QuoMarkets seeks to entice you with an appealing website and a tempting offer. However, there is one big issue with this broker – QuoMarkets is unlicensed.
In the QuoMarkets Review, we’ve analyzed what the broker offers in terms of the regulatory status, trading platform, leverage, trading costs, instruments and funding options.
QuoMarkets is the trading name of DVenture Markets Limited, a company registered in Saint Vincent and the Grenadines (SVG) with the local Financial Services Authority (FSA).
That’s bad news. SVG is a controversial offshore domain because the FSA explicitly stated on its website that Forex trading isn’t regulated in that domain. That means that the QuoMarkets regulation is fake.
Your funds aren’t safe with QuoMarkets; clients of unlicensed offshore brokers often experience withdrawal issues and we bet QuoMarkets causes headaches as well.
Instead, you should find a reliable broker, licensed by Tier 1 authorities such as the FCA, ASIC, CNMV, etc. If you’re from the US, make sure your provider is registered with the CFTC and the NFA.
QuoMarkets is an offshore broker from Saint Vincent and the Grenadines without a Forex trading license. This broker has tried to scam traders from the Netherlands, Germany, Poland, and Hungary.
When you enter QuoMarkets’ website, you’ll read about how the broker is registered with SVG’s FSA and the company registration number, blah, blah, blah. This is a fraudulent claim meant to enhance QuoMarkets’ reputation.
QuoMarkets is dishonest so please do not fall for this trap. Always check your broker’s regulatory status before investing to trade.
We did some research to find out where QuoMarkets provided its services without a permit. Turns out, this broker was mostly active in four particular countries:
All EU member states. As such, the regulators of these respective countries implement ESMA’s rules, ones that QuoMarkets doesn’t follow.
QuoMarkets may have evaded the regulators’ gaze but reviews like the one you’re reading are there to expose the scammer.
We found some complaints against QuoMarkets. Even traders are aware that the broker’s unregulated status can be disastrous. Trading is risky per se, so having to worry about whether you’ll get scammed is not something you want.
In addition to our review, please read this warning from one person that decided not to trade with QuoMarkets:
When QuoMarkets contacted me, they said that their company wants to make investment easy for everyone… I will not trade here because they don’t have any regulatory licenses. I also advise everyone to be vigilant when choosing a forex broker.
QuoMarkets has trading platforms in store. The broker claims to offer the world-famous MetaTrader 5 and a browser-based platform – WebTrader.
MT5 is a phenomenal piece of trading software. Designed by MetaQuotes, MT5 offers cutting-edge tools such as algorithmic & automated trading, live market reports, a user-friendly interface, branch optimization, and advanced charting.
Users can download MT5 for desktop and mobile (only Android). However, QuoMarkets’ unregulated status is still an issue. There are plenty of legitimate brokers that also offer this trading platform.
WebTrader, on the other hand, has limited features, i.e. just basic charts, graphs and a calendar. You’d be missing out on all the neat features that MT5 has.
QuoMarkets has no social media. But, the broker did include a phone number and an email, thus we assume that’s how the financial swindler contacts potential victims.
Another guess would be that QuoMarkets buys Google ads or hires agents to run bogus online marketing campaigns.
Here’s an overview of QuoMarkets’ trading instruments from the website:
Depending on the account type, the spreads for all FX major pairs start as low as 0.0 pips (Raw) and QuoMarkets charges 3 $ per lot. Or, the spreads start as low as 0.6 pips with zero commissions for all FX majors (Standard).
However attractive the trading costs may seem, they are there to entice you and make you invest as much as possible. QuoMarkets is unregulated and won’t hesitate to steal all your profits, never forget that.
QuoMarkets offers two different account types:
Each of these offers an Islamic, swap-free version and max leverage of 1:500. Such high a level is dangerous and will surely lead to enormous losses, hence why onshore regulators such as ESMA and the FCA imposed a 1:30 cap for retail clients.
Brokers Park claims to offer negative balance protection for each of these account types but we are not eager to test things out with real money and find out.
Unfortunately, no. QuoMarkets fail to include a free demo account because it wants to force traders to invest real money into a live account right away.
The broker doesn’t want traders to notice that something is wrong. All legitimate brokers offer a free demo account so you can try things out without risking your hard-earned money.
When it comes to the available payment methods, QuoMarkets listed the following:
Allegedly, there are no deposit fees with this broker. The QuoMarkets withdrawal methods do not include e-wallets. As for the withdrawal fees, QuoMarkets charges 30 $ on wire withdrawals. The processing time is either one day or depends on the blockchain (for crypto).
To recap, QuoMarkets is a foul offshore scam broker with no trading license. If this broker violated any terms and conditions, please let us know, you’re not the only victim of QuoMarkets scam.
Global Fraud Protection can help you get your hard-earned money back. This scam broker accepts several payment methods so our experts can help you with the chargeback or recall or use advanced software called CipherTrace to try and locate the money you sent via crypto transactions.
If this broker steals your money, contact us for help. The easiest and fastest way to book a free consultation with us is via Online Chat.
No. QuoMarkets is an unregulated scam broker. Avoid investing in this offshore trading scam. Call us if you need help getting your money back.
No. QuoMarkets doesn’t offer a free demo account. The scammer wants you to invest real money right away.
According to QuoMarkets’ website, MT5 is available for Android and iOS and there’s also a web-based platform.
MT5 is an amazing trading platform but QuoMarkets is unregulated and shady.
No. QuoMarkets is an unregulated scam broker. Avoid investing in this offshore trading scam. Call us if you need help getting your money back.
No. QuoMarkets doesn’t offer a free demo account. The scammer wants you to invest real money right away.
According to QuoMarkets’ website, MT5 is available for Android and iOS and there’s also a web-based platform.
MT5 is an amazing trading platform but QuoMarkets is unregulated and shady.
The post QuoMarkets Review – Offshore Broker Without Forex Trading License appeared first on Global Fraud Protection.
