Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalNamed no financial licence; its only official status was a St Vincent company registration, and the St Vincent FSA issues no forex licences. Not 10 because it never faked a licence.
Identity & transparency
6/10 · HighQTrade Limited and its number 25238 are real and match the St Vincent register, but no owners or office were named, registered addresses changed between sites, and its terms name another firm, Finmax.
Withdrawals & conduct
5/10 · ModerateTwo specific 2021 reports on two platforms describe balances wiped out by sudden losses; no refused-withdrawal or fee-to-withdraw case could be tied to this firm.
Reputation
7/10 · HighEvery review found is negative and none is positive, but the record is thin and no regulator warning names the firm, which keeps this below 8.
Website claims
7/10 · HighTerms copied from a binary-options site, tools copied from another broker's platform, an unsupported 'Globally Recognized' claim and spread claims its own account table contradicts; it did disclose its St Vincent status.
Operational history
7/10 · HighCompany incorporated in December 2018 and now cancelled; the business ran on two domains between 2020 and 2022, both later lost to other owners.
Who they are
A quick desk file on the company behind the brand.
- Brand: Qtrade at qtradeltd.com (2021 to 2022); QTradeFX at qtradefx.com before that (2020).
- Legal entity: QTrade Limited, St Vincent and the Grenadines business company number 25238, printed on its sites as 25238 IBC 2018. Incorporated 27 December 2018; now listed as Cancelled.
- Registered: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent (earlier Beachmont Business Centre, Suite 57). Registered agent: Wilfred Services Ltd. No office, directors or owners were named.
- Website: qtradeltd.com, which no longer resolves. Client sign-up ran on register.qtradeltd.com.
- Only licence: none. The St Vincent registration is a company record, not a financial licence.
- Offers: forex, metals, commodities, indices, crypto and share CFDs on MetaTrader 4; leverage up to 1:555; $100 minimum; a 50% deposit bonus; managed (MAM), asset-manager and copy-trading accounts.
- Sales lines: a UK landline plus UK, UAE and Canadian WhatsApp numbers, with Arabic, Urdu, Hindi and Farsi support. Its Facebook page is titled QTrade | Beirut.
- Not accepted: its terms named no excluded countries.
- Age claim: no founding year claimed. Verified: company 2018, websites live from about 2020 to 2022.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Financial Services Authority (St Vincent and the Grenadines)
Why we reached this verdict
How the evidence adds up.
We rate Qtrade high risk because it took deposits for leveraged trading with no financial licence, wrote terms that let it hold back client money, and drew reports of wiped-out balances before it shut down. No regulator has acted against it, which is why the rating stops short of likely scam.
- No licence. QTrade Limited was a St Vincent and the Grenadines business company, number 25238, incorporated on 27 December 2018. The St Vincent FSA says it issues no licences for forex trading or brokerage and does not regulate companies that do it. Qtrade named no other licence, yet it sold MetaTrader 4 accounts from a $100 minimum with leverage up to 1:555.
- Terms that favour the firm. Every withdrawal had to be confirmed with the client's assigned manager, normally by voice. The firm could cancel profits and keep balances where it alleged abuse, bad faith or several accounts. If a client asked to close an account without also requesting a withdrawal and did not confirm the closure by phone within three working days, the balance could be debited and the account reset to zero. Disputes had to be raised within seven days, and the firm's own records were final.
- Copied paperwork. Those terms were copied from finmaxbo.com, a binary-options site. They still name finmaxbo.com and Finmax, and talk about binary options and option payouts that Qtrade did not sell. France's AMF blacklisted www.finmaxbo.com in July 2019; that listing names finmaxbo.com, not Qtrade. A sales page also advertised jForex trading tools from the Swiss broker Dukascopy's platform, although Qtrade's accounts ran on MetaTrader 4.
- Sales set-up. Sales and support ran through a UK landline and UK, UAE and Canadian WhatsApp numbers for Arabic, Urdu, Hindi and Farsi speakers. It combined account managers, managed accounts and a 50% deposit bonus that turned into cash only as clients traded, a pattern common among high-pressure offshore brokers.
