Exposing Their Fake Reviews, Shady Conditions, and Lack of Live Accounts
Questrade is a prominent Forex broker, thanks to their highly expensive marketing tactics. But that doesn’t mean it’s a reliable option. While writing the following Questrade review, I found many surprising facts. They are scammers posing as Forex brokers so they can steal from people.
In this Questrade review 2020, we’ll go over all the aspects of the broker and explain why they are not trust worthy. Without further delay, let’s get started
Weak Governing Laws
Questrade operates under Canadian laws, which has one of the weakest governing laws for any financial regulatory bodies.
The weak governing laws indicate that there is no surety of the adherence to the regulation standards. The safety of investors’ funds is under the lens here.
Professional traders already know that just the registration of a broker is not sufficient. A more important factor is the governing laws which rescue traders in case conflict arises. My Questrade review advises traders to go through the details about the governing laws along with the regulation details. Questrade doesn’t care about the funds of its traders.
No Relation with Reputed Regulatory Authorities
Questrade is not under the regulation of the reputed Financial and Conduct Authority of the UK (FCA) and the strict Cyprus Securities and Exchange Commission (CySEC). The absence of regulation from the top regulatory watchdogs hints at the weak operational policies of the broker. There is no fund compensation to traders in case Questrade goes bankrupt. There are no details about the financial ombudsman services to traders as well.
The strict regulations of financial security watchdogs prevent the illegal activities of the brokers. The brokerage industry involves huge amounts of money and the regulatory bodies are the only point of rescue to the investors. A strict keeper prevents any untoward incident and a flexible regulation system itself invites the offshore brokers to earn from the frauds.
They have FAKE REVIEWS!
The reviews about the services of Questrade are from fake people. These are the random images taken from Google and are not any of traders that are using the trading platform of Questrade.
They have fake reviews to inculcate faith among traders. However, this faith soon turns into a nightmare as the reviews are fake and bear no resemblance. The uncovering of their cheap strategy by my Questrade review indicates traders to have a stricter and vigil look while deciding on brokers.
Questrade fails to provide any details about the team behind their operations. There is no outline of the board members and the top executives of the firm. It creates a doubt whether the broker has any seasoned finance professionals working with it or not.
It looks as if Questrade is a firm with a group of amateurs only. The career graph and the details of the top members of the broker help in gaining the confidence of the investors. Sadly, Questrade cannot develop such faith in its traders.
Website of Questrade:
The website of Questrade is https://www.questrade.com/
The website of Questrade lacks basic information related to trading. It only flaunts the exchange option of the broker which aims to attract traders only from Canada. It shows their single-minded approach.
The web page is longer and is full of irrelevant data. Questrade should improve the quality of the content on its web page which acts as the single point of contact between the firm and the customers.
Questrade has Terrible Customer Support
Questrade does not extend round the clock customer support to traders. There is a phone number and a mail id for traders, that’s it. It is insufficient to handle multiple customer queries and problems as according to the broker it opens 50,000 new accounts every year.
A detailed list of the phone numbers along with the regional linguistic support and email id is a must for providing genuine and quick technical customer support to traders. The broker cannot take its traders as granted. It must maintain a strong customer service department to help traders in any case of problems or issues. Questrade should come forward to improve its services to remove the gripe of traders and help them with the best technical support services.
No Details about Payment Partners
Questrade does not mention any details about its authorized payment partners. There are no details about the conditions and the fees related to the deposit and withdrawal processes. All regulated brokers mention the details about the payment partners to help traders in the ease of funds transfer.
Questrade does not promote or have any association with different reliable payment partners like Skrill. The absence of Skrill raises many eyebrows as it works under the “anti-scam” policy. Skrill does not provide services to the offshore unregulated brokers to protect its traders from fraud.
Absence of Metatrader
There is no available link to the Meta Trader platform on the website of Questrade. The broker claims to provide a trading platform of its own the authenticity of which is doubtful.
MetaTrader is one of the safest and versatile trading platforms available in the market. There is no alternative to the algorithmic trading, trading charts, and automated trading signals of that platform. Almost every professional trader prefers using MT5 or MT4. Sadly, there are no such provisions for traders of Questrade.
Absent Trading Conditions
Questrade fails to mention the details about the leverage and the spread they offer. There is already a long list of missing essentials and then the absence of trading conditions is no less than a shock to traders.
The spreads in the trading account of Questrade is around 1.7 pips for the most popular currency pair of EUR/USD. It is higher than the standard spread of 0 pips as offered by many other regulated brokers. The absence of the conditions of trading is a clear alarm of the weak policies of the broker. Questrade only aims to extort money from traders and there are no services to traders.
Questrade’s Trading Account
Questrade provides a single live trading amount with a minimum initial investment of $1000. It is an enormous amount for a minimum deposit. The minimum deposit amount for the live trading accounts of regulated brokers starts with as low as $5. It is 200 times higher than the standard minimum initial investment of regulated brokers. In addition to this, there is no clarity on the services provided in the trading account of the broker.
A single live trading account hampers the option of choice for traders according to their needs and investment. Traders have no option but to deal with the existing live trading account only. It is a mirror reflection of the level of professionalism and the high-end services of Questrade.
Questrade Review: Is it a Scam?
Questrade fails to provide basic services like options in live trading accounts, details about payment partners, details about trading services, and a strong and reliable technical support to traders.
Their single live trading account with a gigantic minimum initial investment is not suitable for traders. Moreover, there is no strong association between the broker and the reputed regulatory authorities which in turn refers to the lack of safety of the funds of traders. It is not a wise decision to deal with Questrade for any type of trading services.