About Quitrade
Who is Quitrade?
Quitrade is a trading broker that claims to be based in Singapore, with a registered address at Capital Tower, 168 Robinson Road. The company was founded on March 7, 2024, making it a relatively new entrant in the online trading space.
Despite its recent establishment, Quitrade offers a range of account types designed to appeal to different categories of traders, from those with modest capital to high-net-worth individuals and institutions.
Regulation and Licensing
As of the latest available data, Quitrade does not hold any verified regulatory licenses. The broker is not listed on any major financial regulatory authority's register, which means it operates without oversight from recognized bodies such as the Monetary Authority of Singapore (MAS) or equivalent international regulators.
Traders should be aware that the absence of regulation means there is no external watchdog to ensure fair practices or protect client funds in case of disputes.
Account Types
Quitrade provides six distinct account tiers to accommodate various investment levels:
- Basic Account: minimum deposit $250
- Standard Account: minimum deposit $2,500
- Premium Account: minimum deposit $25,000
- VIP Account: minimum deposit $100,000
- Institutional Account: minimum deposit $500,000
- Islamic Account: minimum deposit $1,000
Each account type is designed to offer different features, although specific details on spreads, leverage, and commissions are not disclosed in the available information.
Deposits and Withdrawals
The broker does not publicly specify the available deposit and withdrawal methods. This lack of transparency can be a concern for traders who need to know how they can fund their accounts and access their funds.
From user feedback, there have been complaints about difficulties with withdrawals, with some clients reporting that they were asked to deposit additional funds before being allowed to withdraw, a practice that raises red flags.
Trading Instruments and Platform
Quitrade does not provide a clear list of tradable instruments in the data we have. Typically, brokers offer forex, commodities, indices, and cryptocurrencies, but without official confirmation, it is uncertain what Quitrade actually provides.
Similarly, the trading platform(s) used by Quitrade are not specified. Many brokers use popular platforms like MetaTrader 4 or 5, but this has not been confirmed.
Target Audience
Given the wide range of minimum deposits, Quitrade appears to target both retail traders with limited capital and high-end investors seeking larger exposure. The Institutional Account, with its $500,000 minimum, suggests an intention to attract professional or corporate clients.
However, the lack of regulatory oversight and the negative user experiences reported may make it unsuitable for most traders, especially those who prioritize safety and transparency.
Overview compiled by FXCanary from regulatory records and public data. full Quitrade review