QuoMarkets Review – Facts Not Adding Up

QuoMarkets broker is under the ownership of DVenture Markets Limited. This company is registered in St. Vincent and Grenadines (SVG). Offshore countries are known as hubs for hiding and anonymity. Therefore, a popular place for swindlers.

In this QuoMarkets review we present you all the questionable facts about this broker. Also worth reading are our ProfitiX and Kurmay Global reviews. Build up a knowledge base to avoid becoming the next victim.

How Are You Protected at QuoMarkets? License and Security

Fund protection is the most important aspect of the trading world nowadays. Therefore, we opt for traders to look for licensed brokers first. Whatever non-licensed broker claims they don’t need to comply with it. In this case, the QuoMarkets broker claims to be regulated by the FSA of SVG.

Financial Securities Authority doesn’t issue FX trading licenses anymore. First and most important sign of an investment scam. Another clear sign is that they don’t have any other license. Especially not Tier 1 ranking. For instance, FCA, BaFin or ASIC.

With this in mind, you know that you don’t have any protection. No compensation funds are available. Thus, they advertise negative balance protection and segregate bank accounts. But with misleading regulation, this might be a trick as well. Looks like with QuoMarkets broker everything is designed to extract money from traders.

Trading Platform Overview

To be honest, there’s at least something positive about this broker. They provide highly trusted and reliable third-party software. Meta Trader 5 is the leader in the industry. Primarily due to numerous trading options like automated and social trading. Also, it has many charting and analyzing tools. Perfect choice for every beginner. Also, it’s suitable for mobile traders. Whether you are using iOS or Android device.

Yet, this company is not regulated. So, withdrawals are still questionable here. But as we can see in QuoMarkets reviews that gets clarified already.

Besides MT5, traders can use web-based software as well. In general, it’s nothing compared to MT5. Thus, it has a user-friendly design but with far fewer trading features. On both of these platforms traders can trade with assets from 5 major instrument classes.

Account Types at QuoMarkets

With QuoMarkets broker you can choose only between two account types. Those are:

• Raw
• Standard

In general, these accounts differ only in commissions and spreads. For one account you get zero commission but spreads from 0.6 pips. On the other hand, you can use 0.0 pip spreads but with a $3 commission. Which is completely competitive. Even though the broker advertises negative balance protection it’s questionable if you have such a thing available.

Unfortunately, we are not able to test it since they don’t offer a demo account. But if we will trust QuoMarkets reviews you can expect issues there. So, to avoid headaches you can check some regulated brokers from the list below.

Deposits and Withdrawals Process

On the positive side, QuoMarkets broker covers multiple funding methods. Most importantly, they offer debit or credit card transfers. Which is important in terms of chargeback availability. All the options are:

• Debit/Credit cards
• Wire transfers
• e-payments (Skrill, Neteller)
• Crypto transfers

Only wire transfers have applicable fees. As the company states, withdrawals are processed within a day. However, to appear on the bank account it can take up to 5 days. Also, all withdrawals with a credit card have a maximum of what is deposited. So, practically profits stay in the account.

How is the Scam Performed?

Anyone coming to the website has first to confirm that they don’t come through some advertisements. This is new to the business and provides a kind of protection for a broker. But we can’t confirm if that’s the case once you are registered through the campaign. Very often with one click, you have your account registered.

Afterward, you can expect numerous calls from their agents luring to get deposits from you. Different tactics will be used on you to get to the goal. The more information you provide to the broker, the more they have to pitch you. Also, they can offer you bonuses to attract you into depositing more. But read carefully the bonus policy to avoid withdrawal tricks.

But once you want to withdraw the profits you could face serious obstacles. For example, inadequate documentation to prove your identity. Also, AML laws are very important nowadays. But also non-existent fees or taxes. If this or any other scam broker stole money from you, you can get in touch with our fund recovery team. Avoid headaches and book your first consultation today!

QuoMarkets Summary

• Misleading traders about regulation.
• QuoMarkets is an unlicensed offshore broker.
• Meta Trader 5 is available.
• The broker doesn’t offer a demo account.
• Very low minimum deposit requirement.
• Attractive trading conditions.
• The broker offers widely banned bonuses.

FAQs About QuoMarkets Broker