Quantum Market Review
It doesn’t matter what you are shopping for; you have to exercise caution when buying something on the internet because not everything is what it appears to be. There have been too many stories of the reality turning out to be completely different from what you were promised and this means you cannot just accept everything at face value. This also applies when you are looking for an online broker. It is easy to get confused and overwhelmed due to the sheer number of options, so how do you find a genuine one? This is where the following Quantum Market review is relevant.
Every broker you come across will promise to be genuine, but only a handful of them will actually have a license to offer their services. Anyone can set up shop over the internet these days and it is your job to do some homework to ensure you are not being trick. You can suffer from losses if you don’t make this decision right, so it is best to not be hasty. It is best to take your time and dig into a broker before you decide it is worth signing up. Follow up every claim they have made to ensure they are not leading you on, which should be done in the case of Quantum Market as well.
On the surface, it appears to be like the rest of the brokers you will find, but when you look under it all, you will discover that Quantum Market is not what it claims to be. Read on to know more:
Licensing and Regulation
If there is one thing that can tell you about the authenticity of a broker, it is their licensing and regulation. A good and reliable broker is one that has obtained a license to offer its services and is under the regulation of a renowned organization. You expect the same with Quantum Market, but it is not what you will get. First off, the information they provide on their website does not make any sense.
As per the Quantum Market website, the company is registered in the Commonwealth of Dominica, but its main office is located in the United Kingdom due to taxation issues. The first thing you should note here is that the Dominica is an offshore jurisdiction, which means it does not have a well-regulated environment. Anyone can set up a company there and there is no oversight, which means no rules are followed and it is a hotbed for scammers.
Thus, this registration in Dominica of the Quantum Markets is absolutely worthless and does nothing to add to its credibility. Now, moving onto their second claim, they state they have their main office in the United Kingdom. In order to provide trading services in the UK, brokers are required to obtain a license from the Financial Conduct Authority (FCA). This is the regulatory authority in the country and no brokerage can operate without their permission.
However, if you check the online register of the FCA, you will not find Quantum Markets mentioned anywhere. This means that the claim of the company of having its office in London is not true at all. If it really does have an office in the UK, then it means they are operating illegally because they do not meet the regulatory requirements and don’t have a license.
Furthermore, another reason that Quantum Markets cannot operate in the UK is because they offer crypto CFDs, which have been banned by the FCA. Cryptocurrencies are highly volatile instruments and carry a lot of risks, due to which the FCA imposed a ban on these trading products. Hence, the broker simply cannot operate in the United Kingdom, at least not legally.
Terms and Conditions
Going through the Terms and Conditions of a broker is a must because you want to know exactly how much money you will be charged in the form of different fees and the policies you will be required to comply with as well. It is a good thing that you decide to check these in the case of Quantum Market because there are certain problems you will find.
You will discover that Quantum Market charges inactivity fee from traders who do not use their accounts, which is something that brokers tend to do. The problem is how much they charge because they have stated that they will increase this fee for every month of inactivity. There is no authentic and genuine brokerage in the world that would ever do this. In fact, you will not find even a single platform that charges as much as 5% inactivity fee and then adds 2.5% to it for every subsequent month.
Another problem that you will find is that the Terms and Conditions do not mention how much withdrawal fee Quantum Market will charge. Yes, this is a big concern because when they have such a high inactivity fee, who knows how much they will charge as withdrawal fee.
It is also necessary to know what kind of trading platform you will have at your disposal because your trading experience depends on it. You will find that Quantum Market is offering a web-based trading platform, which has nothing special to offer. It has absolutely nothing as compared to the industry-standard and award-winning MT4 and MT5 trading platforms that have advanced technology and a host of other powerful tools that can be helpful.
The leverage offered by a broker is also important, but the issue with Quantum Market is that they haven’t clearly mentioned the leverage they offer for most of the trading instruments. They only mention a leverage of 1:5 for crypto assets, which is considered quite high, especially when you take into account the volatility of these digital currencies.
Taking into account the problems mentioned above, it is not difficult to decide that Quantum Market is not a genuine brokerage and you should not sign up with them, unless you are ready to take on the risk of getting scammed.