QuickTrade Broker Review

QuickTrade, a brand of QuickTrade (Pty) Ltd, is a South African company that has been approved by the Financial Services Conduct Authority of South Africa as a Financial Services Provider (FSP) (FSCA).

If you are looking to open an account with QuickTrade, consider going through this review first.

You can find our transparent QuickTrade review below. Broker reviews are updated frequently!

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QuickTrade Regulation

QuickTrade is a forex and CFD broker set up and operating in South Africa. It is licensed and authorised by the local Financial Services Conduct Authority (FSCA).

The FSCA is a trustworthy financial watchdog. Its criteria are similar to those of other well-known organisations such as the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA) in the United Kingdom.

However, the FSCA’s guidelines are slightly more permissive in other ways. South Africa, for example, is one of the last regulatory centres where traders can still enjoy unlimited leverage, which is a significant benefit and incentive.

Besides this, QuickTrade is a registered FSP with a FAIS Category I licence. QuickTrade is authorised to provide advisory and intermediary services about shares, derivative instruments and warrants, certificates, and other instruments under the conditions of its FSP licence.

The broker’s obligations to you under FAIS legislation and applicable FSCA laws are unaffected by the execution of its Client Agreement between you and QuickTrade.

QuickTrade has also applied to the FMA to be authorised as such. QuickTrade is thus subject to the FMA’s regulations for OTC derivatives providers and the FSCA’s laws that apply to OTC derivative providers.

It is important to highlight that CFD transactions are conducted on a principal-to-principal basis and are not regulated by FAIS.

Reliability

FSCA brokers are not obligated to participate in client compensation schemes like the brokers in the UK or Europe. Therefore, QuickTrade does not provide negative balance protection.

QuickTrade does provide a risk disclosure agreement on their site. This Risk Disclosure Statement contains only general information and does not consider your personal objectives, financial condition, or needs. Before deciding about our financial products, you should think about these factors and get independent professional advice.

You must be satisfied that any trading in the products discussed in this Risk Disclosure Statement is appropriate in light of your objectives, financial position, and needs. In addition, if you want to open an account with QuickTrade, you must agree to the conditions of the Client Agreement and our Legal Policies.

Due to FSCA regulations, your investments are in safe hands when trading with QuickTrade.

QuickTrade Tradeable products

On the QuickTrade trading platform, you will find over 30 currency pairs, some of which are exotic or minor, such as USD/ZAR and stocks, ETFs, Brent, crude oil, Natural Gas, gold, silver, platinum, palladium, and 12 indices.

QuickTrade Account types

There is not any account-specific information available on the QuickTrade website regarding account types.

However, there is a standard account with the maximum leverage of 1:100, and the EUR/USD spread start at 1.2 pips.

A demo account is available at QuickTrade. You can follow these steps to set up: click the open demo account link and fill in the required information. This is where the company gets most of the information regarding the accounts; there are no other unnecessary details included.

Average Standard Account Spreads on Majors

• EUR/USD: 1.2
• GBP/USD: 1.5
• USD/JPY: 1.5
• AUD/USD: 1.5

Opening an account

Users can open an account on the company’s website. There’s a big button on the site that redirects you to the account opening portal. The account approval process can take several days. QuickTrade also asks you to send verification docs like proof of residence through email.

Here are the steps of the QuickTrade account opening process:

• Provide personal and financial information.
• Describe your trading background
• Confirm your identity and citizenship. You can check your identity by uploading a national ID, passport, or driver’s license. In addition, utility bills and bank statements are accepted as proof of residency.

Account currency

There is not any mention of base currencies for opening an account with QuickTrade.

But when we talk with customer support, we found that you can open an account in ZAR.

The good thing about QuickTrade is you can only open an account in ZAR, so you don’t have to pay a conversion fee. However, a key point is that you can expect a conversion fee if you open an account in a different currency like USD than the base currencies.

Trading platform

QuickTrade only offers one trading platform, but the good news is that the available platform is none other than MetaTrader 5.

MetaTrader 5 (MT5) is considered the younger brother of MetaTrader 4 (MT4) m developed by MetaQuotes Software. It was released in 2010.

MT5 is used by millions of traders, and for a good reason. It offers a great deal of trading and analysis features to help traders.

The additional services of the platform make it a preferable choice for the traders. MetaTrader 5 offers a bunch of useful things for its clients. This includes the built-in marketplace of trading robots, the Freelance database of strategy developers, copy trading and the virtual hosting service (Forex VPS). Clients can use all these trading services and make their lives easier.

QuickTrade MetaTrader 5 is also highly accessible because it is available as an application on all iOS and Android devices. This platform even has a WebTrader where you can trade from within your internet browser.

