Quest
Pros and Cons
Pros
- Long operational history since 2010
- Diverse product offerings: equity, derivatives, commodities
- Multiple customer support channels available
- MT4/5 trading platforms supported
- Established presence in the Indian market
Cons
- No valid regulatory oversight
- Limited trading instruments (no stocks or ETFs)
- No support for popular trading platforms like MetaTrader
- Lack of educational resources for traders
- High potential risk due to unregulated status
Basic Information
User Reviews
Quest Overview
Founded in 2010 and headquartered in New Delhi, India, Quest Securities Ltd. offers a range of trading services, including equity, derivatives, and commodities. However, it is important to note that this broker operates without valid regulatory oversight, which raises potential risks for traders. The absence of regulation means that users should exercise caution when considering their trading options with Quest. Despite its long-standing presence in the market, the lack of a regulatory framework can affect the trustworthiness of its operations, making it crucial for potential clients to conduct thorough research before engaging with this broker.
Quest provides various trading instruments while primarily focusing on equity and commodities. Users can access trading through popular platforms such as MetaTrader 4 and 5, which are known for their advanced charting tools and user-friendly interfaces. Customer support is available through multiple channels, including phone and email, ensuring responsive assistance. What sets Quest apart is its diverse service offerings, which also include mutual funds and IPOs. However, traders should remain aware of the inherent risks associated with using an unregulated broker in the forex market.
Is Quest Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| No valid regulatory authority | India | No investor protection measures |
Is Quest Regulated and How Are Client Funds Protected?
Quest is not regulated by any recognized financial authority, which raises significant concerns regarding its legitimacy and the safety of client funds. The absence of regulatory oversight means that traders do not have access to investor protection mechanisms, such as segregated accounts or compensation schemes, which are critical for safeguarding investments. Trading with unregulated brokers like Quest carries a higher risk of fraud and may result in losses without recourse. Therefore, potential investors should approach this broker with caution due to the lack of regulatory compliance and the associated risks.
Trading Products and Services
What trading instruments does Quest offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/CAD | Many |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100 | Varies |
| Stocks | Apple, Tesla, BP, Vodafone | Many |
| Cryptocurrencies | BTC, ETH, XRP | Varies |
Quest provides a diverse range of trading tools and financial products that cater to various types of traders. With offerings across Forex, commodities, indices, stocks, and cryptocurrencies, users can leverage multiple asset categories for portfolio diversification and to adopt flexible trading strategies. Whether you are a beginner looking to explore the markets or a professional seeking advanced trading options, Quest’s comprehensive product lineup is designed to meet your needs. The availability of various trading instruments enhances adaptability, allowing traders to navigate different market conditions effectively. By supporting diverse asset classes, Quest empowers users to make informed trading decisions and optimize their investment approaches.
Account Types and Trading Conditions
What Account Types and Fees Does Quest Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low minimum deposit, user-friendly platform | Ideal for traders with limited capital |
| Professional Account | Experienced traders | Higher leverage, tailored trading conditions | Requires proof of trading experience or volume |
| Corporate Account | Corporate clients | Customized services, multi-user access | Documentation verifying corporate status required |
| Islamic Account | Traders seeking Sharia-compliant trading | Swap-free conditions | Must provide relevant documentation |
| Demo Account | New users and practice traders | Virtual funds for risk-free trading | Unlimited access for practice purposes |
Account Opening Process
To open an account with Quest, prospective traders must follow a straightforward process. Initially, users need to submit personal information, including their name, contact details, and date of birth. Following this, employment details and financial information such as income sources and trading experience are required. Identity verification is also a crucial step, necessitating the submission of an identification document and proof of address. Quest offers flexibility in account types, allowing users to upgrade to a professional account later if they meet the necessary criteria and requirements.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive pricing |
| CFDs (Stocks) | 0.1% | $2 per lot | Varies by stock |
| CFDs (Indices) | 0.5% | $2 per lot | Based on index |
| CFDs (Commodities) | 0.2% | $2 per lot | Varies by commodity |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
Traders should also be aware of additional costs associated with their accounts. These include deposit and withdrawal fees, which may vary based on the payment method chosen. Inactivity fees may apply if an account remains dormant for an extended period. Platform usage fees are not applicable, ensuring users can trade without extra charges. Overnight interest, or swap rates, are incurred for positions held overnight, and currency conversion fees may apply for transactions in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Quest Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | 2FA, multiple order types, technical indicators, price alerts | Demo account, VPS |
| MT5 | Windows, macOS, iOS, Android | Encryption, advanced charting tools, economic calendar, push notifications | Demo account, VPS, API |
| Web Version | Web-based (any device with internet) | Biometric login, symbol lookup, real-time alerts | Demo account |
| Mobile App | iOS, Android | 2FA, one-click trading, market search, push notifications | API |
Quest offers several trading platforms catering to different trading needs. The MT4 platform is user-friendly and ideal for beginners, while MT5 provides advanced tools and features suitable for experienced traders. The web version allows for seamless trading across devices, and the mobile app ensures accessibility for trading on the go. All platforms prioritize secure login methods and offer fast order execution, coupled with tools for real-time alerts and efficient market searches.
