Qarlycoin Review – Be Careful of the Red Flags

Qarlycoin Review

Want to trade in the crypto market? You are certainly not the only one who wants to do so, as hundreds of thousands of people all over the globe are clamoring to get the piece of this very lucrative pie. How do you do that? You can trade in the crypto market in the same way as the other financial markets; find a broker, sign up and start trading. But, you have to keep in mind that finding a broker is not about choosing the first one you come across. You will learn through this Qarlycoin review that appearances can be deceiving.

The crypto market is unregulated and this has given criminals the opportunity to target people left and right. A number of scams have already happened and they continue happening, but it is also because people do not exercise caution. Just because you are eager to begin trading is no excuse to not be diligent because it can cost you big in the long run. You do not want to lose your money, so you need to be careful when you decide to dip your toes in the crypto space.

Sure, there are thousands of online brokers that are now catering to people who want to try their luck with trading cryptocurrencies, but this does not mean that you can just opt for one. There is some homework required because some of them have giant red flags that show they are fraudsters looking to exploit you.

Rather than believing the claims they make, you need to do your research and the same should be done in the case of Qarlycoin that has showcased itself as a broker capable of revolutionizing the crypto market. There are many such brokerages that you will find, but you need one that actually delivers. You will learn quickly enough that Qarlycoin has a lot of red flags that you should not ignore. What are these? Let’s go over them

There is no regulation

How do you protect yourself from scams and frauds when you are trading online? You need to look for a broker that is regulated and licensed because they can offer you the security and protection you need when trading online. They are monitored by a regulatory authority and have to comply with laws and policies and also offer transparent and fair services. Therefore, using such brokerages can give you reassurance that you are dealing with a genuine platform.

This cannot be said for Qarlycoin because you will learn quickly that it is not a regulated broker. As a matter of fact, you will discover that it is a virtually anonymous broker because there is no information available about the company on its website. There is no corporate background, or even address to be found on their website, which means you cannot check their regulatory status either.

Bear in mind that a genuine and legitimate company would always be honest about its background and provide enough details to satisfy you. If it is not, then there is something fishy and this lack of information at Qarlycoin is undoubtedly a red flag.

A basic trading platform

How will you trade cryptocurrencies, or any other financial instrument? This is what the trading platform is for and it is the most important feature that an online broker has to offer. You will spend most of your time using this platform when you open an online trading account, so you need to know what kind of platform you will be given. After all, you do not want one that breaks down, or lacks in tools and other features that you may require.

You will find that this is the problem with Qarlycoin’s trading platform. They are offering a very basic and lacking web trading platform to their clients. This kind of trading platform is offered by many shady and fraudulent brokerages just to create the illusion of trading.

A reliable and professional brokerage would offer you the MT4, or the MT5 trading platform, which are equipped with some of the most advanced trading tools and features. But, you will not find this available with Qarlycoin and this should be considered a red flag.

The excessive leverage and spreads

Another prominent red flag that you will find about Qarlycoin that should definitely not be ignored is the excessive leverage it offers. Yes, every online broker will offer you leverage because this is a part of online trading. As a matter of fact, it is meant to provide traders more flexibility because it allows them to make bigger trades, even if they do not have a lot of capital available.

However, you have to bear in mind that leverage is a double-edged sword that can lead to high profits, but also result in high losses. Therefore, this prompted regulatory authorities to limit the amount of leverage that can be offered by brokers to retail traders. You will find that Qarlycoin is offering leverage of about 1:100, which does not sound very high.

This does not sound too high when it comes to other financial instruments, but when it is offered for instruments as volatile as crypto, such ratios are considered suicidal. Plus, you will find that Qarlycoin has spreads starting at $50 and this is also extremely high. It means your costs will be very high and you do not want that.

They only support crypto payments

One of the biggest red flags that you will uncover about Qarlycoin is when you check out their payment methods. Since they facilitate crypto trading, they have decided to stick with crypto payments for making deposits and withdrawals. Even though it sounds reasonable, it is not because crypto payments are final and do not give you the option of filing for a chargeback in the event you want a refund.

It is why most scam and fraud platforms will only offer crypto payments and this should show you that Qarlycoin also belongs to this category.

Bottom Line

Keeping all of these red flags in mind, it is best to drop Qarlycoin from your list when you are looking for a crypto brokerage.