QuoMarkets Review: Legit Broker or Just Another Scam?

We have always wondered why Forex/CFD brokers buy multiple licenses from different regulators, but not a single one from a Tier 1 jurisdiction. An example of such a company is the subject of our QuoMarkets review, which lists almost a dozen regulatory organizations. At the same time, none of these documents prevent the company from offering leverage up to 1:1000, while providing almost no real information about itself. Is it safe to trade on this platform, or should one refrain from cooperating with it? That is the very question we will try to answer below.

Does QuoMarkets Show Any Risk Factors?

We don’t know how much having multiple licenses actually helps the company attract clients and build its business, since it has chosen not to share its achievements with visitors on its website. What we do know for certain is that all information provided by offshore firms claiming to ensure the safety of client operations and funds needs to be verified. Looking into the official data published by QuoMarkets, we realized there was plenty of work to be done.

The broker claims to represent an entire group of companies, including:

• TRADEQUOMARKETS LTD, registered in the Commonwealth of Dominica with license No. 2023/C0010-000 issued by the local regulator, the Financial Services Unit. This is the license the platform considers its primary one, as it is referenced in the Client Agreement and even included as a copy in the documents.
• Tradequomarkets Financial Services L.L.C., registered in the UAE and licensed for Financial Consultations and Introduction by the Securities and Commodities Authority (SCA) UAE.
• Trade Quo Global Ltd, officially registered in the Seychelles with Securities Dealer license No. SD140, issued by the Seychelles FSA.
• Tradequo (PTY) Ltd, authorized by the South African FSCA as FSP No. 54827.
• Quo Markets LLC, registered under No. 3171 LLC 2024 in Saint Vincent and the Grenadines.
• TQBG Ltd, registered in Cyprus but not providing brokerage services.

Although we do not doubt that all of this information was carefully compiled, it is still worth verifying. Naturally, we begin with the company from the Commonwealth of Dominica, as its primary entity.

A search of the Commonwealth of Dominica’s business register showed that TRADEQUOMARKETS LTD was indeed registered in this Caribbean country in February 2023. The registration number 2023/C0024 and the address match those listed on the QuoMarkets website. A license check also confirmed that the document exists. Two facts are worth noting:

• The broker has paid for an extension of the license’s validity until April 26, 2026.
• The company owns not only the quomarkets.com domain, but also tradequo.com.

The latter is quite useful information, as it directly confirms that TRADEQUOMARKETS LTD does indeed own and operate the platform.

We also know for certain that the Seychelles FSA includes regulated companies’ working websites in its registry. A check of the Seychelles regulator’s database also gave a positive result.

The record refers to Trade Quo Global Ltd, which lists tradequo.com as its primary website. However, this domain was also listed among the data provided by the company from Dominica. Therefore, we can conclude that at least a couple of the companies mentioned by the broker are indeed closely connected with this platform. An indirect confirmation of this is the similar style and organization of the two websites, differing only in color schemes.

Beyond these verified entities, we are particularly interested in the company registered and licensed in South Africa. The local regulator, the FSCA, is considered one of the more reputable authorities. However, because of its relatively softer requirements, it is usually not included in Tier 1 lists.

According to the information obtained, Tradequo (PTY) Ltd is indeed authorized as a Financial Service Provider (FSP) by the South African regulator. The company was registered in July 2024, and the list of permitted activities includes brokerage and dealing services for transactions with stocks and derivative financial instruments.

The remaining companies are of less interest to us. The firm in Dubai, according to its license, does not provide brokerage services and most likely exists solely for the purpose of legally renting an office. In Saint Vincent and the Grenadines, the local financial authority neither regulates nor licenses the activities of Forex/CFD brokers. However, the broker’s statements about these legal entities were also confirmed by official sources. That said, there is no evidence that they actually cooperated with QuoMarkets. The same applies to the South African Tradequo (PTY) Ltd — no proof of its direct involvement with QuoMarkets was found.

