January 29, 2023

QuoMarkets Review- NOT a Genuine FX quomarkets.com

QuoMarkets

Consider trading with QuoMarkets broker? Is quomarkets.com genuine? Let’s see QuoMarkets review to know about this forex broker.

This content promises to share helpful review to support clients/traders in making the right decision.

QuoMarkets

QuoMarkets also known as quomarkets.com is an offshore brokerage company with a lot of promises for forex traders. The broker goes by the trade name DVenture Markets Limited. Here, it claims registration by the Financial Service Authority (FSA) of St. Vincent & the Grenadines and office address in Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.

What is more, the brokerage offers two different account types such as RAW and STANDARD.

Account type

Further, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.

See section below

Deposit and Withdrawal

QuoMarkets Minimum Deposit:

QuoMarkets deposit is indicated $5 based on the account type. While this seems to be a good offer to start with, clients and traders must be concerned about investing in a licensed brokerage where they are sure of their funds.

The good thing about a licensed FX broker is that minimum deposit is made known to traders, and clients can start trading as low as $100 with the assurance of their trading funds.

As for the payment methods, the broker presented various funding options like VISA, Master Card, Skrill, Neteller and Transfer Wise.

Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!

Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

Withdrawal process:

QuoMarkets withdrawal says the broker does not accept any fee on withdrawal request except on Transfer Wise method. Also, clients can expect their fund after 5 days processing time.

Quo Markets Platform:

QuoMarkets platform only offers web based trading platform with no mention of MT4 or MT5 (Industry standard trading platforms). The good things about MT4 or MT5 are features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.

As for QuoMarkets leverage, it can get up to 1:1000. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

Why quomarkets.com Is A Suspicious Forex Broker

First of, quomarkets.com has no financial authority overseeing its financial services. We believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate brokers. Take a close look at their warning.

Unfortunately, the broker is a clear scam whose presentation of SVG governance and regulation cannot be proved. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker.  See excerpt from SVG

SVG Warning

In addition, the platform does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

QuoMarkets Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

Verdict:

QuoMarkets located at quomarkets.com claims to be a genuine trading broker, howbeit, that cannot be verified. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.

Do you find this post informative? Please write us your experience on the comment section below.

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