Each platform presents unique advantages, such as MT4’s wide acceptance in the trading community and MT5’s comprehensive analytical tools. Quest emphasizes mobile trading convenience through its dedicated app, ensuring traders can manage their accounts effectively from anywhere.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA | 1–2 business days | No platform fee | Min €100, Max €10,000/day | EUR |
| GrabPay | Instant | No platform fee, 2% third-party charge | Min $50, Max $5,000/day | USD, SGD |
| SPEI | Instant | No platform fee | Min $500 MXN, Max $50,000 MXN/day | MXN |
| Wire Transfer | 3–5 business days | No platform fee, $30 international fee | Min $100, Max $100,000/day | USD, EUR, GBP |
Minimum Deposit
Quest requires a minimum deposit of $100 for standard accounts. This requirement varies based on the payment method used, with some methods like GrabPay allowing deposits as low as $50. Additionally, specific account types, such as VIP accounts, may have different minimum deposit thresholds.
How to Withdraw
To withdraw funds from your Quest account, follow these steps:
- Log in to your Quest account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the withdrawal amount, ensuring it meets the limits.
- Confirm your details and submit the withdrawal request.
- You will receive a confirmation email once your request is processed.
Customer Support
Quest Customer Support Overview
Support Channels
Quest provides multiple contact methods to ensure customer assistance is readily available. Customers can reach out via:
- Email: For detailed inquiries, users can contact Quest at qsl@questgroup.in.
- Live Chat: Instant support is available through the live chat feature on their website, allowing for quick resolutions to customer questions.
- Telephone: Customers can directly call Quest at +91 11-46288800 for immediate assistance.
- Social Media: Quest is also active on various social media platforms, providing another channel for customer engagement and support.
Service Availability
Quest’s customer service operates 24/5, ensuring support is available during standard trading hours. Additionally, multilingual support is provided, primarily in English and Hindi, catering to a diverse customer base.
Additional Resources
To enhance customer knowledge and trading skills, Quest offers a variety of educational resources:
- Video Tutorials: These cover platform usage and trading strategies.
- Webinars: Regularly scheduled webinars provide insights into market trends and trading techniques.
- Market Analysis: Customers can access market reports and analysis to inform their trading decisions.
- Trading Signals: Quest offers trading signals to help guide users on potential trading opportunities.
Quest is dedicated to providing effective support, ensuring that customers have the help they need when navigating their trading experience.
Frequently Asked Questions
Quest operates without any valid regulatory oversight, meaning it is not regulated by financial authorities in India or elsewhere. This lack of regulation poses potential risks for clients, and we advise exercising caution when trading with unregulated brokers.
Quest provides a variety of trading products, including equity, derivatives, commodities, mutual funds, IPOs, and currency. However, specific trading conditions such as spreads, leverage, and execution speeds may vary and should be reviewed directly on their platform for the most accurate information.
As Quest is not regulated, there may be limited measures in place for the security of client funds compared to regulated brokers. It is essential for clients to consider the risks associated with fund security and take appropriate precautions when trading.
Quest offers multiple channels for customer support, including phone support at +91-11-46288800 and email support at qsl@questgroup.in. Clients can reach out with their concerns or inquiries during business hours.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.