Quicktrade 2025 Review: Everything You Need to Know
Summary: Quicktrade is a South African forex and CFD broker that has garnered mixed reviews, with some praising its competitive trading fees and regulatory oversight, while others express concerns over customer service and the clarity of its trading conditions. Notably, the broker operates under the Financial Sector Conduct Authority (FSCA), which adds a layer of trustworthiness.
Note: Its important to recognize that Quicktrade operates under different entities in various regions, which may affect the services offered. This review synthesizes information from multiple sources to provide a balanced perspective.
Ratings Overview
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding trading conditions and regulatory compliance.
Broker Overview
Founded in 2014, Quicktrade is a financial services provider based in South Africa, licensed by the Financial Sector Conduct Authority (FSCA). The broker specializes in offering trading opportunities in forex and CFDs, utilizing the popular MetaTrader 5 (MT5) platform. Quicktrade provides access to a variety of asset classes, including currency pairs, commodities, and indices, but has recently shifted its focus away from the Johannesburg Stock Exchange (JSE) to primarily U.S.-listed stocks.
Detailed Review
Regulated Geographic Areas: Quicktrade is regulated by the FSCA in South Africa, which is known for its relatively relaxed guidelines compared to other jurisdictions like the UK or Australia. However, its worth noting that FSCA-regulated brokers are not required to participate in client compensation schemes, which could pose risks for traders.
Deposit/Withdrawal Currency: Quicktrade primarily operates with accounts in South African Rand (ZAR), which may limit accessibility for international traders. The broker does not currently support cryptocurrency transactions, which some traders may find limiting.
Minimum Deposit: Quicktrade has a notably low minimum deposit requirement of just $1, making it accessible for new traders. However, the lack of clarity on deposit methods has raised concerns among users.
Bonuses/Promotions: Currently, Quicktrade does not offer any sign-up bonuses or promotional offers, which could be a drawback for traders looking for incentives.
Tradable Asset Classes: Quicktrade offers a range of trading instruments, including over 30 currency pairs, commodities like gold and oil, and indices. However, the selection of available assets is not as diverse as some competitors.
Costs (Spreads, Fees, Commissions): The brokers spreads are competitive, starting from 1.2 pips for major currency pairs. However, some users have noted that spreads can widen during periods of high volatility. Quicktrade does not charge deposit or withdrawal fees, which is a positive aspect.
Leverage: Quicktrade offers leverage of up to 1:1000, which is significantly higher than many other brokers. This can be attractive for experienced traders but poses considerable risks, especially for beginners.
Allowed Trading Platforms: Quicktrade exclusively uses the MT5 platform, which is well-regarded for its advanced features, including automated trading capabilities and a wide range of analytical tools.
Restricted Regions: While Quicktrade primarily serves clients in South Africa, it does accept traders from other regions, although the specific conditions may vary.
Available Customer Service Languages: Customer support is available in English, which may be a limitation for non-English speaking users.
Repeated Ratings Overview
Detailed Breakdown
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Account Conditions (6.5/10): Quicktrade allows for a low minimum deposit and offers various account types, though details on specific trading conditions are not readily available on its website, requiring users to consult with account managers.
Tools and Resources (5.8/10): The MT5 platform provides a robust set of tools, but the lack of educational resources and research materials has been noted as a downside.
Customer Service and Support (4.7/10): While customer support is available, users have reported inconsistencies in response times and clarity of information, which can be frustrating.
Trading Experience (5.5/10): The trading experience is generally smooth with MT5, but the brokers limited asset selection and higher spreads during volatility can detract from overall satisfaction.
Trustworthiness (6.0/10): Quicktrade is regulated by the FSCA, which adds a layer of trust; however, the absence of tier-1 regulation and client compensation schemes raises concerns.
User Experience (5.8/10): User feedback indicates that while the platform is functional, the overall experience can be hampered by a lack of transparency in operations and account conditions.
Additional Considerations (5.2/10): The lack of information regarding deposit methods and the focus on ZAR accounts may limit Quicktrades appeal to a broader audience.
In conclusion, Quicktrade presents a mixed bag for potential traders. While it benefits from regulatory oversight and competitive trading conditions, concerns regarding customer service and the clarity of its offerings may warrant caution. Traders should weigh these factors carefully before committing to this broker.
