Although QCFinances may appear to be a legitimate broker, our team has discovered that first impressions can be deceiving when it comes to Forex trading. Despite their claims of regulation and an award-winning trading platform, the reality is quite different.
The website is anonymous, and the platform is basic and inexpensive. Our review explains why QCFinances is considered a suspected scam. Read a complete QCFinances review, and you’ll see that not all things are as good as they appear. We’re going to expose a scammer.
Address: Sidney, Australia
Warning: Falsely claim to be regulated
QCFinances presents itself as a legitimate brokerage with plenty of corporate information, but all of the information it provides is false and fraudulent. For example, the company claims to be regulated by The Securities Commission of the Bahamas (SCB), yet a quick search reveals that no such entity is licensed by SBC in any capacity. Such deceitful practices create a false sense of security, which is a major red flag and a strong indication of a scam.
QCFinances is not a subsidiary of ActivTrades PLC, despite claims to the contrary. ActivTrades is a reputable broker with multiple licenses, while QCFinances has been flagged as a clone firm. The fact that QCFinances attempts to impersonate ActivTrades is a major concern.
QCFinances’ award-winning and innovative platform appears to be nothing more than a low-cost Webtrader that lacks any advanced functionality. Furthermore, it’s merely a web-based terminal with questionable security, making it unsuitable for use.
The current trading conditions with QCFinances are less than ideal. While the standard selection of asset classes such as Stocks, Cryptos, Indices, Forex, and Commodities are available, the trading costs are higher than necessary with an average EUR/USD spread of 2.4 pips.
Additionally, the default leverage of 1:100 can be increased to 1:500, which is risky for traders. The fact that QCFinances do not allow for less than 1:100 leverage is concerning, as clients are forced into a potentially dangerous trading environment where they may lose money quickly. These factors raise a red flag and suggest that QCFinances may be a scam.
Deposit and Withdrawal Method and Fees
The minimum deposit of $250 may not be exorbitant, but it is still higher than many affordable brokers require. Additionally, the only funding method offered is Credit/Debit cards, and all transactions are processed through the suspicious gateway GWAYZ.
This gateway is highly unpopular and believed to facilitate scams, which may make chargebacks difficult. It’s important to be aware of this. No information is available regarding withdrawals and fees, and QCFinances does not provide legal documentation, which is a major red flag. Keep this in mind when deciding whether or not to use their services.
Writing a QCFinances review is a rewarding experience, and our goal is to prevent others from losing their hard-earned money. It’s always a wise decision to review Forex companies and any other businesses before conducting transactions.
Also, read Ironclad Markets review to know about similar scams.
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