GENERAL INFORMATION AND REGULATION
QuickTrade is a forex broker based in South Africa, during this review we will be looking into the service being offered by QuickTrade but as a word of warning, there is very little information available on the website so there may be some questions you have let unanswered by the time we finish. quick-trade-options-scam-broker-review-complaint has been suspected as a scam broker. We don‘t recommend to trade with them and if you are trading with quick-trade-options-scam-broker-review-complaint contact them immediately and try to get your fund out. The broker claimed to bw regulated by the local Financial Services Conduct Authority (FSCA). However, the FSCA’s guidelines are slightly more permissive in other ways. South Africa, for example, is one of the last regulatory centres where traders can still enjoy unlimited leverage, which is a significant benefit and incentive.
Besides this, QuickTrade is a registered FSP with a FAIS Category I licence. QuickTrade is authorised to provide advisory and intermediary services about shares, derivative instruments and warrants, certificates, and other instruments under the conditions of its FSP licence.
The brokers obligations to you under FAIS legislation and applicable FSCA laws are unaffected by the execution of its Client Agreement between you and QuickTrade.
QuickTrade has also applied to the FMA to be authorised as such. QuickTrade is thus subject to the FMA‘s regulations for OTC derivatives providers and the FSCA’s laws that apply to OTC derivative providers.
It is important to highlight that CFD transactions are conducted on a principal-to-principal basis and are not regulated by FAIS.
MARKET INSTRUMENT
There isnt a full breakdown of the tradable assets or instruments but it appears that there are currently 30+ currency pairs, CFDs, EFTs and a few commodities and indices available, however, without the full breakdown, it is hard to see which ones and how many of each are on offer.
ACCOUNT AND LEVERAGE
There isnt any account-specific information available on the website, there are a few aspects that are relevant review. 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.
TRADE SIZE
Trades start at 0.01 lots and go up in increments of 0.01, so the next available trade size is 0.02 lots and then 0.03 lots. There is no mention of the maximum trade size however with most brokers this is between 50 lots and 100 lots but we would not recommend trading over 50 lots at the time as it can make it harder for liquidity providers and the market to execute the trade quickly without any slippage.
SPREADS AND COMMISSIONS
Spreads start at 1.2 pips and are floating (variable) which means that they change depending on the market conditions. If the market is being volatile then the spreads will be a little higher, however, they will not fall below 1.2 pips. It is also worth mentioning that certain assets naturally have higher spreads and so may always be seen about 1.2 pips or even over 2 pips, but this is normal for all brokers.
TRADING PLATFORM AVAILABLE
QuickTrade only offers one trading platform, the good news is that the available platform is MetaTrader 5.
MetaTrader 5 (MT5) is the younger brother of MetaTrader 4 (MT4) developed by MetaQuotes Software and released in 2010, MT5 is used by millions and for good reason. Offering plenty of trading and analysis features to ain in your trading. Additional services expand the functionality of the platform making its capabilities almost limitless.
MetaTrader 5 offers the built-in Market of trading robots, the Freelance database of strategy developers, Copy Trading and the Virtual Hosting service (Forex VPS). Use all these services from one place, and access new trading opportunities. MetaTrader 5 is also highly accessible with it being available as a desktop download, application for iOS and Android devices and even as a WebTrader where you can trade from within your internet browser.
DEPOSIT AND WITHDRAWAL
Just like the minimum deposit amount, there is no information about funding methods, the only information available is that all deposits must be in South African Rands, so this will alienate a lot of clients from outside South Africa. Information regarding deposits (as well as withdrawals) is vital for new clients so it is something that Quicktrade should work on providing.
Just like the other financial information, there is none available for withdrawing either. This is vital information and something that needs to be added to the site.
CUSTOMER SERVICE
There are a few ways to get in touch with QuickTrade, you can use the phone number provided to talk to someone directly, there is also an email address available, finally, there is an online chat system which we tested out but did not get through to anyone for the 10 minutes that we waited.
Phone: 01 3151000
Email: hello@quicktrade.co.za
Address
Fifth Floor, The Link, 173 Oxford Road, Rosebank, Johannesburg, 2196
