Cypurs-Connected Offshore Broker QuoMarkets Secures Red Compliance Listing!

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In our review of the QuoMarkets offshore brokerage operation, we’ve uncovered that it is registered as a securities dealer with the Financial Services Authority (FSA) in the Seychelles. Not surprisingly, there’s a significant link to Cyprus through TQBG Ltd, which serves as the payment agent for QuoMarkets. Despite targeting traders in the UK, EEA regions, and beyond, QuoMarkets has no regulatory permission for these jurisdictions. QuoMarkets has been added to our Red Compliance List.

QuoMarkets Key data

Trading namesQuoMarkets
Social mediaLinkedIn
Legal entitiesDVenture Markets Limited (SVG)
Quo Markets LLC (SVG)
Trade Quo Global Ltd (Seychelles)
Trade Quo Global (CY) Ltd
TQBG Ltd (Cyprus)
JurisdictionsSt. Vincent & The Grenadines
Contact data[email protected]
RegulatorFSA for Trade Quo Global
Leverage1:500 (offshore) and 1:30 (regulated)
Proper KYCyes for regulated
Investor protection
& Ombudsman
Related individualsPrzemyslaw Czerka
Payment agentTBQT Ltd
Trustpilot 4.8-Star rating with “Excellent” trust level
Compliance warningRed

Short QuoMarkets Narrative

QuoMarkets offshore broker scheme with Cyprus connections

QuoMarkets operates under Quo Markets LLC, registered with the Financial Service Authority (FSA) of St. Vincent & the Grenadines as an International Business Company. The website and services of are provided by a consortium of companies, including:

  • Quo Markets LLC, previously known as DVenture Markets Limited, operates under the umbrella of Trade Quo Global Ltd.
  • Trade Quo Global Ltd is a company based in the Seychelles and registered as a Securities Dealer by the Financial Services Authority (FSA) with license number SD140.
  • TQBG Ltd is a Cyprus-registered entity serving as the payment agent for Trade Quo Global Ltd.

The director of TQBG, the Cyprus-based payment agent for QuoMarkets, is Przemyslaw Czerka, who has previous associations with the collapsed CySEC-regulated broker ACFX. Czerka is listed as the contact person in QuoMarkets’ FSA registration and serves as the director for B.L.P. BUSINESS LINK PARTNERS SOLUTIONS LTD in Cyprus.

Compliance Check

Review Date: February 10, 2024

QuoMarkets asserts its registration with the FSA in St. Vincent & The Grenadines, implying a form of regulatory oversight. However, it’s crucial to note that the FSA does not regulate forex brokers, nor does it issue licenses for forex trading, brokerage, or binary options trading. The FSA of St. Vincent and the Grenadines has explicitly stated it does not “Regulate, Monitor, Supervise or License” International Business Companies (IBCs) engaging in these activities, even issuing warnings regarding such misconceptions.

Trade Quo Global Ltd, based in the Seychelles, is recognized for holding a trader dealer license, a noteworthy credential within its jurisdiction. However, it’s important to clarify that this license does not extend QuoMarkets the authority to offer its financial products across different regulatory landscapes.

During our comprehensive review, registering an account with QuoMarkets from the UK or other European Economic Area (EEA) jurisdictions was straightforward, with these regions readily selectable from jurisdiction and phone number drop-down menus. This accessibility, despite the absence of regulatory clearance for these areas, flags a potential concern regarding compliance and regulatory adherence.

Positive Aspects of Compliance Review:

  • Pre-KYC Deposits: A commendable practice observed was the impossibility to make deposits, whether in cryptocurrencies or fiat currencies, prior to completing Know Your Customer (KYC) procedures. This policy underscores QuoMarkets’ commitment to upholding security and anti-money laundering standards.
  • Customer Reviews: QuoMarkets boasts a high satisfaction rate, evidenced by a 4.8-star rating and an “Excellent” Trustlevel on Trustpilot, accumulated from approximately 140 reviews. Such positive feedback highlights customer trust and satisfaction with their services. In the QuoMarkets case, this rating raises a few questions.

Areas of Concern:

  • No regulatory permission: The broker scheme offers financial services without regulatory permission in the UK, EEA, and most other jurisdictions.
  • Trustpilot Reviews: Despite the high ratings, a deeper analysis reveals a disproportionate number of 5-star reviews from first-time reviewers, predominantly based in Poland. This pattern raises questions about the authenticity of these reviews and suggests the possibility of manipulated ratings to enhance their online reputation.

In summary, while QuoMarkets demonstrates commendable practices in certain areas of compliance and customer satisfaction, the potential regulatory mismatches and concerns over the genuineness of customer reviews necessitate a cautious approach from potential clients and regulators. It’s essential for investors to consider these factors carefully when evaluating their engagement with QuoMarkets.

We have included QuoMarkets in our Red Compliance list and advise traders to avoid this offshore broker.

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