Are you planning to open an account in Quick Trade, but a lack of information stops you? If yes, then there is no need to worry anymore as this article will clear your doubts.
Quick Trade (PTY) Ltd, a company based in South Africa, has established the Quick trade. FSCA regulates this brand, indicating that it is pretty safe to use it without any fear. But for knowing the complete details about Quick Trade, you must have to delve into the article.
Is QuickTrade Regulated?
Before starting to use any platform, the first question that comes to the mind of a customer is whether the platform is regulated or not. The Quick Trader has the license from FSCA (Financial Services Conduct Authority). The FCSA is the trustworthy and authentic regulatory body, just like ASICS and FCA. So, now all the doubts in your mind will vanish.
Reliability
The brokers regulated by FSCA do not need to take part in any client compensation, but the brokers of other countries, Europe and the UK, have to become a part of it. Thus, the Quick Trade does not give any negative balance protection.
Furthermore, on their website QuickTrade gives a risk disclosure agreement. The risk disclosure statement comprises common and general information only; it does not bother your financial condition, objectives, or requirements. It is better to get professional advice before selecting financial products.
In short, we can say that it is a pretty reliable and authentic platform that cares about the security of users.
Pros
- Regulated by FSCA
- ZAR deposit currency
- Broker Verified
Cons
- The trading assets are scarce
- Ambiguity about Withdrawal and deposit methods
QuickTrade Account Types
There is limited information present on the website related to the account types. Usually, the two essential types of accounts are Standard and Demo Accounts. The standard account EUR/USD spread starts at 1.2 pips, and the maximum leverage is 1:1:00.
Currency for Account opening
If you want to open an account on Quick Trade, fortunately, you can open it by using ZAR. The benefit of using ZAR is that you do not need to pay any conversion fees. On the flip side, they also allow other currencies like USD, but the downside of using them is paying conversion fees.
Deposit and Withdrawal
Like account types, the information regarding deposits and Withdrawal on their official website is also less. But it is essential to mention here that all the deposits must be made in ZAR. It can make people outside South Africa not go for Quick Trade services as it is not supporting their currency, so it must be challenging for them to deposit in ZAR.
Therefore, we think it is imperative that they improve their site and provide accurate information regarding deposit currencies. Additionally, they do not mention withdrawal processing time and minimum deposit too.
Final Words
To sum up the article, we would like to say that all about Quick Trader review. We have tried to cover all the aspects like pros, cons, and account types. We will suggest you first do proper research before finalizing your decision to open an account. If you have any queries, you can ask in the comments section.
