QCFinances Review – Are you Making the Right Choice?

QCFinances Review

If you have ended up at this QCFinances review, then chances are that you have been looking at different brokerages for opening an account with. After all, this is a requirement for you to start online trading and you need their services to take things forward.

The problem is that the entire process of choosing a brokerage is not a decision you can make in a couple of minutes, particularly when you intend to trade in the long-term. This is because they will provide you with the trading platform to use, along with the trading conditions that directly affect your profits.

Therefore, it is a given that you need to make this decision with the utmost caution because you do not want to end up with a bad deal. Furthermore, it is not just about finding the right brokerage, but also about finding an authentic one.

Why? This is because you will come to know soon that not every company in the market is what it claims to be. Indeed, the internet is known to be a breeding ground for frauds and scams and the financial markets have attracted a lot of them because of the money involved and the heavy traffic.

Most of these scammers pretend to be legitimate companies to fool people into handing over their money, which they take and disappear. Unless you want to become another statistic, it is best for you to be careful about the brokerage you are committing go.

No matter how good they appear to be and what they offer, you should always verify their claims to avoid disaster. Bear in mind that you will never learn of their true nature at first glance, as is the case with QCFinances because its websites look quite convincing.

It seems to be a legit broker and there does not appear to be anything strange about it, but this is only the surface of QCFinances and when you take a closer look, it turns out that it is just a front for another fraudulent company. You can go over the details here.

Licensing and regulation

To know what kind of a brokerage you are dealing with, it is recommended that you start by checking its license and registration. It should be noted that every authentic and legitimate company will have a license to offer its services wherever it operates.

Dealing with such companies is reassuring because you can expect quality and professional services and they also offer safety of funds.

Of course, even a scam broker can claim to be licensed and regulated, so it is a good idea to verify and you should do the same with QCFinances, which claims to be licensed by the Securities Commission of the Bahamas (SCB). The regulator’s register does not have any company listed by this name, which means that it is nothing more than a false claim.

This does not sound like something an authentic company would ever do. But, there are more claims to sort out. You will also discover that QCFinances claims to be headquartered in Sydney, Australia, but in order to do so, it should have a license from the Australian Securities and Investment Commission (ASIC), which is the regulatory body of the region.

But, a check of its online register also gives you negative results, which means this is yet another lie that QCFinances is telling. In addition, the broker also claims to be a subsidiary of ActivTrades PL, which is regulated in the United Kingdom. However, it owns and operates just one brokerage and that is ActivTrades and is not connected to QCFinances in any way.

Essentially, this means that you are dealing with a clone website in the case of QCFinances because it is using the license credentials and name of a regulated and legitimate brokerage in the UK in order to scam people.

Applications

When you are going through the QCFinances’ website, you will find two icons that represent two remote desktop applications called AnyDesk and TeamViewer. The purpose of these websites is to give users access to their home PC environment, regardless of where they are.

But, why is the brokerage offering you these apps? It is likely because they will ask you to share installation details with them, which allows them access to your files. This includes your banking information and other sensitive data that can be misused to steal money from your account directly.

Trading platform and conditions

When you check out the trading platform that you are offered at QCFinances, you will be disappointed further because it is the same oversimplified and lackluster web trading platform that many shady and scam companies offer.

It does not come even remotely close to the features and tools that you can find on professional platforms like the MT4, or the MT5, which most top brokerages will offer to you.

The trading conditions that QCFinances is offering only makes things worse because you realize that it is not a competitive brokerage at all. The spreads start at 2.4 pips, while most professional companies will offer you really tight spreads.

Moreover, the leverage ratios go as high as 1:500, which are downright dangerous. In fact, such ratios should not be offered by QCFinances if it was really a subsidiary of ActivTrades PLC, which is based in the United Kingdom.

This is because the UK’s regulatory body, the Financial Conduct Authority (FCA) has imposed a ban on leverage of more than 1:30 for retail traders.

Payment methods

It would be a relief to know that you can use your VISA and MasterCard for making payments at QCFinances, but you will find that you have to use an obscure third-party payment provider named GWAYZ for this purpose and this should immediately send up a warning. It makes it unsafe for you to make deposits this way.

Final Words

The issues that you unearth when you dig into QCFinances show that choosing this broker would certainly not be the right choice for any trader.