Quanta Trade Review: Trading with Quanta.Trade Is Risky
Quanta Trade is the abbreviated name of Quanta Asset Management Limited, which is a registered company in the UK. The legitimacy ends there because problems pop up as soon as you check the UK’s company registry.
When checking the database with the UK’s primary financial regulator, an agency named FCA, we can see that the only company that has “Quanta” in its name is already tracked for fraudulent behavior:
This matching of company names may be a coincidence, surely. It is quite uncanny though that there are 2 separate companies with the name Quanta in the UK. Both are suspicious entities in the financial sector.
|Company||Quanta Asset Management Limited|
|Address||2 Fairholme Close, London, N3 3EE|
|Bonuses||Up to 150% deposit bonus|
Quanta Trade Reliability – License and Fund Security
We have already mentioned how Quanta is a registered company in the UK, under the name Quanta Asset Management Limited, with company registration number 04384301. The company registration overview at GOV.UK lists their nature of business as “74909 – Other professional, scientific and technical activities not elsewhere classified”.
This is where the problem lies. In order for a company to receive a trading license, it must also be authorized by the UK’s financial regulator, called the FCA. Quanta lacks this crucial legal authorization, making them an unlawful entity.
FCA is one of the most strict financial regulators in the world. A company that wishes to provide broker services in the UK must satisfy these conditions:
- The initial capital of at least 730,000£
- 85,000£ compensation plan for clients
- 1:30 Leverage
- Segregated bank accounts must be provided for client funds
- Negative balance protection is mandatory
- Full transaction transparency is required
- No bonuses are allowed
Judging from what is advertised on Quanta.Trade website, we see that the leverage is much higher than what is allowed by law in the UK, set at 1:500 maximum. Other violations also include a 150% deposit bonus, and this is again forbidden in the UK. This disregard for licensing conditions makes it clear that Quanta does not obey the law.
Trading Platform at Quanta Trade
Although Quanta speaks about its trading platform with great pride, it’s just a simple Web Trader. The PC and mobile applications are simple web browsers with access limited to the same Web Trader the scammers use.
This is because scammers like Quanta don’t show their clients actual market information, but tailor the data instead to coax their victims into spending more.
Licensed brokers also use Web Trader, but because of its limited usability, they always delegate it to be a backup solution in case something goes wrong. In order to bring their clients the very best trading experience, the vast majority of brokers use applications like MT4 or MT5. These world-class programs fill different niches in the trading world, each one distinguished in its own right. MT4 provides some of the fastest market execution speeds, while MT5 allows for diverse instruments to be traded in an automated work environment.
Account Types Available at Quanta Trade
Quanta seemingly offers some diversity with their trading accounts, but only on the surface. Once you read the trading conditions these accounts offer, you’ll see that the only thing that is different between them is the minimum deposit amount. The smallest deposit is $250.
The accounts are named Basic, Advanced, Expert, and Master. With all these accounts leverage is fixed to 1:500, which would be dangerously high even with a regulated broker. A 150% initial deposit bonus is paired with all these accounts. Although Quanta mentions a demo account, it is not available.
An actual broker would have different accounts based on spread, commission or swap. Other differences would include special conditions for Islamic clients, and a demo account is a must for risk-free speculation.
Quanta Trade Deposits and Withdrawals
Quanta does not elaborate on which financial channels the clients can use to make a deposit or a withdrawal. It doesn’t help that the “deposit” function on the trading part of their website doesn’t work.
Many scam brokers use underhanded tactics to deny withdrawal requests from their clients. Scammers would require an insane trading volume to be filled, 10x or more the bonus amount. Since the bonuses at Quanta are quite hefty and their platform is rigged, it would be nigh impossible to achieve this trading volume goal.
Another risk with fraud is leaking your personal data – the swindlers might use your info to defraud or extort you or other people!
How Does the Scam Perform?
This is why we advise our readers to always carefully scrutinize all the information about a broker. The unusually high leverage is attractive to newcomers, who don’t quite grasp the risks of such high market exposure. Very high deposit bonuses are quite interesting as well.
Once you deposit the money, however, the nightmare begins. You will soon find out how all these claims of excellent trading platforms and competitive market conditions ring hollow. The scammers will hemorrhage all your money with their fixed trading platform, and deny any withdrawals you might request.
Quanta Trade Summary
Quanta is an unregulated broker that obscures and misinterprets legal information in order to defraud its victims. The company is registered in the UK but is not authorized to provide any financial services by the FCA.
You should stay clear of this fraudulent entity! There is a warning issued by the FCA about a company similarly named Quanta. This is too much to be a coincidence since the FCA is one of the most respectable financial regulators on the planet.
FAQs About Quanta Trade Broker
What Kinds of Accounts Does Quanta Have?
Accounts that Quanta offers are named Basic, Advanced, Expert, and Master. Different accounts only have varied initial deposit amounts.
How is My Security Ensured When Using Quanta?
There is no security or safety when dealing with a fraud broker such as Quanta!
What Funding Methods Are Accepted at Quanta?
It is currently impossible to tell which methods are available at Quanta, as the trading application is barely functional.