Commissions and fees

QuickTrade charges an average of 2.0 pips per lot for currency pairs, 2.5 for commodities, 0.5 for equities, and 9.0 for indices in terms of commissions.

Forex spreads start at 1.2 pips and is floating. This means that they change depending on the conditions of the market. For example, if the market is volatile, the spreads will be slightly higher, but they will not fall below 1.2 pips. It also must be mentioned that certain assets naturally have high spreads and so they can have a spread of about 1.2 pips for forex majors or even over two pips, but this is normal for all brokers.

QuickTrade charge a swap fee for keeping trades open overnight. Once you connect to your account, you can access these right within the MetaTrader 5 trading platform.

Leverage

QuickTrade has leverage options for people who want to trade on margin.

The maximum leverage QuickTrade offers is 1:100, and leverage can be selected when opening a new account.

You can also manually adjust the leverage if you want to trade lower than 1:100 leverage. You can go to the Deposit and Withdrawal tab to select the leverage.

A keynote to add here is to be careful when trading forex and CFDs, as the preset leverage levels may be high.

Deposits and Withdrawals

There is no real and available information about funding methods; the only information available is that all deposits must be in ZAR. This factor will alienate a lot of clients from outside South Africa. However, information regarding deposits (and withdrawals) is vital for new clients, so it is something that Quicktrade should work on providing.

However, it must be kept in mind that most brokers accept payments with major debit and credit cards like MasterCard, VISA, bank wire, and popular e-wallets like Neteller, Skrill and PayPal. Some even accept crypto coins.

There’s also no mention of the minimum deposit and withdrawal processing time.

Education and Research

On the site, there is an “MT45 Training Login” However, when we clicked it, it sent us to a login page, so we couldn’t advance; we assume this is a location to learn about and grasp the MetaTrader 5 trading platform. There appears to be no more information on the webpage.

Customer Service

There are a few ways through which you can get in touch with QuickTrade. Clients can use the phone number provided to talk to someone directly; there is also an email address available and an online chat system.

Bonuses and Promotions

Because the broker’s website makes no mention of bonuses or promotions, it does not appear that any are available. On the company’s Facebook page, however, there was mention of a trading contest.

Special features

The QuickTrade MT5 platform provides you with an option of VPS and copy trading.

A VPS is a virtual computer that functions independently, just like a real computer. Therefore, using a VPS can alleviate these issues, making an ideal environment for young traders and beneficial to the trading world.

The idea of copy trading is simple. You use technology to copy the real-time forex trades (forex signals) of other live investors (forex trading system providers) you want to follow. This way, every time they trade, you also automatically get a replicate (copy) of their trades in your brokerage account.

QuickTrade South Africa

As a South African broker, QuickTrade is regulated by FSCA, so you can open an account without any hassle.

Affiliate program

Recently, QuickTrade introduced an affiliate program, where partners can earn commissions for every qualified trader they introduce to the firm.

Each partner is assigned a specialised affiliate manager who provides platform support and digital presence advice.

Our verdict

QuickTrade is a South African company licensed by the local Financial Services Conduct Authority, making them a legitimate trading partner. A VPS is custom-built to meet the client’s demands and is extremely advantageous to forex traders due to the security and functionality it provides, making it the ideal trading instrument. Along with this, they offer competitive spreads, with relatively high leverage, a nice selection of trading instruments and the MetaTrader5.

Unfortunately, you will be able to open a trading account with them only in ZAR. In this way, QuickTrade has alienated many potential customers by only accepting South African Rand as a payment.

Bottom line

Although QuickTrade is regulated by FSCA and provides an MT5 trading platform, some key info is missing on the site. Like how you can open an account, education section, and minimum deposit. Also, there is no information on how you can deposit or withdraw.

We value your feedback: Rate this broker by leaving a comment and rating below this review.

Broker FAQ

Thinking of Trading with QuickTrade?

What is QuickTrade’s minimum deposit?

There isn’t a mention of a minimum deposit on the broker’s website. However, most brokers have a minimum deposit of $100.

How do I deposit/withdraw from the QuickTrade account?

There isn’t any information about deposit and withdrawals on the broker’s website. But expect debit/credit card, bank wire transfer, and Skrill to be the payment methods, as most brokers have their payment methods.

Is QuickTrade spreads high?

QuickTrade offers tighter spreads, delivering a trading cost advantage to clients.

What is the maximum leverage at QuickTrade?

QuickTrade offers maximum leverage of 1:100 for its standard account.

Does QuickTrade use MetaTrader?

Yes, MetaTrader 5.

Is QuickTrade available in South Africa?

Yes, QuickTrade is available for South African traders.

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