QuoMarkets Blackmails Clients! 5 Reasons Why This Broker Can't Be Trusted

A user filed a complaint against the unlicensed forex broker QuoMarkets, claiming that the platform not only refused to process his withdrawal but also accused him of blackmail.

Client Alleges QuoMarkets

The broker reportedly asked the client for his local bank account info, tax ID, and home address, but the client felt this was unnecessary just to withdraw money. After the user publicly shared his bad experience, he claimed that QuoMarkets accused him of blackmail. He also said the broker gave him a “final chance” to withdraw his funds — but only if he deleted his posts, signed a gag order, and accepted a permanent ban from the platform.

Broker Blocks Withdrawal

According to QuoMarkets website, users must update and verify their personal details before withdrawing funds. If the KYC process shows as incomplete in the Member Area, users are required to go through verification again.

The user said he had already completed the KYC (Know Your Customer) process when opening his account. However, when he tried to withdraw money, QuoMarkets asked him to verify his identity again. Even after doing so, the withdrawal still didnt go through.

5 Red Flags of Quo Markets

1. Disappointing score- Quo Markets has received a disappointing rating of just 1.40 out of 10 on WikiFX, raising serious concerns about its credibility and reliability in the forex trading industry. This low score suggests potential risks for traders, making it essential to conduct thorough research before investing. If you're looking for a trustworthy broker, it's crucial to consider platforms with higher ratings and stronger regulatory oversight.

2. Serious warning – WikiFX issues warning against Quo Markets by stating -

Warning: Low score, please stay away!

It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

The current information shows that this broker does not have a trading software. Please be aware!

3. Unsafe Broker- Quo Markets is considered an unsafe broker due to its lack of regulation by any top-tier financial authorities such as the FCA, ASIC, or SEBI. Instead, it is regulated by FSA, FSCA,etc. widely criticized for its weak regulatory standards. This raises serious concerns about the safety of funds and the overall transparency of the broker, making Quo Markets a high-risk choice for traders seeking a secure and reliable trading environment.

4. Overly positive reviews- Quo Markets has received a number of overly positive reviews, which may raise red flags for potential traders. Many of these reviews appear biased or fake , often lacking detailed user experiences or verified trading history. This kind of feedback can be misleading, especially when evaluating a brokers true performance and reliability. Traders should always be cautious and look for genuine, balanced reviews from trusted sources before choosing a forex broker.

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5. High risk - Investing with a high-risk broker can expose traders to serious financial dangers. These brokers often operate without proper licenses, lack transparency, and may engage in unethical practices such as manipulating trades, delaying or denying withdrawals, or providing false information.

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