WikiFX Broker Assessment Series | QuoMarkets: Is It Trustworthy?
Abstract：In this article, we will conduct a comprehensive examination of QuoMarkets, delving into its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX endeavours to provide you with the essential information required to make an informed decision about utilizing this platform.
In this article, we will conduct a comprehensive examination of QuoMarkets, delving into its key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX endeavours to provide you with the essential information required to make an informed decision about utilizing this platform.
Background:
QuoMarkets, operating under Quo Markets LLC, is based and registered in Saint Vincent and the Grenadines. This jurisdiction, often favoured by fraudulent entities, lacks oversight from local financial authorities regarding forex brokers' activities. Without regulatory scrutiny and specific laws governing forex trading, there's no obligation for transaction reporting. This allows locally registered companies to operate without being held accountable, making them unreliable.
In contrast, reputable international brokers often have offshore offices connected to well-established parent companies. However, QuoMarkets doesn't follow this pattern, raising significant concerns that require attention.
QuoMarkets provides a diverse range of tradable assets, covering currency pairs, shares, cryptocurrencies, commodities, metals, and global indices.
Additionally, QuoMarkets offers a social trading service, facilitating money managers and traders to enhance efficiency, profitability, and generate passive income via copy-trading.
Meanwhile, QuoMarkets features a partnership program similar to the conventional introducing broker (IB) programs that enable individuals and businesses to earn commissions by referring new clients to the company.
It is important to note that, at present, QuoMarkets does not extend its services to Ukraine, Australia, USA, Israel, Iran, Iraq, Canada, Russia, Afghanistan, Cuba, Eritrea, Liberia, Libya, Somalia, Sudan, and Syria.
Types of Accounts:
QuoMarkets offers four account options: the Raw Account, the Standard Account, the Zero Spread Account, and the Limitless Account. Please refer to the attached images below for more detailed information on each corresponding account.
Deposits and Withdrawals:
QuoMarkets offers a range of payment options, including bank transfers, Visa/MasterCard, Neteller, Skrill, Dragonpay, FasaPay, and additional methods. While QuoMarkets asserts a policy of not imposing any commission or fees for deposits and withdrawals, it is important to note that any fees levied by third-party providers shall be the responsibility of the trading client.
The timeframe for funds to reflect in the account is contingent upon the chosen withdrawal method. The specifications for each deposit and withdrawal method can be referred to from the images below:
Trading Platforms:
QuoMarkets offers the MetaTrader 5 (MT5) as its sole trading platform option. This platform, available on PC, mobile, and web, is renowned for its technological sophistication and provides access to a depth of market and various advanced solutions.
Research and Education:
While QuoMarkets does provide a dedicated 'Learn' section on its official website, which comprises 'Investing 101,' 'Snaps,' as well as an economic calendar, it falls short in terms of educational and research materials. In comparison to its industry peers, QuoMarkets' resources in research and education appear relatively limited.
The 'Investing 101' section provides basic investing knowledge in text form.
Additionally, there is a 'Snap' section that provides the latest news in a simplified manner.
The economic calendar notifies traders about upcoming financial events that could potentially significantly affect the financial markets.
Customer Service:
QuoMarkets provides customer service support in multiple languages, including English, French, Dutch, Vietnamese, Bahasa Indonesia, Chinese, and more. Clients can reach out to QuoMarkets through email at support@quomarkets.com or by submitting an inquiry via the broker's callback request form.
Notably, the broker does not offer live chat service or a designated contact number on its platform. Without these avenues, users may face delays in issue resolution, experience frustration, and lack confidence in the broker's customer support, amplifying the overall risk in their trading experience.
Conclusion:
To summarize, here's WikiFX's final verdict:
WikiFX, a global forex broker regulatory platform, has assigned QuoMarkets a WikiScore of 1.94 out of 10.
This score indicates that QuoMarkets is considered a highly risky broker within the online trading industry. The assessment is based on the brokers significant deficiency as an unregulated entity operating without a valid license.
Regulatory oversight is a crucial element in ensuring transparency, accountability, and the protection of traders' interests. Users are strongly encouraged to explore alternative brokers with a proven regulatory status from WikiFX's extensive database.
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