- What clients reported. In July 2021 a Trustpilot reviewer said the firm used MetaTrader to show false losing trades once clients had deposited. A 2021 comment on a review site described losing $9,800, with referred friends losing similar sums (one over $35,000), after a sudden 80 to 90% loss emptied the account. Two other Trustpilot reviews credit a fund-recovery service and carry little weight. We found no positive reviews.
- Gone. The broker site was last captured in May 2022. By April 2023 the domain showed an unrelated Chinese company's page, it now does not resolve, and the St Vincent register lists QTrade Limited as Cancelled.
- Age. The company dates from December 2018. Both of its domains later passed to other owners, so their original registration dates are no longer on record. The operation's age therefore rests on the company alone and is an upper bound; its websites were visible only from 2020 to 2022.
- Score. Regulation 9, identity 6 and complaints 5 count double; reputation 7, website claims 7 and history 7 count once. The weighted average is 6.8 out of 10, a 68% risk rating.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The St Vincent and the Grenadines FSA's entity register lists QTrade Limited, number 25238, as a business company incorporated on 27 December 2018 with Wilfred Services Ltd. as registered agent. Its status is Cancelled.
E2Qtrade's archived homepage of 28 January 2022 names QTrade Limited, a St Vincent International Business Company, 25238 IBC 2018, and no licence. It sold MetaTrader 4 accounts from $100 with leverage up to 1:555, a 50% deposit bonus and swap-free accounts.
E3The St Vincent FSA states that it issues no licences for forex trading or brokerage and does not regulate business companies that carry it on; such companies must be licensed where their clients are. The notice quoted concerns a different firm and is cited only for the Authority's general position.
E4Qtrade's terms (December 2021) made each withdrawal conditional on confirmation with the client's assigned manager, by voice or in writing if there was a technical problem, with payment in 7 to 10 business days. They let the firm cancel profits and keep balances where it alleged abuse, bad faith, several accounts or abusive behaviour. If a closure request was not confirmed verbally within three working days the balance could be debited and the account reset to zero. Disputes had to be raised within 7 days and the firm's records were final.
E5The same terms were copied from finmaxbo.com, a binary-options site. They name finmaxbo.com in the anti-money-laundering and identity sections, name Finmax as the contracting party in a bonus clause, refer to binary options and option payouts that Qtrade did not offer, and say client transactions take place in Cyprus.
E6France's AMF added www.finmaxbo.com to its binary-options blacklist on 11 July 2019 for offering services without authorisation. The entry names finmaxbo.com only; it does not name Qtrade, qtradeltd.com or QTrade Limited.
E7Qtrade's 'Why choose Forex Trading with Qtrade?' page advertised jForex and FIX API trading and a visual jForex strategy builder, tools of the Swiss broker Dukascopy's platform, while Qtrade's accounts ran on MetaTrader 4. It also called Qtrade a leading brokerage in Asia and Europe, and the homepage claimed a 0.1 pip average EUR/USD spread while its own account table listed 1.4 and 2.4 pip spreads.
E8Qtrade's contact page listed a UK landline, UK and UAE WhatsApp numbers for Arabic, Urdu, Hindi and Farsi support, and a Canadian WhatsApp number for other languages. It sought clients in several regions while holding no financial licence.
E9The deposit bonus page offered credit worth 50% of a deposit that turned into cash only as standard lots were traded and the bonus terms were met; the terms let the firm withdraw a bonus and block accounts it judged to be abusing one.
E10The archived qtradefx.com homepage of 31 October 2020 states that QTradeFX is operated by QTrade Limited, registration 25238 IBC 2018, at Beachmont Business Centre, Suite 57, Kingstown. It also claimed to be 'Globally Recognized' for service quality without naming any award.
E11By March 2022 qtradefx.com showed only a domain parking page.
E12Trustpilot's page for qtradeltd.com holds three reviews from June to October 2021, all one or two stars, and notes that the website has closed. A July 2021 review says the firm used MetaTrader to show false losing trades once clients had deposited. The other two credit a fund-recovery service and carry little weight.
