Beware! QicMarket.Group is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
QicMarket.Group is one of those shady brokerages that cannot be easily revealed as suspicious, unless one spends some time with it. This shows that the broker has put some thought and time into its scheme, making QicMarket.Group an especially dangerous firm, as it shows a level of initiation and motivation that most scammer brokers lack or do not exploit. Yes, there are sings of its illegitimacy here and there, but it takes a more experienced trader, and as you might know, fraudulent brokers tend to prefer the rookie traders, those that have little to no experience. The following review reveals why QicMarket.Group is a risk.
Creating an account was an simple process, one that shows just how easily anyone can enter the user name of the company and deposit any amount-just what QicMarket.Group wants! The client area itself was a hit-and-miss for us. It was far too limited, but it did possess a certain style that we found endearing.
What followed was to open a familiar web trader, and read the EUR/USD cost of trade, which turned out to be 3 pips. This spread is definitely too high to be profitable to anyone, and it only serves well the broker. The leverage is capped at 1:200. The web trader disclosed the following available trading instruments: forex currency pairs, shares, cryptocurrencies, commodities, and indices.
The broker’s website is accessible only in English.
QICMARKET.GROUP REGULATION AND SAFETY OF FUNDS
Our best bet on a regulation or a registration is taken from the footer of the site. There we learn that the broker is incorporated into the Commonwealth of Dominica. Please note that this nation has no FX regulator, and so is in no way fir to accommodate legitimate brokers. Thus QicMarket.Group may be registered there, but it for sure is not licensed as a legal FX business.
Nothing else exists on a potential license, or on a different address.
The terms and conditions are just 4 pages long, which tells us that the broker hasn’t even scratched the surface of the imperative bond between client and broker. With just four pages, these legal docs cannot be of help if there is a dispute between the two parties. Not to mention that they contain no info on a license!
Overall, there is no other conclusion about QicMarket.Group aside from the fact that it is UNREGULATED!
Better to invest in an FCA or CySEC regulated broker than throwing it to a scammer/unlicensed broker that will spend it on its own indulgences. Unregulated brokers will not return your funds, and users of these companies will face other issues! That is why we always say to readers that they should always check and double-check for a legitimate license. The FCA or CySEC are preferable regulations, but there are dozens of other equally capable regulators. Check our list for all of them. Crucially, though some FX watchdogs offer compensation schemes that apply to users of brokers that cannot deliver their financial duties. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
QICMARKET.GROUP TRADING SOFTWARE
The main trading platform at use is a common web trader, that is somehow both good and limited, depending on the user.
Some of the main features here is a live news feed, one-click trading, price alerts, pending orders, chart customization options, and more.
The user area also claims to be offering an MT5, but we saw no further evidence of this beyond the option to chose it during the trading account creation process. Thus there is no MetaQuotes trader here.
QICMARKET.GROUP DEPOSIT/WITHDRAW METHODS AND FEES
Let’s see what we can gather from the user area, for it is where the most accurate payment information is stored. We learn that users can invest by means of a credit card and a crypto wallet. And one moment we saw also the option to deposit through a wire transfer, but then the option disappeared. The minimum deposit is $250.
The withdrawal area reveals only that requests are processed within 24 hours. From the long Deposit & Withdrawal Policy we gather that withdrawals might be charged some commissions of which we know nothing. There might also be some charges related to other things, but again QicMarket.Group has revealed no further details.
We also have the most notorious of all clauses, the Non-Deposited Funds provision, which literally prohibits users from withdrawing any profit they make from trading. This is perhaps the biggest indicator that the broker is a scam!
How can we ever recommend QicMarket.Group? It’s a pure and utter scam, and it stands for nothing!
How does the scam work?
The crucial moment for scammers happens when a random user decides to click on an ad that promises high profit, luxury goods, a care-free lifestyle, or any other too-goo-to-bee-true prospect.
Said user will be redirected either to the scammer investments site directly or to an intermediary site. There, she will be asked for her phone number and email address, through which the broker’s representatives will contact her. The goal is for the user to deposit the initial deposit.
Once this happens, in come the expert scammers, whose job is to keep the user as invested in the scam as possible, by initiating further deposits and, if possible, extracting sensitive ID documents.
At some point, the user will want to see results. She might see a couple of impressive profit sessions, but these are devices to keep her invested. The crucial part arrives when the client want’s to actually withdraw this money.
At this time, the broker will delay the request, block the account, stop calling the user, shit down the website, or do whatever it can so as to keep the user’s money for itself!
What to do if scammed?
Filling for a chargeback with your credit or debit card is crucial. That is if you have invested by means of a credit card. The good news is that MasterCard and VISA have a chargeback period of 540 days.
Bank deposits are harder to recuperate, but not impossible. Your best bet is to contact the bank and see with the institution itself if it can somehow get the money back. It’s crucial to always change your bank details – user name and password – if you have been defrauded by means of a wire transfer.
Last are deposits made by some kind of crypto method. These are untraceable, and therefore impossible to retrieve. That is why users should never invest by means of any digital currency.
The last line is the recovery agent or agencies. These promise to retrieve all the lost funds, using questionable techniques. Do not trust these for they will take a commission from you and leave you at an even bigger loss!
Rich Snippet Data