The broker QuotaTrade presents itself as an innovative online forex broker that provides super beneficial institutional and retail trading conditions to its clients. It offers CFDs over foreign exchange pairs, commodities, indexes, stock, and cryptocurrencies. It further claims to offer attractive spreads and leverages up to 1:1000 on request. MetaTrader trading platform is facilitated by this broker. Total of four different trading accounts are provided with the presentation of this broker gives traders a Golden opportunity to trade in global markets. Nevertheless, the broker is anonymous and not regulated. In this QuotaTrade review, we will talk about the broker’s anonymity, irregularity and another aspect. Please read full review of QuotaTrade here.
The four different trading accounts are Standard, Gold, Business and VIP. The minimum deposit required to every account is $10,000; $50,000; $100,000 and $500000 respectively. The maximum leverage of 1:200, 1:300 and 1:400 is provided on different accounts. However, spreads are not mentioned on the official website. To build an impartial and valuable review we must discuss advantages and disadvantages of the QuotaTrade simultaneously. First, we will talk about the possible advantages of QuotaTrade. The broker offers seemingly attractive spread. While checking the provided trading platform the spreads on the benchmark Euro US dollar was floating around 1 pip. However, we were not able to open live account and we could not confirm the same spreads on the live account. The broker also provides 23 foreign exchange pair and number of CFDs on indices, commodities, gold, silver, Platinum, Crypto coins and other.
In this section we will talk about the possible disadvantages of QuotaTrade. The official website of QuotaTrade is completely anonymous. We could not find the information about licensing status, phone number, postal address or the owner of the broker. Therefore, we can say that the broker is anonymous and unregulated. Trading with an unregulated broker always possess a risk and traders must avoid such brokers. The QuotaTrade also offers highly controversial trading bonuses. The offered bonuses may sound advantageous but in reality, they require higher trading volume that cannot be achieved and traders’ initial investments also gets lock with the broker. The initial investment of dollar 10,000 is absurdly high and brokers does not support trading on MetaTrader trading platform. It also charges 0.5 % of withdrawal fees and monthly dormant fee. No legitimate broker pressurises its clients to pay additional fees and charges.
Is QuotaTrade scam or legit?
The broker is completely anonymous and we don’t know anything about it. Furthermore, it is an unregulated and requires excessive initial investments. Therefore, we call it a Australian trading scam.