ModerateTrustpilot, qtradeltd.comE13A 2021 comment on a review site's qtradeltd.com page reports losing $9,800, with referred friends losing similar or larger sums (one over $35,000), after a sudden 80 to 90% loss emptied the account; the writer says the firm then called itself a portal that did not employ the trader. The site's own article is generic and was not relied on.
ModeratePersonal Reviews, reader commentE14By April 2023 qtradeltd.com displayed the website of an unrelated Chinese company, so the broker no longer held the domain.
E15ScamAdviser's domain data shows qtradeltd.com was registered afresh on 28 March 2023 through GoDaddy, with expiry on 28 March 2025, after the broker had gone.
E16qtradeltd.com no longer resolves: public DNS returns no such domain.
E17An IOSCO I-SCAN search for qtrade returns two alerts, neither about this broker: an FCA clone alert for qtrade.org.uk (2021) and a British Columbia alert about Saphire Q-Trade (2024). No alert names qtradeltd.com, qtradefx.com or QTrade Limited.
ModerateIOSCO I-SCAN alert searchE18The FCA's 2021 warning about a Qtrade clone concerns qtrade.org.uk, with support@ and financial@qtrade.org.uk addresses, posing as London Capital Group Limited. It does not mention qtradeltd.com or QTrade Limited and is not attributed to this broker.
E19Forex Peace Army's listing for QTradeLtd.com (archived May 2022) shows no reviews and the same St Vincent address and phone numbers; it lists deposits by bank wire, cards, Bitcoin, FasaPay, Neteller and Skrill.
E20Qtrade Direct Investing is a separate Canadian brokerage, founded in 2000 and run by Aviso Financial Inc.; it has no known connection to qtradeltd.com or QTrade Limited of St Vincent.
E21Qtrade's site linked a Facebook page at facebook.com/qtradeltd, which is titled QTrade | Beirut.
WeakFacebook
The other side
The strongest case in this broker’s favour.
The best case for Qtrade is that it was a small, poorly run offshore broker rather than a deliberate trap, and some facts support that.
- It disclosed its real legal entity and registration number, and the St Vincent register confirms both. Many fraudulent sites hide who they are.
- It never claimed a licence it did not hold. Its footer described a St Vincent company registration and nothing more.
- No regulator warning, enforcement action or court record that we found names qtradeltd.com, qtradefx.com or QTrade Limited. The FCA's 2021 Qtrade clone warning concerns a different website, qtrade.org.uk.
- The complaint record is thin: two credible reports, neither with transaction records. Losses on managed accounts can be real trading losses, and one complainant said the firm described itself as a portal that did not employ the trader running the account.
- Harsh, copied terms are common among offshore brokers, and the closure could be an ordinary business failure. We found no reports of withdrawals frozen when it closed.
What would change this
What we would need to see to revise the verdict.
New evidence in either direction would move this rating.
- Proof that QTrade Limited held a financial licence anywhere while it took deposits would lower the regulation score.
- Records of withdrawals paid in full during 2021 and 2022 would weaken the complaint findings.
- A regulator warning naming qtradeltd.com or qtradefx.com, or further reports with account statements showing refused withdrawals or wiped balances, would move the verdict to likely scam.
- Evidence that the same people kept taking deposits under a new name after 2022 would be added to this record.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Archived Qtrade homepage, January 2022
Shows QTrade Limited's St Vincent registration, the account types and the leverage on offer.
Archived Qtrade terms of use, December 2021
The withdrawal, bonus and account-closure rules, with text naming finmaxbo.com.
Archived QTradeFX homepage, October 2020
Earlier site of the same QTrade Limited, registration 25238 IBC 2018.
St Vincent FSA register of entities
The Authority's list of registered companies, which shows QTrade Limited, number 25238, as Cancelled.
St Vincent FSA notice on forex licensing
A notice about another firm in which the Authority states that it issues no forex licences.
Trustpilot reviews of qtradeltd.com
Three 2021 reviews, all one or two stars; the page notes the website has closed.
IOSCO I-SCAN search for qtrade
Regulator alerts worldwide; none names qtradeltd.com or QTrade Limited.
