QTeck Forex Broker provides real users with * positive reviews, 1 neutral reviews and 1 exposure review!
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Generally speaking, QTeck’s trading conditions and spreads were good, but what I was not satisfied was that it took a long time for the online chat. I think they should notice this and make some improvement.
Many people have fallen victims to this scam broker's cunning techniques in extracting money from them.
Summary: The overall evaluation of Qteck is overwhelmingly negative, with numerous reports labeling it as an unregulated offshore scam broker. Key findings indicate widespread withdrawal issues and a lack of transparency regarding trading conditions.
Note: Its crucial to recognize that Qteck operates under various names and claims, raising concerns about its legitimacy across different jurisdictions. This review aims to provide a fair and accurate assessment based on multiple sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
We evaluate brokers based on user feedback, expert opinions, and factual data.
Qteck is an offshore broker that was established in 2020 and claims to operate under the name Global Software Solutions, registered in Saint Vincent and the Grenadines. The broker offers a web-based trading platform but does not support popular trading platforms like MT4 or MT5. It provides access to a range of asset classes, including forex pairs, commodities, indices, shares, and cryptocurrencies. Importantly, Qteck is not regulated by any recognized financial authority, leading to significant concerns regarding the safety of client funds.
Regulated Areas: Qteck has been blacklisted by multiple regulatory authorities, including the UK's Financial Conduct Authority (FCA) and the Swedish Financial Supervisory Authority (FI), for operating without authorization.
Deposit/Withdrawal Currencies/Cryptocurrencies: The broker primarily accepts deposits in fiat currencies, with a minimum deposit requirement of $250. However, specific withdrawal methods and fees remain unclear, contributing to user frustration.
Minimum Deposit: The minimum deposit to open an account with Qteck is reported to be $250, which is considered high for an unregulated broker.
Bonuses/Promotions: There is little information available regarding any bonuses or promotions offered by Qteck, which is common among unregulated brokers.
Tradeable Asset Classes: Qteck claims to offer a diverse range of trading instruments, including forex, commodities, indices, stocks, and cryptocurrencies. However, many users report difficulties in accessing these assets effectively.
Costs (Spreads, Fees, Commissions): The spreads offered by Qteck are reported to be significantly higher than industry averages, with a spread of 4.5 pips on major currency pairs like EUR/USD.
Leverage: The broker offers leverage up to 1:400, which may attract traders but also significantly increases risk, especially given the lack of regulatory oversight.
Allowed Trading Platforms: Qteck uses a proprietary web-based trading platform, which lacks the features and reliability of established platforms like MT4 or MT5.
Restricted Areas: Qteck appears to operate in multiple jurisdictions, but it is blacklisted in several European countries, indicating that it may not be legally permitted to accept clients from those regions.
Available Customer Support Languages: The broker does not provide clear information about customer support languages, and many users have reported poor customer service experiences.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 2 |
| Tools and Resources | 3 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions (2/10): The account conditions are vague, with limited information available about different account types. Users have reported high minimum deposits and hidden fees.
Tools and Resources (3/10): Qteck lacks essential trading tools and resources, with a subpar proprietary platform that does not meet trader expectations.
Customer Service and Support (2/10): Numerous complaints highlight inadequate customer support, including difficulties in reaching representatives and unresponsive communication.
Trading Setup (Experience) (3/10): The trading experience is marred by a poorly designed web platform that lacks functionality compared to established trading platforms.
Trustworthiness (1/10): Qteck's unregulated status and multiple warnings from financial authorities raise serious concerns about its legitimacy and the safety of client funds.
User Experience (2/10): User reviews indicate widespread dissatisfaction, particularly regarding withdrawal issues and the overall transparency of the broker.
In conclusion, the Qteck review reveals significant red flags that potential investors should heed. The combination of unregulated status, poor customer service, and a lack of transparency makes Qteck a broker to avoid. Always conduct thorough research and consider regulated alternatives to safeguard your investments.
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