Is Qatrade a scam?

By Anonymous, from South Africa, June 27, 2021 at 03:57 PM

good day strange things start happening on there site, cant email anybody anymore, dont phone me back. and i deposit R20 000.00 in there account.. do i need to warry, are Qatrade a scam…? pls Help.

Answer: Hi Anonymous,

According to the broker’s website, QaTrade is a trade name of Ikonen Gold (Pty) Ltd, a juristic representative of Unum Capital (Pty) Ltd, an authorised financial services provider, licensed and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa , with FSP. No. 564. 

We have found that Ikonen Gold (Pty) Ltd and Unum Capital (Pty) Ltd are indeed registered and authorised by the Financial Sector Conduct Authority (FSCA) in South Africa, however, there is still a possibility that QaTrade simply uses the regulatory details of another company, deluding potential investors. This kind of brokers are often called clone firms.

So in order to protect yourself, we would advise you request a withdrawal to see if they are going to provide it to you. If they do not release your funds, you can report to your local regulatory authority, in your case it’s FSCA in South Africa.

4 responses to “Is Qatrade a scam?”

  1. I made a withdrawal in the 7th of June 2021 I did get my withdrawal till now qatrade doesn’t want to give me my money it’s been a month and some days I can’t believe a withdrawal could take weeks and days to go through yhooo so stressed

  2. Qatrade said that I am going to get my withdrawal today cause they said on Friday and I don’t see anything

  3. No one is getting back to me and the only time they communicate is when they need more money I have sent numerous emails and request on the platform and they don’t get back to me.

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