Is QxBroker Legit or Scam?
Red flags galore! QxBroker exhibits all the signs of a scam broker. Here’s why you should stay far away:
- Unlicensed and Unregulated: QxBroker claims to be offshore, lacking the crucial oversight of legitimate financial authorities.
- Questionable Background: The company operates under multiple websites with Russian influences despite claiming otherwise.
- Shady Practices: Their website lacks transparency regarding trading conditions and fees. Additionally, anonymity with no contact details is a major red flag.
- Binary Options Focus: QxBroker deals with binary options, a product akin to gambling and banned by most regulatory bodies.
- Negative Customer Reviews: Reports indicate difficulty in withdrawing funds and a platform designed to exploit inexperienced traders.
Company Overview
Feature | QxBroker |
Country | St. Vincent and the Grenadines (Claims to be offshore) |
License | None |
Regulation | Unregulated |
Minimum Deposit | $10 |
Payment Methods | Credit Card, Perfect Money, Advcash |
Services or Products
QxBroker offers binary options trading, a high-risk speculative activity often compared to gambling due to its negative payout structure.
If you have lost money to companies like S.A.M Trade, or Venus4T; please report it to us on our report a scam form.
Trading Platform & Leverages
QxBroker utilizes a web-based platform for binary options trading. However, since binary options are banned by most regulators, the platform itself raises a red flag. Leverage information is also unavailable.
Spreads and Cost of Trading
QxBroker lacks transparency regarding spreads and trading costs. This lack of information makes it difficult to assess the true cost of trading with them.
License and Regulations
This is where things get especially concerning. QxBroker claims to be an offshore company, but a search of St. Vincent and the Grenadines Financial Services Authority reveals their status as “cancellation pending.” This indicates they are not a legitimate forex broker and operate illegally.
Legal Warning Against QxBroker
The lack of a license and regulatory oversight exposes traders to significant risks. There’s no guarantee of fund safety, and dispute resolution becomes nearly impossible. Additionally, the presence of a Russian website version raises further doubts about their legitimacy.
Deposit and Withdrawal Methods
Their payment options are limited to credit cards, Perfect Money, and Advcash. Reputable brokers offer a wider range of secure deposit and withdrawal methods, including options for chargebacks.
QxBroker Pros and Cons
Pros | Cons |
Low minimum deposit | Unregulated broker |
None | Binary options platform (banned by most regulators) |
None | Virtually anonymous website |
None | Non-transparent trading conditions |
None | Clone website |
Why Dealing With An Unlicensed Broker Is Risky
Trading with an unlicensed broker like QxBroker exposes you to immense financial risks. Here’s why:
- Fund Safety: Unregulated brokers are not obligated to segregate client funds, meaning your money could be used for the company’s operations or disappear altogether.
- Dispute Resolution: If a conflict arises, there’s no regulatory body to mediate or enforce fair treatment.
- Manipulation: Unlicensed brokers can manipulate prices and trading conditions in their favor.
Client Feedback
Reviews paint a negative picture of QxBroker, with complaints about withdrawal issues and a lack of customer support.
How Can “ReviewsAdvice” Help You If You Get Scammed?
Unfortunately, recovering funds lost to a scam broker is challenging. However, “ReviewsAdvice” aims to educate potential traders and prevent them from falling victim to such schemes.
We will provide you with a free consultation and recovery service recommendations to help you in recovering the lost funds or you can report to us today by the below form.
Final Thought
QxBroker exhibits all the hallmarks of a scam broker. Their lack of a license, regulatory oversight, and transparency make them a dangerous choice for any trader. Avoid binary options altogether and choose a reputable, licensed broker with a proven track record. By doing your research and using resources like “ReviewsAdvice,” you can safeguard your hard-earned money and make informed trading decisions.
