QuantumMarket Review – We Have Detected An Illicit Broker

In August of 2021, the stern German regulator BaFin launched an investigation into the QuantumMarket broker dealings. The shady provider’s website is down, which is a good sign.

We have decided to gather evidence indicating that QuantumMarket is a scam broker. You’ll find it all here in the QuantumMarket Review.

What’s more, please exclude Fenix Securities, IGC Markets and CDG Global from your list of potential platforms to trade. It will save your money, nerves and time!

Broker Status: Offshore Scam Broker
Broker Regulation: Unlicensed Forex Provider / No Regulation
Scammers Websites: quantummarket.net
Operating Status: Active Forex Trading Scam
Blacklisted as a Scam by: BaFin
Broker Owner: QuantumMarket LTD
Headquarters Country: Commonwealth of Dominica
Foundation Year: 2021
Trading Platforms: WebTrader
Mobile Trading: Available
Minimum Deposit: 5,000 USD
Deposit Bonus: N/A
Crypto Trading: Available – BTC, XPR, LTC…
CFD Trading: Yes, you can trade CFDs
Trading Instruments: Forex, Crypto, Indices, Commodities, Shares
Maximum Leverage: 1:500
Islamic Account: Not Available
Demo Account: No, only live trading accounts
Accepts US Clients: US traders are accepted
Global Fraud Protection Team: Don’t Invest in This Scam Broker!

QuantumMarket Is Not A Regulated Scam Broker?

QuantumMarket LTD claims to be an offshore company operating under the jurisdiction of the Commonwealth of Dominica’s FSU. However, this isn’t the case as the dubious entity isn’t registered with the regulator.

Thus, we don’t know where this con artist comes from but we do know that the QuantumMarket regulation status is “unregulated”. 

How could we be so sure? Well, the company isn’t registered in its alleged domain, plus, we checked the databases of the regulators that matter, i. e. ones that issue Tier 1 licenses.

By that, we mean the FCA, BaFin, FINMA, ASIC, etc. QuantumMarket had no business in the EEA zone since the European Securities and Markets Authority (ESMA) had prohibited unlicensed offshore brokers to offer services onshore.

QuantumMarket is an offshore broker from Dominica that was under investigation by the German regulator BaFin in 2021. The broker has scammed traders from the UK, US, Sweden, Norway and India.

QuantumMarket Broker Pretending to be Regulated

The Dominican address may or may not be fake, we don’t care. The company QuantumMarket LTD isn’t registered with the local FSU.

Therefore, claims of the QuantumMarket reputation being legit are false and misleading. This isn’t a trustworthy broker.

Cautionary Warnings Issued By Financial Watchdogs

QuantumMarket Warnings Issued By Financial Watchdogs

As previously mentioned, the fierce German financial overseer BaFin had a bone to pick with the QuantumMarket scam broker. On August 27, 2021, the regulator launched an official investigation.

The warning states that the provider “has not been granted authorization under the KWG to conduct banking business or provide financial services.” Section 54 of the German Banking Act (KWG) deems this a criminal offense.

Where Do QuantumMarket Victims Live?

From what we gathered, QuantumMarket managed to defraud traders from several countries. Namely, we discovered client complaints against the broker from the following:

  • UK;
  • US;
  • Sweden;
  • India;
  • Norway.

The scammer became active on May 28, 2021. BaFin was quick to react to the scammer and stop it from conducting its crooked scheme in Germany.

Reviews of QuantumMarket – Traders Share Their Experience

On Trustpilot, QuantumMarket had 51 negative reviews at the time of this writing. Here’s a complaint from an unfortunate victim:

I am from Sweden it’s first time that I scammed by one guy from Quantummarket.net his name is Ruddy Jonson. He is a beg lier. Pleas becarefull don’t trust enyone…

Trustpilot user, June 15, 2022.

On personal-reviews.com, we found even lengthier reviews of this fraud. Read this one from March 23, 2022:

Got tricked, by using a link on fb. Paied 250€ started ‘erning’ some money but after a week when i asked for a withdrawal it started causing problems. They asked for even more money due to some ‘main event’ that was going to take place and I should earn a lot on it…

QuantumMarket Trading Platform – What You Need to Know

The QuantumMarket trading platform is WebTrader. This browser-based platform is pretty basic and oversimplified.

