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