Therefore, we can say with full confidence that the platform has official registration only in two offshore jurisdictions and holds only two offshore licenses. It is worth noting that, unlike certain other jurisdictions, the Commonwealth of Dominica does not categorize forex services as a separate activity. This results in the absence of formalized laws and regulations for licensing. The local regulator, the Financial Services Unit (FSU), which operates under the Ministry of Finance, issues Money Services Business licenses to brokers. The cost of such a license is 2,500 Eastern Caribbean dollars (about €800) as a one-time fee and 5,000 Eastern Caribbean dollars annually. Overall, this is one of the cheapest ways to cover one’s activities with a license, while offering virtually no regulation or requirements.

Much the same can be said about the Seychelles FSA license. The only difference is that it is more internationally recognized. At the same time, in terms of regulatory strength, it does not go far beyond the FSU’s documents, although its requirements for brokers are somewhat stricter and the licensing process is more expensive.

In either case, brokers and dealers are not required to limit leverage levels or to keep client funds in segregated accounts. As a result, we see that QuoMarkets:

• Offers leverage up to 1:1000 (its contract specifications even state that leverage is dynamic and may increase to 1:2000, i.e. a minimum margin of just 0.005%). This makes the risks unacceptable, and even professional investors risk losing their deposits in the very first trades.
• Claims to safely store client funds in segregated accounts. However, instead of banks, these accounts are with electronic payment systems and cryptocurrency wallets. Needless to say, the reliability of such “storage” cannot even be compared with bank accounts.

Companies licensed by reputable regulators simply cannot afford such practices. Clearly, this approach explains the sharply negative stance of industry experts and trading/investment portals toward the broker. For example, QuoMarkets is rated just 1.4 out of 10 on WikiFX, while Brokerchooser outright states that the broker does not meet industry regulatory standards.

At the same time, on Trustpilot, since April 2023 (over 2 years and 4 months), the platform has collected 995 reviews — 98% of which are positive. It is difficult to believe in such overwhelming enthusiasm, with users supposedly leaving, on average, one glowing review every single day. The near absence of negative quomarkets.com reviews (less than 1%) looks equally unnatural. All of this strongly resembles a planned PR campaign by the project’s owners, flooding the internet with fake posts praising the company.

For traders, this entire picture may appear impressive at first glance:

• The company was registered in February 2023.
• In just 2.6 years, it has accumulated nearly 1,000 positive reviews.

Beginners could easily be impressed and transfer money to the broker’s account without checking further details.

Let’s Break Down the Lifespan

However, the history of QuoMarkets is not so straightforward. Yes, official records state that TRADEQUOMARKETS LTD was incorporated in February 2023. According to WHOIS data, though, the domain quomarkets.com appeared a bit earlier — in October 2022.

An interesting fact! The domain registration expiry date is set for 2033. Obviously, the broker plans to continue offering its services for a long time, reaping a plentiful harvest of trader deposits lost on 1:1000 leverage.

At the same time, snapshots from the Web Archive reveal an intriguing picture. In December 2022, the broker’s website was already live and looked very similar to today’s version. However, at that time it was owned by DVenture Markets Limited, a company registered in Saint Vincent and the Grenadines. In early 2023, references to Trade Quo Global Ltd and its website tradequo.com appeared, where it offered brokerage services. Yet, QuoMarkets continued to operate under DVenture Markets Limited. This situation remained unchanged until early 2024, when ownership finally shifted to TRADEQUOMARKETS LTD.

This naturally raises some important questions:

• Why did the current licensed owner take so long to assume control of the broker and its website? Was operating offshore without regulation simply more convenient and profitable?
• Reviews indicate the broker was already active in April 2023, while DVenture Markets Limited had been registered back in 2020. What caused the switch from a company with years of history to a newly established entity?
• On which domain was the broker’s website hosted prior to the registration of quomarkets.com?

We attempted to raise these questions with customer support, but they avoided the topic entirely and refused to comment on these earlier events. Perhaps the broker has little to boast about from its “pre-history” period.

What Does the Quomarkets.com Website Reveal?

