QuoMarkets Review

QuoMarkets has been around since 2020 and is part of the same group that are behind Trade Quo. The business is headquartered in Kingstown, St. Vincent and the Grenadines, and also has offices that are located in Cyprus, Malaysia, Dubai, Bangkok and Colombia.

Their legal setup is a little more complex than with some other brokers. QuoMarkets operates through a group of companies which has TRADEQUOMARKETS LTD, in Dominica, holding the forex/cfd dealer’s licence. QuoMarkets LLC in St. Vincent and the Grenadines is a registered company as opposed to being the regulated broker itself. In practical terms, the Dominica entity is the regulated part of the setup.

QuoMarkets accepts clients from many countries, but not all. The restricted list includes the USA, Israel, Iran, Iraq, Canada, Russia, Afghanistan, Cuba, Cyprus, Eritrea, Liberia, Libya, Somalia and Syria.

The platform choice is solid and will be good enough for most traders. QuoMarkets offers both MetaTrader 4 and MetaTrader 5 on desktop, iOS and Android, although MT4 is only available on Standard and Raw accounts. They have also recently added MT5 SuperCharts, which is essentially a web-based version of MT5 that can be accessed from any browser without needing to install the desktop platform. Traders also have the option of connecting their account to TradingView.

When we signed up, the onboarding process was straightforward, and we found the client portal to be intuitive and well designed. The KYC process is lighter than many brokers, with email/phone verification and an ID document required, but no proof of address.

The product range is one of the better points. QuoMarkets currently offers 334 instruments, including 103 forex pairs, 8 metals, 16 indices, 12 commodities, 111 shares and 81 cryptocurrencies. The crypto list is particular good and is stronger than what we see from a lot of other brokers.

QuoMarkets clients can choose from four main account types:

• Raw Account - no minimum deposit, spreads from 0.1 pips, $3 commission per side, swap-free by request, and dynamic leverage up to 1:1000.
• Standard Account - no minimum deposit, spreads from 0.4 pips, zero commission, swap-free by request, and dynamic leverage up to 1:1000.
• Zero Account - no minimum deposit, zero spreads on major pairs for up to 97% of the day, $4 commission per side, swap-free by request, and dynamic leverage up to 1:2000.
• Limitless Account – no minimum deposit, spreads from 0.6 pips, zero commission, swap-free by request, and Limitless leverage, subject to the broker’s conditions.

All accounts can be opened in USD, EUR and JPY as base currencies.

Pricing is definitely one of their strongest selling points. When we checked the spreads on the Standard account, EUR/USD was around 0.9 pips with no commission, which is competitive. We also checked the Zero account and confirmed that spreads on the majors were showing as zero at the time we checked - they claim that the Zero account has a zero spread on major pairs for 97% of the day.

Leverage is worth reading carefully though. QuoMarkets offers high leverage, including dynamic leverage up to 1:2000 on the Zero account and Limitless leverage on its Limitless account. However, a lot of this leverage is dynamic and can change based on your trading volume, instrument type and at the broker's discretion. The Limitless account can also be moved down to 1:100 if QuoMarkets considers it necessary, so traders wanting the peace of mind that fixed high leverage offers, may not like that part.

Deposits and withdrawals can be made by wire transfer, credit/debit card, Skrill, Neteller and crypto. There is no account minimum to get started with any of the account types, although payment systems may have their own minimums. Withdrawal requests are processed within 24 hours, with crypto usually received the same day, while cards and wire transfers can take 3 to 14 days. QuoMarkets does not charge extra deposit or withdrawal fees.

Swap-free accounts are available on request to all traders, although several conditions apply, so it is worth checking the details beforehand. QuoMarkets also offers negative balance protection, social trading, a support section, and a regularly updated blog with market and education-style content.

The main drawbacks we found are related to the support being limited to email/contact form and live chat, and the dynamic nature of the leverage. Overall though, QuoMarkets offers a strong product range, sharp pricing, simple onboarding and a decent primarily MT5-based trading setup. For traders outside the restricted countries, it is worth looking at, especially if spreads and crypto coverage are high on the list.