Frequently asked questions
Quick answers about this broker’s safety.
Is Qtrade (qtradeltd.com) a scam?
We rate it high risk rather than a confirmed scam. It took deposits with no financial licence, its terms let it hold back balances and cancel profits, and clients reported wiped accounts before it shut down in 2022. No regulator has issued a finding against it.
Is Qtrade a fraud?
No regulator or court has made a fraud finding against Qtrade or QTrade Limited that we could find. We do assess the risk of fraud as high, given the missing licence, the one-sided terms copied from a binary-options site and the reports of balances wiped out after deposits.
Is Qtrade regulated?
No. QTrade Limited was only registered as a company in St Vincent and the Grenadines, and the St Vincent FSA says it issues no licences for forex trading or brokerage. Qtrade did not name any other licence.
Is qtradeltd.com still working?
No. The broker site was last captured in May 2022, the domain showed an unrelated company by April 2023, and it no longer resolves. The St Vincent register lists QTrade Limited as Cancelled.
Who was behind Qtrade?
The site named QTrade Limited, St Vincent company number 25238, incorporated on 27 December 2018 with Wilfred Services Ltd. as registered agent. It named no directors or owners. Its Facebook page is titled QTrade | Beirut, and its sales lines used UK, UAE and Canadian numbers.
Is Qtrade the same as Qtrade Direct Investing in Canada?
No. Qtrade Direct Investing is a separate Canadian brokerage with no known link to qtradeltd.com or to QTrade Limited of St Vincent. Check the website address before relying on any review.
Is QTradeFX the same company?
Yes, for the 2020 site. In October 2020 qtradefx.com stated that QTradeFX was operated by QTrade Limited, registration 25238 IBC 2018, the same company behind qtradeltd.com. An earlier QTradeFX on that domain in 2011 to 2013 belonged to a different, London-registered company and is not linked.
Was the FCA's Qtrade warning about this broker?
No. The FCA's 2021 warning concerns a clone using qtrade.org.uk and posing as London Capital Group. It does not mention qtradeltd.com or QTrade Limited.
Can I still withdraw money from Qtrade?
Probably not through the broker: its website is gone and the company is cancelled. Your best options are a chargeback or payment recall through your bank or card issuer, and a report to your regulator and the police.
What did clients complain about?
Two specific 2021 reports describe balances wiped out by sudden large losses after deposits, one involving $9,800 and referred friends with larger losses. Two more Trustpilot reviews credit a fund-recovery service and were given little weight. We found no positive reviews.
What did Qtrade's terms say about withdrawals?
Every withdrawal had to be confirmed with the client's assigned manager, normally by phone, and was then paid in 7 to 10 business days. The firm could cancel profits, keep balances in several situations and reset a balance to zero if an account closure was not confirmed by phone within three working days.
What is a St Vincent company registration worth?
Very little for a trader. It shows that a company exists, not that anyone supervises it, and it brings no compensation scheme or complaints body. The St Vincent FSA says such companies must be licensed where their clients live.
What should I do if I lost money with Qtrade?
Gather your records, contact your bank or card issuer, and report the loss to your national regulator and the police. Ignore anyone who asks for an upfront fee to recover your funds.
What should I check before depositing with a broker like this?
Find the licence on the regulator's own register and check that the licensed company matches the website. Read the withdrawal terms before you deposit, and treat deposit bonuses and WhatsApp account managers with caution.
What we recommend
The practical takeaway from everything above.
Do not open an account with any site using the Qtrade or QTradeFX name together with QTrade Limited's St Vincent details. The company is cancelled and its websites are gone.
- If you had an account, collect your statements, emails, chat logs and payment receipts now.
- Ask your card issuer or bank about a chargeback or payment recall, and report the loss to your national financial regulator and the police.
- Be wary of anyone who offers to recover your money for a fee, including services promoted in reviews of this broker.
- Do not confuse this firm with Qtrade Direct Investing, a separate Canadian brokerage.
- Before depositing with any broker, find its licence on the regulator's own register. A St Vincent company registration is not a licence.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed November 6, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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