Updated 24.12.2021

QuickTrade Broker Review

Whether you’re a beginner or an experienced trader, the right trading platform is crucial for making successful trades. In this article you will learn about QuickTrade, and find out everything you need to know about the broker.

QuickTrade started out in 2014, is a financial market broker registered with the Financials Services Conduct Authority (FSCA). The adherence to FSCA standards means you (as a trader with QuickTrade Broker) are protected from financial exploitation.

The broker facilitates trading in Contract for Differences (CDFs), commodity, Forex, indices and stocks from both JSE and USA equities. It uses the MetaTrader 5 trading system from MetaQuotes, which has a variety of trading options as well as a user interface (UI) that is intuitive and easy to use.

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Merits of QuickTrade Broker

QuickTrade provide supporting personnel and free education to help new traders. An Account Manager calls you shortly after you login for the first time to help you get started. Plus there is a 24/7 Support Team on their website and Client Portal.
You can make deposits in South African Rand (ZAR) using Ozow EFT, PayFast, FNB money transfers, Skrill e wallet or Neteller digital wallet.
You have the option to choose a leverage of 1:100 or 1:500 depending on the level of risk you are willing to take for a matching reward. New traders are advised to take the lower leverage of 1:100. Only choose the higher leverage if you are an experienced trader because you can lose a lot of money very fast.
You can trust that the broker adheres to the industry standards because it is registered with the FSCA. As a consequence, you won’t get scammed out of your money if you choose to trade using their platform. FSCA regulations are strict and high level.
MT5 UI allows you to switch from a line graph to candle stick charts. Most traders prefer candle stick chart patterns to line graph patterns for displaying changes in asset values.
The UI also allows you to add multiple platforms in a grid. This feature is useful if you want to analyze graphs showing different periods of the same CFD or currency pair or if you want to view several different CDFs or currency pairs.
More currency pairings and commodities are available on QuickTrade’s MetaTrader 5 (MT5) interface as compared to an MT4 broker’s interface.
You can have a good number of Demo and Live trading Accounts. The broker allows up to 3 Live and 3 Demo Accounts.

Demerits of QuickTrade

The underlying costs for using QuickTrade are numerous and, if you are not keen on them, they can add up to a big cost.
Your work is not saved automatically. In case you close the MT5 Software, application or webpage without saving a trend line, for example, you will lose it.
CFDs are misleading and they expose traders to high risk. CFDs are misleading. The amount you trade is not representative of what the market value lf the traded asset actually is. You can also lose a lot of money in a short span of time if you don’t do your due diligence or if you get consumed by a bout of greed. Although this is not a demerit that can be pinned on the broker. The reader should be aware of it.

QuickTrade Broker Trading Account

How to Register with QuickTrade

On the QuickTrade website, click on “Create A Profile Today Button” at the top of the page.
Fill in your personal details and contact in the online form.
You will receive a verification mail in the email you provided in the previous form. Confirm the email using the instructions in it.
You will get login details sent to your email and cell phone number as an SMS shortly after. use them to log into your account for the first time. You can change your password after you do.
To complete your QuickTrade account registration process, you must upload your Financial Intelligence Center Act (FICA) documents as required by the Financial Sector Conduct Authority (FSCA). These include a copy of either your RSA ID card, RSA ID document or Passport, and a proof of residence.
You must complete a test to determine your trading experience. The broker needs to evaluate the risk you pose as a trader. These questions will help with that.
As soon as your documents have been approved, your profile will be verified. You will receive an SMS and email informing you that your profile has been verified. Then you can start trading using your new account.

Setting Up Your Trading Platform

You login to your Client Portal details which were sent to your cell phone via SMS or email when you were creating your account. Once you login to your Client Portal, you will notice an overview of your all your accounts as well as account manipulation options under the title “My Accounts”, “Funding” and “Trading” options. You are assigned an Account Manager as soon as you log in.

An Account Manager informs you about the services QuickTrade offers and guides you through them. The Account Manager will call you and have an introductory chat with you. During the chat, your manager will find out if you need any help setting up your account, if you want to enroll for education on how to trade and if you can be one of the broker’s Introducing Brokers. There is also technical and trading support available on live chat through their website or Client Portal. You can reach the Support Team at any time of the week throughout the day by starting up a chat. To begin trading, open either a demo account or a Live Account.

How to Open a Live Account

You can open up to 3 Real Accounts with QuickTrader. Live Accounts are the only ones which can earn you real money in terms of the profits you make from your trades. You can withdraw from a real account. To open a Live Account:

In your QuickTrade Client Portal, click “Open Live Account” in the My Accounts section.
On the next page, you will see a drop down menu titled “Type.” Select “Real Trading Account | ZAR.” Under that, in the next information boxes, create and confirm your new password. Check that you agree with the terms and conditions (download and read them at the bottom of their website), then click “Open Account.”
You will see a message on your portal home page that reads, “Request for new account was created. Please wait for the broker’s response.” QuickTrade will review your request and approve it in their Portal Administration System.
You will be informed in your email after 5 minutes that your trading account has been approved. If you don’t receive an email in 5 minutes, contact the Support Team by starting a chat in the “Live Support online” section of your portal.
Once your real account has been created, go to the inbox in your Client Portal. Open the message with the title, “Live Account Opened”. Inside you will find your MetaTrader 5 (MT5) log in and Password. You will conduct all your trades on the MT5 website, mobile app or computer software.
Your New Live Account details will be available on the portal homepage next to any other accounts you have created.

