The QuotaTrade advertises itself as an inventive online FX broker that promises improved trading conditions to global traders. The variety of trading instruments are available to trade on four account types. The broker’s offerings also include attractive spreads, high leverages, and, most importantly, trusted trading platform MetaTrader. Everything mentioned above looks legit, but the broker is anonymous. In this QuotaTrade review, we will discuss all the crucial aspects of this broker.
The four distinct trading accounts are Standard, Gold, Business, and VIP with minimum deposits of $10000, $50000, $100000, and $250000 respectively. The maximum leverages from 1:200 to 1:400 are provided on these trading accounts. The spreads on Standard Account is one pip available. To provide our readers with the neutral and responsible review, we discuss all the probable advantages and disadvantages of QuotaTrade side by side. First, we will shed light on the benefits of QuotaTrade. The broker provides CFDs over 23 foreign exchange pairs, major and minor indexes, commodities, shares, precious metals, and all the possible crypto coins. This diverse product portfolio is handy to eliminate trading risks. The spread as low as one pip is offered on the primary account, and it is quite attractive. But we are not sure about the commission on that account because no demo is provided. The major disadvantage of QuotaTrade is its anonymous nature. The broker’s website does not shed light on brokers’ owner, from where it is operated, and much more. Such anonymous brokers are expert scam brokers. The investments made in such brokers are not recovered quickly. The broker also involved in the most controversial trading practice of proving bonuses. These bonuses are so contentious that the regulated markets have completely banned them. They also come with exaggerated trading terms and conditions that could not be fulfilled easily. The QuotaTrade misleads its clients. The broker claims to offer to trade on the MetaTrader trading platform. However, in reality, the claim is not valid. Instead, a web-based dashboard is seen on the trading platform section. In addition to this, many unexpected charges are levied on the traders, such as 0.5% of a withdrawal fee and monthly dormant charges. The minimum investment of $10000 is absurdly high.
Is QuotaTrade scam or legit?
The broker is unregulated, and trading conditions are not specified. It is anonymous and has an absurdly high minimum deposit. Therefore the broker QuotaTrade is a potential scam broker 2020.