Score
QaTrade
South Africa|2-5 years| https://qatrade.com
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Licenses
Single Core
1G
40G
Contact number
+27 101003187
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Broker Information
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Ikonen Gold (Pty) Ltd
QaTrade
South Africa
Pyramid scheme complaint
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- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
- The South AfricaFSCA regulation (license number: 564) claimed by this broker is suspected to be clone. Please be aware of the risk!
WikiFX Verification
| Benchmark | -- |
|---|---|
| Maximum Leverage | Tailored Leverage |
| Minimum Deposit | R1.000.000 |
| Minimum Spread | from 0.1 pip |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | -- |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:400 |
| Minimum Deposit | R500.000 |
| Minimum Spread | from 0.1 pip |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | -- |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:300 |
| Minimum Deposit | R100.000 |
| Minimum Spread | from 0.1 pip |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | -- |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:100 |
| Minimum Deposit | R10.000 |
| Minimum Spread | from 0.1 pip |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | -- |
| Benchmark | -- |
|---|---|
| Maximum Leverage | 1:200 |
| Minimum Deposit | R30.000 |
| Minimum Spread | from 0.1 pip |
| Products | -- |
| Currency | -- |
|---|---|
| Minimum Position | -- |
| Supported EA | |
| Depositing Method | -- |
| Withdrawal Method | -- |
| Commission | -- |
- Fundamental Item(A)
- Total Supplementary Items(B)
- Debt Amount(C)
- Non-Fixed Capital(A)+(B)-(C)=(D)
- Relative amount of risk(E)
- Market Risk
- Transaction Risk
- Underlying Risk
Capital
$(USD)
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QaTrade · Company Summary
GENERAL INFORMATION AND REGULATION
QaTrade is introduced as South African forex and CFD brokerage. It offers trading in a comprehensive selection of financial instruments on a web-based platform with leverage of up to 1:400. QaTrade is said to be a trading name of Ikonen Gold (Pty) Ltd., a representative of Unum Capital (Pty) Ltd. The easiest way to check if a broker is licensed by the South African regulator is by looking it up in the FSCA register. After the investigation was done for QaTrade and got the results, it appears the alleged parent company of QaTrade is indeed authorized by the FSCA. Unfortunately, the register mentions nothing about the trading names of licensed entities, which is a problem worthy of attention. This makes South African brokers vulnerable due to the fact that scammers may take advantage and create fraudulent clone firms.
MARKET INSTRUMENT
No reviews were disclosed regarding the trading instruments offered by the Broker. Also when trying to visit the broker's official website it found not working.
ACCOUNT AND LEVERAGE
The broker has set the minimum deposit at R10.000 which, at the time of writing equals $687. Such an amount is significantly higher than the average in the sector – somewhere in the range of $100 – $250.
SPREADS AND COMMISSIONS
You can easily creat an account to access their web trader, where we learn that the EUR/USD cost of trade is 0.5 pips, which is very decent.
TRADING PLATFORM AVAILABLE
The broker uses some web-based platform that doesnt appear reliable . But note , MetaTrader4 and MetaTrader5 are the best forex trading platforms available and the obvious choice for traders – beginners and professionals alike. Their terminals are packed with sophisticated features such as Expert Advisors, technical analysis indicators, and excellent charting tools. MetaTrader also comes with a notable advantage – a Marketplace where people can choose from more than 10 000 apps and other trading solutions.
DEPOSIT AND WITHDRAWAL
The broker appears to work with credit/debit cards and Bitcoin. Considering that crypto payments are irreversible and non-transparent, youd better fund your trading account with cards like Visa and Mastercard, regardless of the broker. You may not know this, but both card providers mentioned above allow chargebacks within 540 days from the date of transaction.
Users have to trade with at least 1% of their invested capital in order to be able to withdraw for free using a bank transfer. If this turnover requirement is not met, then the broker will charge a 4.5% commission for the withdrawal.
The minimum withdrawal is $50 for credit and debit cards, while the minimum for bank transfers is $100.
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