How to Open a QuickTrade Demo Account

You can open up to 3 demo accounts. Demo accounts are for beginners to use to learn how to trade and perfect on a trading strategy. The money you have in your trading account is only virtual. The profits and losses are also virtual. Although, as a practicing trader, this account should be taken as seriously as a Live Account. To open a Demo Account:

In your QuickTrade Client Portal, click “Open Demo Account” in the My Accounts section.
On the next page, you will see a drop down menu titled “Type.” Select “Demo Trading Account | ZAR.” Under that, select the amount you want to stay with in your demo account. In the next information boxes, create and confirm your new password. Check that you agree with the terms and conditions (download and read them at the bottom of their website), then click “Open Account.”
You will see a message on your portal home page that reads, “Success! New MT 5 demo account is opened.” Demo accounts don’t need to be approved.
Go to the inbox in your Client Portal. Open the message with the title, “Demo Account Opened”. Inside you will find your MetaTrader 5 (MT5) log in and Password. You will conduct all your trades on the MT5 website, mobile app or computer software.
Your New Demo Account details will be available on the portal homepage next to any other accounts you have created.
Contact the Support Team by starting a chat in the “Live Support Online” section of your portal if you have further questions.

How to Deposit Funds to QuickTrade

You can deposit money into your QuickTrade Live Account by either sending it directly or using the integrated payment system on your Client Portal. For more information about where to send direct deposits, call the Quick office using the cell phone number – 27113151000 or email them at hello@quicktrade.co.za.

To use the integrated payment systems, make sure you are using Ozow EFT, PayFast, FNB money transfers, Skrill e wallet or Neteller digital wallet. On the Client Portal, go to the section titled “Funding,” click on the “Deposit Funds” button. Follow the instructions that come after to complete the deposit successful. Once the funds are inside one of your Live Accounts, you can transfer them between accounts and use them to trade on your MT5 website, app or software.

How to Withdraw Funds from QuickTrade

On your QuickTrade Client Portal, in the section titled “Funding,” click on the “Withdraw Funds” button.
In the next page select the account you want to withdraw from between your affiliate account and real accounts. You can only withdraw funds from your real and affiliate accounts, not from the demo accounts.
On the same page, specify the amount you want to withdraw. Ensure that the amount you withdraw covers the withdrawal fee (currently a fixed amount of R20) and that it leaves enough margin for future trades. You risk suffering heavy losses if you have don’t have enough margin to cover a trading position. Any withdrawal request sent before 12 noon on Monday to Friday will be processed on the same day and any request after noon will be processed the next morning.
On the same page, specify whether you want to withdraw to chequing account or a savings account. Next, specify your bank account details. It has to be directly paid to your bank account and not anyone else’s. The law does not permit otherwise.
Click on the “Submit” button when you are done.
The Accounts Department from QuickTrade will verify whether you have enough funds in your account to make the withdrawal you requested. If the verification process is successful, the payment will be made to your account. It will reflect in 24 to 48 hours depending on your bank.
If not, you will receive an email informing you as such. You will then have to resubmit your withdrawal request. Correct for any errors while doing so.

Charges for Using the Quick Broker Account

A R20 withdrawal charge for every amount you withdraw to a South African bank.
A R95 JSE Data Fee charged on the 15^th of every month. JSE charges this fee to all brokers who have access to information on the market which is in turn paid by traders who use this information.
A 0.57% charge on SA Equity CFDs or R40 per trade on them. Whichever is less.
0.9% per year interest on free margin payable every month. This is the prevailing rate from FNB.
Additional overnight charges if you keep your position open overnight depending on the number of days it stays open and whether it is a long or a short funding. It is also adjusted for Forex CFDs to reflect the interest rate differential between the currency pairs.
0.03USD per share on US Equity CFDs or 15USD for every trade. Whichever is more.
Varying commissions on Index CFDs, Commodity CFDs and Margin FX following a product schedule downloadable on the QuickTrade Homepage.

Conclusion

QuickTrade’s MT5 Trader has a lot to offer new and seasoned traders. You have good reasons to decide to use the broker. Weigh them before you decide whether or not to sign on. It is also important to note that trading leveraged products such as derivatives and Forex may not be ideal for all types of investors because they carry a lot of risk to your capital.

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Job Githuri

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Job is a seasoned writer with a good understanding of the emerging markets, Africa to be specific.