Aside from some rudimental charts and graphs, there’s not much else. It’s disappointing that QuantumMarket doesn’t support any reliable third-party platform such as MT4, MT5 or cTrader.

QuantumMarket Mobile App – Can I Download It?

Since WebTrader is web-based, there’s no need for downloading. Thus, there’s no mobile app available.

You could technically trade using the mobile version, which is suitable for quick adjustments. However, we don’t recommend you trust QuantumMarket or its platform.

Targeting Victims – How This Fraudulent Company Operates

As could be seen from traders’ experience, QuantumMarket uses Facebook to find victims. We guess it also uses Instagram, Snapchat, and other social platforms. YouTube is another possibility.

From our experience, we know scammers often directly call traders via phone or repeatedly send emails. Or, hire agents to run online marketing campaigns.

Other than those methods, we also encountered fake Google & LinkedIn ads, shady private WhatsApp & Telegram chats, deceitful dating app accounts, etc. 

What Can You Trade With a Broker?

We found out that QuantumMarket used to offer five main asset classes:

  • Forex currency pairs – EUR/USD, AUD/CAD, GBP/CHF…
  • Indices – S&P500, DOW30, FTSE100…
  • Commodities – gold, crude oil, natural gas…
  • Shares – Ford, Samsung, Nike…
  • Crypto – BTC, ETH, XPR…

Fees and Spreads Overview

Upon checking the spreads, we weren’t impressed. QuantumMarket offered 2 pips for the benchmark EUR/USD pair. Not very profitable considering the industry’s standard is 1.5 pips.

As for the fees, the phony broker charges a 5% fee after one month of inactivity. The fee increases by 2.5% after each subsequent month of inactivity, which is a lot.

Trading Accounts Comparison – What’s the Difference?

The QuantumMarket account types have four different options:

  • Classic – 5,000 $;
  • Gold –  25,000 $;
  • Platinum – 100,000 $;
  • VIP – 250,000 $.

Here you can see that QuantumMakret is out of its mind. Five thousand dollars just to open a live account?! With an unregulated broker?! No, thanks…

The leverage cap with QuantumMarket is 1:500. That’s significantly higher than the legal cap in force in the EEA zone and the UK – 1:30.

Can I Trade For Free With A Demo Account?

The QuantumMarket demo account option was missing. So, we conclude that there’s no free demo account available.

That’s an immediate red flag. Without a free demo account, you’re basically going in blind and are forced to invest real money right away. It’s not worth the risk.

Withdrawing Profits From Your Broker Account

Based on various sources, we found out that QuantumMarket had listed only two funding methods:

  • Credit/debit cards;
  • Wire transfers.

Most complaints were due to withdrawal issues. Thus, it’s clear to us that the QuantumMarket withdrawal process doesn’t actually allow withdrawals.

Judging by some of the reviews we read, QuantumMarket asked traders to pay a fee in advance, which is illegal. 

I Lost Money With QuantumMarket Scam, What Should I Do?

You’re not the only victim of QuantumMarket scam. Global Fraud Protection has had other cases related to this fraud.

Hence, we can offer you help in getting your money back. It could be done via bank chargeback or recall. If you traded your crypto assets, CipherTrace ought to do the trick. But, you’ll need expert assistance with that and that’s where we come in!

If this broker steals your money, start the chargeback process. The easiest and fastest way to book your free consultation with us is via Online Chat!

All In All, Don’t Let the Scammers Get Away for Free!

FAQ Section:

Is QuantumMarket a Legit Broker and Should I Invest In It?

No. QuantumMarket is an unlicensed and unregulated broker. Don’t invest. If you already did, please call us as soon as possible.

Does QuantumMarket Offer a Demo Account?

No. QuantumMarket does not offer a free demo account to traders.

Does QuantumMarket Have a Mobile Trading App?

No. Since the platform is web-based, there’s no need for a mobile app.

Does QuantumMarket Give a Welcome or Deposit Bonus?

We’re not sure about this one since the website was down. Nevertheless, bonuses are banned in the EEA zone, the UK and Australia.

The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘Fox on Law,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.

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To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/07/quantummarket-review-we-have-detected-an-illicit-broker/.

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