Thinking of getting into business with QFX? Here is what you must know about this broker. Carefully read this review to find out if qfx9.io is the trading platform you will want to trade with.
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About QFX Broker
QFX is an offshore brokerage company with a lot of promises for traders. The broker location is broken as it is not provided for public view.
There are different account types broker offers. See below.
Added, the broker claims to offer fast and efficient order execution (ECN and STP), guaranteed DMA trading process, fully multilingual support team and aggregation of accounts and positions (MAM and PAMM structures).
To clarify, in spite the trading instruments QFX claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
qfx9.io: Reasons to Avoid This Broker
Firstly, qfx9.io is a platform with no financial authority overseeing its financial services. Any regulation claim by this broker should not be taking seriously nor trusted.
Secondly, we noticed qfx9.io has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
Further, the importance of legal documents cannot be under emphasized especially when doing due diligence. Truly, we could not assess the broker’s legal documents as we found it missing on the webpage.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, QFX leaves us with no information on what fees forex traders will be charged for any withdrawal nor processing days on each withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
QFX minimum deposit is pegged at $100 according to the account type.
As for the payment methods, the broker provides Debit/Credit card, Skrill, Neteller, UnionPay for use. But, you should not consider making any payment with this broker because it is a risk. So beware!
QFX Platform
QFX offers MT5 (Industry standard trading platform). The presence of MT4 doesn’t make this broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
QFX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Minimum Trade Deposit $100
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is qfx9.io a Reliable Broker?
No, qfx9.io does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