Frankly, we were unimpressed by QuoMarkets’ rather unconventional approach to website organization. The homepage, featuring only a main menu, a footer menu, and a single banner, feels incomplete. Perhaps QuoMarkets believes this minimalist approach adds originality and improves user perception. In our view, it only makes things worse.

Even more concerning, this design choice has essentially condemned the site to content poverty. While it’s true that many of the broker’s “advantages” are grouped on a separate page, and that the MetaTrader platform is so well-known it doesn’t require much explanation, the overall content suffers from serious shortcomings:

• The broker provides almost no information about the company itself. It seems the site’s creators assumed that listing company names, addresses, and license numbers in the footer was sufficient. It’s clear why industry reviewers complain about ignored standards. There are no payment details, no financial reports, and no transparency.
• The project owners apparently decided not to make life easier for traders, as there are no additional tools such as an economic calendar, news, or analytics.
• There are also no educational resources, no detailed descriptions of available markets, and no investment offerings — apart from copy trading under the Social Trading section.

In short, the broker’s offering is far from diverse, and the official website’s descriptions leave much to be desired. Unfortunately, this is something we have long come to expect. Offshore brokers often seem to believe that their potential clients don’t need detailed information. Of course, there’s a certain logic to this — if the goal is for users to lose their first few deposits and never return. But then, the question remains: can such a broker truly survive in the industry as long as it claims to plan?

Is the Broker Offering Fair or Risky Terms for Traders?

Interestingly, the QuoMarkets website provides trading conditions in quite a detailed manner. Such transparency is a rare find among modern offshore brokers, so we were genuinely surprised.

Let’s start with the list of account types. The broker offers four.

And the basic conditions are not very different across them:

• The maximum leverage on almost all accounts is 1:1000.
• The minimum trade size is 0.01 of a standard lot, with one standard lot equal to 100,000 units of the base currency.
• Margin Call/Stop Out levels are set at 100%/20%.

The main difference between accounts lies in spreads and commissions. For example, on the Raw account, spreads on major pairs start from 0.1 pips, with a trading commission of $3 per side ($6 round trip). For the other accounts, these parameters are as follows:

• Standard — 0.4 pips and no commission.
• Zero — 0 (for 97% of trading time) and $4 commission.
• Limitless — 0.6 pips and no commission.

The distinctive feature of the Limitless account is that it offers unlimited leverage. A separate help page explains its types in detail. Generally, the maximum leverage depends on the trade size and instrument, ranging from 1:2000 to 1:200 for Forex on regular accounts. The “unlimited” leverage also has its ceiling, albeit an absurdly high one — 1:10,000,000, but only on micro trades. Needless to say, such leverage can wipe out even a very large deposit in seconds.

QuoMarkets also provides more detailed specifications. Each account type has a dedicated Specifications page, which lists contract specs for every available trading instrument. However, there is one major issue — swap rates are missing. As a result, all of the broker’s attempts at transparency fall flat: without swaps, traders cannot realistically calculate costs and potential profitability unless they trade strictly intraday.

That said, we doubt any trader could achieve consistent profitability with this broker in the long run. Even after a few successful trades, just a handful of mistakes with 1:1000–1:2000 leverage would be enough to completely wipe out the deposit. And this risk applies even to professional traders — managing risk effectively at such extreme leverage levels is simply impossible.

Technical Support Analysis of QuoMarkets

Things do not look much better when it comes to contact information. On the Contacts page, users will find little more than a repetition of company addresses, a feedback form, and a support email.

All the listed office addresses are virtual. Most likely, that’s why the broker didn’t bother purchasing phone numbers and instead chose to rely on an online chat for quick communication.

It should also be noted that the company did create profiles on social networks. However, they do not seem to be particularly popular. For instance, on X (Twitter), QuoMarkets has gathered only 486 followers since June 2023, despite posting regularly. Meanwhile, its YouTube channel remains completely empty, with not a single video uploaded. Clearly, QuoMarkets does not take its public presence too seriously.