The first thing that riled us up was the website’s creation date – January 2024! Is QWEBank.com legit, or is it another sham broker like Aksel Invest? Seems like those behind the platform typed three letters in a row on the keyboard and got their name.
In our QWEBank.com review, we expose this unscrupulous web platform that offers illicit services. Read our analysis to learn the nasty truth about this provider.
| Regulated by: | Unregulated Scam Broker |
| Is This Company Safe? | No, the platform is fraudulent |
| Known Websites: | qwebank.com |
| Have Warnings from: | CBR |
| Registered in: | UAE (allegedly) |
| Operating since: | 2024-01-10 |
| Trading Platforms: | WebTrader |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | 250 USD |
| Deposit Bonus: | 20% |
| Trading Assets: | Forex, Indices, Commodities, Stocks, Cryptocurrencies |
| Free Demo Account: | Unavailable |
| How to Withdraw from This Company? | Since this company is unlikely to return your money, contact your bank, financial regulator, or us for professional assistance in recovering your funds. |
Legal Info: Is GWEBank.com Regulated?
The QWEBank.com broker is allegedly a UAE-based trading platform operated by a bank. We looked up the entity but couldn’t find it anywhere. There are no other legitimate legal documents to shed light on the background of this suspicious business, nor does it have a license or a registered address.
Upon further investigation, we found that the Central Bank of Russia (CBR) recently warned about this fraudulent entity, citing “signs of an illegal professional participant in the securities market.” QWEBank.com is undoubtedly an anonymous website, not a legitimate trading firm. Sending them money would be a serious mistake.
Instead, we recommend choosing firms regulated by recognized financial authorities like the FCA (UK), CFTC (US), ASIC (Australia), IIROC (Canada), and MAS (Singapore). These companies follow strict regulations, ensuring they provide clients with negative balance protection, segregate funds in top-tier banks, and sometimes offer compensation schemes.
Who Are QWEBank.com’s Targets?
WHOIS says the qwebank.com website domain was created on January 10, 2024, so it’s not a long-standing business. Since then, the cyber thieves behind the platform have mainly been targeting traders and investors from the following countries:
These EU countries have stringent financial market regulations, enforced by strict laws designed to prevent virtual scams and preserve financial stability. One key regulation prohibits unauthorized entities, such as QWEBank.com or HiBT, from operating within their jurisdictions. Following CBR’s warning, these deceptive actors are effectively barred from operating anywhere.
Trader Reviews – Sharing Experiences
We found several QWEBank.com reviews on popular forums. For instance, a Reddit thread exposes the scheme in detail.
My conclusion so far: It’s obvious that they manipulate the WebTrader,” the Redditor wrote. “You’ll always be losing. I saw it first hand when my friend showed it to me after losing $220K when trading using their app.”
When searching for a reliable brokerage firm, it’s crucial to consider the experiences of other traders and investors. Their honest reviews and feedback can provide valuable insights, helping you steer clear of digital risks. Before committing to a new investment, take the time to read genuine user testimonials and check regulatory warning lists.
Which Trading Platform Is Available?
The QWEBank.com trading platform provides little information about its features. With no app or download link available, we were unable to assess it directly. It appears to be a web-based trading terminal, but the QWEBank.com login page restricted access to certain areas.
Web platforms typically have basic interfaces, limited tools, and fewer advanced trading features. They can also be vulnerable to manipulation, especially when used by unlicensed brokers. Therefore, we recommend choosing a regulated provider that supports established third-party software like MetaTrader 4, MetaTrader 5, or cTrader. These platforms offer advanced features such as automated and algorithmic trading, sophisticated charting, multiple timeframes, live market reports, and expert advisors.
QWEBank.com Account Types
| Account Type | Standart | ECN | Gold |
| Minimum Deposit | 250 USD | 10,000 USD | 5,000 USD |
| Maximum Leverage | 1:200 | 1:400 | 1:500 |
| Spreads | From 1.5 pips | From 0.8 pips | From 0.0 pips |
Trading Info – Leverage, Spreads, Commissions
QWEBank.com offers a maximum leverage of 1:500, which is extremely high and risky. Such leverage can lead to significant losses, so regions like Europe and Australia cap leverage for retail clients at 1:30 and North America at 1:50. Experienced traders are the only ones who should consider high leverage.
The spreads displayed on the website seem plausible, but the commissions were not disclosed. Knowing how scammers roll, there may be hidden fees. While the minimum deposit for a classic QWEBank.com account is 250 USD, which is reasonable, we strongly advise against trading with this untrustworthy provider.
Can Traders Use a Free Demo Account?
Diving straight into trading without a safety net can be risky. A wiser approach is first to test the waters using virtual funds. That way, you can detect potential cyber threats before committing any real money.
Honest brokers acknowledge this and typically offer demo accounts for risk-free practice. The absence of such a feature on QWEBank.com is a glaring red flag, particularly for those new to trading.
Deposit and Withdrawal Process
The website lists several payment methods for depositing and withdrawing funds:
- Credit/debit cards
- Wire transfers
- Skrill
- Neteller
If you cannot get a QWEBank.com withdrawal, it’s time to explore other ways to recover your funds. Allow us to explain how to go about it.
If you funded your account using a MasterCard or Visa credit/debit card, you can request a chargeback through your bank, provided the transaction occurred within the last 120 days. For wire transfers, it may be possible to recall the transaction through your bank, but only if the funds haven’t yet reached the scammer’s account.
To reverse e-wallet payments, you’ll need to contact the issuer directly to request a chargeback. If you’ve lost cryptocurrency on the platform, recovery becomes more challenging. Retrieving crypto payments requires advanced tools like CipherTrace and specialized expertise. Fortunately, our experienced team is here to guide you through this complex process.
Key Facts To Consider About QWEBank.com
QWEBank.com is an anonymous website posing as a legitimate Forex/CFD brokerage firm from the UAE. The fraudsters behind it mainly target German and Belgian traders, which is illegal. Only CBR has raised alerts about the swindling platform.
We do not recommend trading on such platforms due to their unregulated status. If you have fallen prey to QWEBank.com, seek our professional help to recover your funds! A chargeback is your best option.
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your free consultation here to start the chargeback process.
FAQ Section
What is QWEBank.com?
It is an anonymous website pretending to be a legitimate UAE-based Forex/CFD trading firm.
Is QWEBank.com Legit?
No. This company does not exist anywhere besides its own website. The CBR thinks so, too.
Who Owns QWEBank?
The website alleges that QWE Bank LLC owns this business, but such an entity doesn’t exist.
What is QWEBank.com?
It is an anonymous website pretending to be a legitimate UAE-based Forex/CFD trading firm.
Is QWEBank.com Legit?
No. This company does not exist anywhere besides its own website. The CBR thinks so, too.
Who Owns QWEBank?
The website alleges that QWE Bank LLC owns this business, but such an entity doesn’t exist.
Source:
https%3A%2F%2Fscambrokersreviews.com%2Fforex-scams%2Fqwebank-com-review-this-scheme-is-out-of-control%2F
