Is QuoMarkets a Scam?

At FXCanary, our broker safety analysis is built on a multi-layered framework that goes far beyond a simple Trustpilot score. We evaluate regulatory credentials, user complaint patterns, trading conditions, and the structural protections that keep client money safe. Every broker receives a Scam Risk Score from 0 (low risk) to 100 (high risk), calculated from dozens of weighted factors. QuoMarkets currently holds a score of 36 out of 100, placing it in our 'Guarded' category. This means our investigation has uncovered enough inconsistencies and risk factors that traders should proceed with caution and only after fully understanding the broker's weak points.

Our scoring heavily penalises unregulated or weakly regulated entities, aggressive marketing of extreme leverage, and any pattern of withdrawal blockages. In QuoMarkets' case, the score reflects a regulatory license that does not properly cover the brokerage services it actually offers, combined with user reports of delayed or refused withdrawals. While the broker has many positive reviews praising customer support and fast transactions, the presence of serious complaints—even if a minority—raises red flags that cannot be ignored.

QuoMarkets operates under the legal name Tradequomarkets Financial Services L.L.C, registered at Business Tower, Main Business Village 114499 Dubai, UAE. On paper, this gives the broker a foothold in a respected financial hub. The sole license we could verify is a Capital Markets Authority (CMA) of the United Arab Emirates Investment Advisory License (IA), number 20200000320, listed as active. We cross-checked this against the official CMA public register and confirmed its status.

However, the license type is critical. An Investment Advisory License does not authorise the holder to accept client funds, execute trades, or act as a principal in any financial instrument. It is strictly limited to providing advice.

QuoMarkets, on the other hand, offers a full suite of trading services—forex, metals, indices, and crypto—alongside the acceptance of deposits and withdrawals. By operating as a brokerage under an advisory license, the firm is almost certainly engaging in activities outside the scope of its regulatory permission. This creates a fundamental gap in oversight.

The company description provided to industry databases even notes that 'QuoMarkets is still risky due to its unregulated status and high leverage,' which appears to acknowledge that its brokerage operations are not properly regulated. With zero employees on file, the operational setup raises further questions about the depth of its compliance and risk-management infrastructure.

Under a typical investment advisory license, there is no mandatory requirement for client money segregation. The funds you deposit are not protected by any mandatory investor compensation scheme, and there is no statutory negative balance protection. In the event of insolvency or misconduct, recovering your money would depend entirely on the firm's internal policies and whatever legal remedies you can pursue individually—a process that is often costly and slow.

This stands in stark contrast to brokers regulated by tier-1 authorities like the FCA or CySEC, where client funds must be held in segregated accounts and compensation schemes of up to €20,000 or £85,000 apply. With QuoMarkets, you are essentially relying on the broker’s goodwill. The CMA’s oversight of advisory firms is significantly lighter, and we found no evidence that the regulator has ever taken public enforcement action against this specific entity for exceeding its license scope. For a trader, this means the safety net is virtually non-existent.

Publicly, QuoMarkets enjoys a 4.9-star Trustpilot rating from nearly 4,000 reviews, with many users praising quick withdrawals and responsive support. Our own analysis, however, identified 21 specific withdrawal-related complaints, some describing deeply troubling scenarios. One trader detailed how they deposited after full KYC and built a balance of €4,878.06. When they attempted to withdraw, the broker first refused to return funds to their Visa card, then insisted on a USDT transfer. After the trader complied and converted everything to USDT, the withdrawal was still not processed smoothly, leading to the scathing review.

While the majority of withdrawal experiences appear to be positive, the pattern of isolated but severe blockages is a classic red flag. When coupled with weak regulation, even a small number of credible complaints suggests that the broker might selectively make withdrawals difficult for profitable traders. With no compensation fund to fall back on, a trader whose withdrawal is withheld has limited recourse beyond public pressure and complaints to a regulator that may not have jurisdiction over brokerage services.

QuoMarkets advertises account types that push leverage to absurd levels. The LIMITLESS ∞ account offers up to 1:10,000,000 leverage—a figure that no legitimate regulated broker would ever provide. Such extreme leverage is designed to attract gamblers and almost guarantees rapid account depletion, while protecting the broker from having to pay out large profits. Even the more conservative RAW and STANDARD accounts offer 1:1000, which is far beyond the 1:30 cap imposed by strict regulators.

Beyond leverage, negative user reviews point to potential execution irregularities. One trader reported delayed execution of 1 second and slippage of 30 pips on EURUSD in a flat market, accusing the broker of spread manipulation. Another complained of randomly cancelled orders and threats of account closure. While these reports are not universal—many users describe smooth execution and reliable spreads—the presence of such allegations aligns with a broker that may be operating a B-book model, where client losses are the broker’s profit.

QuoMarkets presents a conflicting picture. On the positive side, customer support agents like Renata, Natalia, Olivia, and Raden are frequently mentioned by name for their quick and professional assistance. Withdrawal approvals are often praised as fast, and the KYC process is described as straightforward. The MT5 platform appears to perform reliably for many, and bonuses are handled smoothly.

However, the negative signals carry more weight. The broker’s sole license does not cover brokerage services. Withdrawal blockages, while not the norm, appear in sufficient numbers to warrant alarm.

The offering of 1:10,000,000 leverage is, in our assessment, a predatory marketing tactic. The zero-employee count suggests a ghost operation with minimal internal oversight. Even the broker’s own industry description admits it is 'still risky due to its unregulated status and high leverage.' When these red flags are taken together, they point to an entity that is not a straightforward scam, but one where the odds are structurally stacked against the trader.

If you choose to trade with QuoMarkets despite these risks, strict precautions are necessary. Start with the smallest possible deposit—as low as $1 is offered, and that is exactly the amount you should begin with. Do not be tempted to fund your account with large sums, and never deposit money you cannot afford to lose entirely. Test the withdrawal process early, before you have accumulated substantial profits. If the broker hesitates or creates obstacles on a small withdrawal, consider it a clear warning sign.

Whenever possible, use credit or debit card deposits (such as VISA or Mastercard) to retain chargeback rights, even though the broker may push you toward irreversible methods like USDT. Keep meticulous records of all chats, emails, and transaction receipts. Should you encounter a withdrawal denial, immediately file a complaint with the UAE’s CMA and any applicable consumer protection body, though be aware that their ability to enforce against an advisory-only firm is limited. Ultimately, our Guarded score of 36 is a caution: there are far safer, fully regulated alternatives that provide genuine client fund protections and transparent trading environments.