FastQuote Securities Review
FastQuote Securities, or FQ Securities as it is also known, if an offshore brokerage firm that provides services for institutional clients. It deals primarily with foreign exchange transaction, but also offers a range of other products such as metals, liquidity and capital introduction. It does offer services for individual clients but you’ll need to have big pockets, as the deposit minimums for self-directed accounts are 100K. FastQuote Securities is registered in Belize, which is why it promises clients complete offshore anonymity. With its registered address in Belize, this broker should come under IFSC regulation. And it does actually say it’s licensed and regulated by the IFSC, and give a license number. But at the time of writing this review we could find no reference on the International Financial Services Commission Belize website. So, we would advise caution.
|Forex, Precious Metals, Equity Indices, Energies|
Why FastQuotes consider they are the best
When you’re looking for a forex broker with which to do business, there are a number of features you should bear in mind. One of the most important is obviously regulation, and we’ve already touched on that and raised our own questions. There are a number of basic features such as cost, reliability and security. As well as range of tradeable instruments, spread and leverage. FastQuotes offer something that many are unable to and that’s complete offshore anonymity. Which is all down to having a base of operations in Belize. FQ Securities offers a range of products for trading including a good range of currency pairs, and metals cuh as gold and silver.
FastQuote Securities can cater to the needs of three different types of client
FastQuote Securities isn’t the kind of brokerage firm you’ll be looking for if you’re the average kind of trader. It is more of an institutional broker but does offer its services for individual clients. However, it classifies this type of customer as high-net-worth individuals, which is typically one with investable finance of more than $1million. If you fall into this category you’ll be assigned an individual advisor who’ll be able to answer any questions and help with any specific requests. The aim of this type of service is to create a customized solution for each individual client. FastQuote Securities also caters for the needs of corporate clients, typically classified as standard corporations or trusts. It could be a self-directed account or funds could be managed by an asset manager or a wealth management company. Corporate clients are accepted from non-black listed jurisdictions only. The third type of account is a managed account, which is an account that caters to the needs of those who would not normally have the opportunity to open an account with FastQuote Securities, but still want to be able to benefit from the opportunity to have their funds traded in a professional environment. The minimum deposit for this type of account is 10K, a far lesser sum than 100K. An asset manager is given a Limited Power of Attorney and is able to place trades using PAMM. A managed account client is able to view their account online, but cannot trade on their own unless their equity is greater than the 100K minimum.
FastQuote Securities uses Straight Through Processing (STP)
FQ Securities uses the Straight Through Processing method for making trades, which means you can be sure this broker will never deal against you. It also means processing cycles are greatly reduced along with settlement risk. FQ Securities remains completely neutral on all trades as it hedges each trade with its own prefered liquidity providers. For institutional clients it offers sharp spreads because it combines liquidity from more than 10 liquidity providers using the latest streaming aggregation technology. FastQuote Securities provides a customizable service and this relates to fees and margins. These are worked out according to each client’s needs and specifications. Which is a little inconvenient for us writing this review. But we can let you know that margin levels range from 3% to 0.5%. In other words leverage of 33x to 200x. But it will depend on the type of account, size of the account and the strategy a client employs.
FQ Securities allows clients to manage their accounts with a variety of trading platforms
There are a number of different trading platforms available depending on how you plan to manage your account. MetaTrader 4 is the trading platform that FastQuote Securities has chosen, possibly because it happens to be the most popular. It can also be used across a range of devices such as iPhone, iPad, Android, Smartphone as well as a PC or desktop.
FQ Securities offers customer support during office hours
As FastQuote Securities is a brokerage firm that offers services for clients with a minimum of 10K to invest, there is obviously little call for educational material. With that much money to invest it’s far more likely for this type of client to be well versed in this type of investment. The website itself is fairly informative but it is obviously geared for the more serious investor. Should you have a question or need some help there’s a customer support service available. With a number of global offices that can be contacted by telephone during normal office hours. Outside of those hours there’s an online contact form that can be completed. And the broker promises to answer within 24 hours.