weekly review on a currency pair basis. For more detailed information regarding corporation leverage, additional resources are available on their website.
Spreads & Fees
QOINTECH offers no transaction fees, making it potentially appealing for traders looking to minimize costs. It also allows traders to start trading with lower funds compared to spot trading. However, it's important to note that a position management fee may be charged separately. The spread presentation status for bitcoin/yen pairs on different dates indicates that the spreads have generally remained at or below certain levels, ranging from 2,300 to 3,500. Traders may consider these factors when evaluating QOINTECH's spreads and commissions.
Deposit & Withdrawal
There are two options for depositing money into your QOINTECH account. The first option is Direct Deposit, where you select the FX account during the deposit process. Please note that direct deposit requires a minimum amount of 5,000 yen. The second option is Transfer Deposit, where the funds are transferred to your FX account after the deposit is reflected. However, it is not possible to deposit directly into the FX account using transfer payment.
QOINTECH imposes fees for deposits, which are borne by the customer. Direct deposit is free of charge. On the other hand, withdrawals from your account are free of charge.
To initiate a withdrawal, you can submit a withdrawal request through the My Page section of the platform. It is important to note that withdrawals can be requested for amounts of 2,000 yen or more.
Once a withdrawal request is made, QOINTECH aims to process it within 3 business days. Generally, withdrawals submitted before 11:00 am on business days (excluding Saturdays, Sundays, and holidays) will be processed on the same day.
Pros and Cons
Trading Platforms
QOINTECH provides trading platforms for forex traders, including a trading tool compatible with TradingView. This platform allows traders to access all the necessary information on a single screen, making trade analysis less stressful. The screen layout is customizable, and traders can focus on order speed and perform chart analysis before placing orders. The platform offers advanced charts with technical indicators and drawing functions for thorough analysis. QOINTECH also offers a mobile app version and a web trader platform for convenience.
Trading Environment
QOINTECH provides a trading environment that supports various operating systems, including Windows (version 10), Mac OS (OSX 10.10 or later), iOS (latest version), and Android (version 8.0 or later). The recommended monitor resolution is 1280 × 1024 or higher. Users are advised to use up-to-date web browsers such as Google Chrome, Firefox, or Microsoft Edge, and ensure the latest version of Adobe Acrobat Reader DC is installed. A broadband internet connection is recommended for optimal performance.
Trading Tools
QOINTECH offers several trading tools to its clients. Firstly, they provide access to real-time exchange rates, allowing traders to stay updated on the latest currency values. This tool enables users to monitor market fluctuations and make informed trading decisions.
Additionally, QOINTECH offers real-time forex charts, providing visual representations of currency pairs' price movements. These charts help traders analyze historical data, identify patterns, and develop trading strategies based on technical analysis.
Furthermore, QOINTECH offers real-time cryptocurrency rates. This tool allows traders to track the prices of various cryptocurrencies in real-time, enabling them to stay informed about the volatile cryptocurrency market and potentially capitalize on trading opportunities.
Educational Resources
QOINTECH offers educational resources to help users understand various aspects of trading. The resources cover topics such as exchange rates and two methods of analysis, providing insights into market dynamics. Additionally, users can learn how to utilize the economic calendar and interpret American economic indicators. QOINTECH provides useful content to enhance users' knowledge and skills, including guidance on reading charts and understanding major economic indicators. The educational materials also cover key technical indicators, equipping users with valuable tools for their trading endeavors.
Trading Hours
QOINTECH's trading hours are as follows, based on US Standard Time: from Monday at 7:10 am until Saturday at 6:50 am. During US Summer Time, the trading hours are from Monday at 7:10 am until Saturday at 5:50 am. It is important to note the specific time frames when planning trading activities with QOINTECH.
Customer Support
QOINTECH offers a call center for customer support, catering to various inquiries and troubleshooting needs. Customers can reach out with any questions they may have, even if they are new to Forex trading and feel uncertain about the process. QOINTECH's parent company, Qoin Services Ltd., strives to enhance its services based on customer feedback, aiming to provide adequate support for customers navigating the complexities of Forex trading.
Conclusion
QOINTECH operates without valid regulation, which raises potential risks for investors. Its regulatory status with the United States NFA is categorized as unauthorized, and it exceeds the business scope outlined by its license. The lack of trading software can also hinder trading activities. On the positive side, QOINTECH offers a range of market instruments, including currency pairs and cryptocurrencies, for trading. It provides trading platforms compatible with TradingView and offers real-time exchange rates, forex charts, and cryptocurrency rates as trading tools. The company also offers educational resources to enhance users' knowledge. However, it is essential to exercise caution and consider regulated alternatives with established track records to ensure a safer investment experience.
FAQs
Q: Is QOINTECH a legitimate broker？
A: QOINTECH currently operates without valid regulation, posing potential risks for investors. Caution is advised, and exploring regulated alternatives with established track records is recommended.
Q: What market instruments does QOINTECH offer？
A: QOINTECH offers trading opportunities in forex currency pairs and cryptocurrencies, allowing investors to engage in forex trading and speculate on digital currency movements.
Q: How do I open an account with QOINTECH？
A: To open an account, visit the QOINTECH website, provide your phone number and email, enter your personal details, create a password, and complete the verification process.
Q: What leverage options does QOINTECH provide？
A: QOINTECH offers individual leverage at 25x, except for specific currency pairs with a leverage of 10x. Corporate leverage is subject to weekly review.
Q: What are the spreads and fees associated with QOINTECH？
A: QOINTECH offers no transaction fees but may charge a separate position management fee. Spreads for bitcoin/yen pairs generally remain within certain levels, ranging from 2,300 to 3,500.
Q: How can I deposit and withdraw funds with QOINTECH？
A: QOINTECH offers options for direct deposit and transfer deposit. Withdrawals can be initiated through the platform's My Page section, with a minimum withdrawal amount of 2,000 yen.
Q: What trading platforms are available with QOINTECH？
A: QOINTECH provides a trading tool compatible with TradingView, offering advanced charts, customization options, and mobile and web trader platforms.
Q: What educational resources does QOINTECH provide？
A: QOINTECH offers educational materials covering topics such as exchange rates, analysis methods, economic calendars, technical indicators, and chart reading to enhance users' knowledge and skills.
Q: What are QOINTECH's trading hours？
A: QOINTECH's trading hours are from Monday at 7:10 am until Saturday at 6:50 am (US Standard Time), with adjustments during US Summer Time.
Q: How can I contact customer support at QOINTECH？
A: QOINTECH provides a call center for customer support, assisting with inquiries and troubleshooting needs related to Forex trading.
2023-10-11 10:13
2023-10-10 17:21
