Read our QPROFX review to see if this broker is a scam or legit. Just to clear doubts, this is a qprofx.live review.
Scams over the internet have become quite common and almost everyone is aware that they happen, yet the criminals are able to find new victims on a regular basis. The same is applicable in the case of online trading where people know that fake and shady brokerages exist and yet these platforms are able to find new victims on a regular basis.
How do they do that? First off, these scammers have gotten quite good at what they do and they present a good front, as this QPROFX review shows, which often fools people into believing their claims.
Secondly, they are also able to accomplish this because a lot of people select their brokerages in a hurry, so they do not pay a lot of attention to the details they should. Hence, they do not realize that the platform they are opting for is not really authentic and by the time they do, it is already too late.
What does this tell you? This shows that you need to be very careful in making this decision, unless you want to lose your money to fraudsters who are looking for opportunities to con people.
Rather than just believing everything you are told, you need to look into the details closely in order to ensure that you are making the right decision, or else you could end up paying the price for it.
The key is to remember that every scammer will try to do their level best in convincing you that they are genuine. They are willing to go to any lengths to accomplish this, so you have to be extremely diligent and not fall for any of their tricks.
QPROFX is also doing the same, as it appears to be using the details of a legitimate company to convince people of its own authenticity.
How can you uncover the truth about QPROFX? Let’s find out.
Licensing details
The first detail that can unlock the truth about a broker’s true nature is their licensing information. Bear in mind that any company that wants to establish itself as credible and develop a strong reputation would make the effort to obtain a license.
This is because they understand just how important a license is in earning the trust of their clients. Statistics will show you that most scams and frauds happen with unlicensed entities, so it is understood that those are the ones you should avoid.
When you check out the QPROFX website, you will find that this brokerage claims to be licensed in a number of jurisdictions. It claims to have a license from the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) in Seychelles.
Of course, this is quite impressive, but when you check the license numbers provided in the online register of the aforementioned regulatory authorities, you will find another company by the name of IC Markets listed. The domains of QPROFX and IC Markets do not match and nor do any of the other details.
This shows that QPROFX is involved in a popular scam tactic called cloning in which the information of an authentic company is used by a fraudulent one to fool people.
This means that QPROFX is a rip-off of IC Markets and has absolutely nothing to offer on its own because it is not genuine at all.
Trading software
The most important offering of any online broker is their trading software because you have to use this for executing your trades in the market. You cannot keep up with the markets without it, or do any trading for that matter.
But, it is essential to remember that it is up to the broker to decide what platform they will offer. You will be impressed with QPROFX because it claims to provide access to a number of advanced trading platform.
These include the MT4, MT5, cTrader and ZuluTrade, which makes for a very powerful offering, only if it were true. As it turns out, the download links given for the MT4 and the MT5 do not work at all.
When you open an account with QPROFX and try to access its platform, you will not be able to do so. This is because they broker demands that you first verify your account before you can access anything.
While it is the norm for brokers to ask their clients to verify their accounts, it usually happens later when they have to make withdrawals.
No legitimate broker would ever set conditions of verification before letting people access the trading software to check it out, like QPROFX does. It is unsafe for you to share personal documents for verification with a company you don’t know.
Leverage
The leverage offered by a broker can also be relevant because you want to be able to make maximum profits during trading. With leverage, you can trade more than your capital allows and this increases the chances of higher profits, but it also increases the possibility of higher losses.
Therefore, regulatory authorities like that of the European Union and Australia, have capped leverage that can be given to retail traders.
Even though QPROFX claims to be regulated by CySEC in the EU and the ASIC, it is breaking the rules and offering leverage ratios as high as 1:500. Such ratios are immensely risky and should not be trusted at all because there is a good chance that you can lose it all.
Payment options
The payment options that you will come across on QPROFX website are copied from IC Markets; all the options supported by IC Markets are listed on QPROFX as well. However, this does not mean that it actually supports these methods because when you try to make a deposit, you are given three options and none of these are on the list.
QPROFX is offering you PerfectMoney, wire transfer and bitcoin and none of them are eligible for chargeback, which means your money cannot be refunded if you are scammed.
Bottom Line
These details can help you uncover the truth about QPROFX, which is that it is a fraudulent brokerage and is up to no good.
