Wikilix independent safety report
Brex Capital is high risk. It is the rebrand of QRS Global, a broker at the centre of an active forex investment fraud investigation in Thailand, so we rate it a likely scam and urge caution before d…
Risk scorecard · each area scored 0 (clean) to 10 (worst)
What Wikilix has recorded about Brex Capital: its history, the licences it holds, its trading conditions and its fees.
Brex Capital is an online forex and CFD broker operated by Brex Capital LLC, a company incorporated on the Autonomous Island of Mwali in the Union of the Comoros and licensed there by the Mwali International Services Authority under licence number T2023349. The brand trades through a single platform, MetaTrader 5, and markets primarily to Southeast Asia, with an English and Thai website and local banking rails for Thailand, Laos and Vietnam. Accounts open from 5 USD, leverage reaches 1:3000 on the entry tier, and every instrument is advertised as swap free and commission free.
Three separate companies appear in the Brex Capital footer, and only one of them is the firm a client deals with.
The distinction matters because the Brex Capital Client Agreement states that clients contract exclusively with Brex Capital LLC and that no affiliate is responsible for the company's obligations. The South African and New Zealand entities are therefore named on the site but stand outside the trading relationship.
Brex Capital is regulated only in the Comoros, by an offshore authority operating a light-touch framework with no compensation scheme. Asked the same question in its own FAQ, the broker answers with the Comoros licence alone and does not cite the South African licence. A client of Brex Capital LLC is not covered by the Financial Sector Conduct Authority, and no authority in the markets the site targets supervises this firm.
Brex Capital LLC gives two different registration numbers for itself. The website footer states reg.number 9429042326809, while the company's own legal documents print Registration No. 457 LLC 2020 on every page. The first of those is a New Zealand Business Number, and it belongs to Brex Capital Limited, the separate New Zealand company named two lines further down the same footer. Governing law for the client relationship is the Union of the Comoros.
Licence T2023349 is held by the Comoros entity and is recorded as active from 22 August 2023, covering forex, futures, derivatives and options trading. The Mwali authority publishes no searchable public register, so a prospective client cannot independently confirm the licence or its scope, and the authority offers no client-money compensation fund.
Brex Capital carries the risks of any offshore-only broker, and its published terms are unusually favourable to the firm. The site states that client money is held in segregated accounts, but no bank, auditor or independent confirmation is given. The Trading and Compliance Policy reserves a perpetual claw back right allowing the company to recover profits at any time without time limit, even after withdrawal; permits a manual quotation mode in which every order requires prior approval; and imposes a seven business day deadline for any claim, which the policy applies even where the fault is the company's own system. Disputes escalate to a private membership body rather than a statutory ombudsman, and liability is capped at the account balance.
Four live accounts run on MetaTrader 5, and the deposit ladder is short.
A free MT5 demo account is offered. The account pages are not internally consistent: the PRO card states 1:2000 where the comparison table on the same page states 1:1000, and the CENT minimum appears as both 500 cent units and 5 USD.
Brex Capital charges no commission on any trade and no overnight swap on any instrument, so the whole cost sits in the spread. Indicative spreads are quoted from 0.5 pips on EURUSD, 1.6 on gold and 20.0 points on US30. Deposits and withdrawals carry no fee from the broker, although the client's own bank or payment provider may charge. A ten second minimum holding time applies to every position, and scalping is listed among the events that put an account in default.
Maximum leverage is 1:3000 and steps down automatically as equity grows, from 1:3000 below 100 USD to 1:100 above 100,000 USD. Cryptocurrency instruments are capped at 1:200. Leverage at this level is far above what onshore regulators in most of the markets the site reaches permit retail clients to use.
MetaTrader 5 is the only platform, available on desktop, web and mobile, and every account type runs on it. Brex Capital adds a branded mobile app and a copy trading service on top of the same platform. No proprietary terminal and no MetaTrader 4 option is offered.
Funding is regional rather than global. The published channels are local bank transfer in Thailand through SCB, KBank, Bangkok Bank and Krungthai from 150 THB, local bank transfer in Laos and Vietnam from 150,000 LAK and 150,000 VND, and USDT on TRC20 or ERC20 from 100 USDT. Local transfers are quoted at instant to 15 minutes and crypto at 10 to 30 minutes. Withdrawals are stated to be reviewed and processed within 24 hours with a minimum of 150 THB or 5 USD, and funds must return to the channel and the name they arrived from. Note that the 100 USDT crypto minimum is twenty times the advertised 5 USD account minimum, so the entry-level account cannot be funded that way.
Support runs 24 hours a day in English and Thai, through live chat, email at support@brexcapital.com, a LINE account and a web form. No telephone number and no office outside the Comoros registered address is published anywhere on the site.
Strengths:
Limitations:
Brex Capital presents as a competitively priced MT5 broker for Southeast Asian retail traders, and the pricing and funding side of that offer is real and clearly documented. The regulatory picture is the part that needs care: the licence that actually governs a client's account is the Comoros one, and the more reassuring South African licence belongs to a company the Client Agreement puts outside the relationship. Anyone considering an account should read the Trading and Compliance Policy before funding, because the claw back, claim deadline and order handling provisions define what happens when something goes wrong far more than the marketing pages do.
3 full-page captures of Brex Capital's own site, archived so what they said can still be read after the pages change.
Every licence Brex Capital has in force is from an offshore regulator. Most carry no compensation scheme — each row below says what the issuing regulator actually requires.
A genuine South African regulator. FSP 55069 is a Category I authorisation for intermediary services on derivative instruments and deposits, held by Brex Capital (Pty) Ltd (registration 2025/134967/07). It is not a dealing or market-maker licence, and it covers the South African entity, not the Comoros company that holds client funds. Client protection: Limited. Intermediary conduct in South Africa only; does not protect deposits taken by the offshore entity.. Effective: 30 Jun 2025.
Verification note
Held by Brex Capital (Pty) Ltd, a separate South African company (registration 2025/134967/07), not by Brex Capital LLC. The Client Agreement states clients contract exclusively with Brex Capital LLC and that no affiliate is responsible for its obligations, so this authorisation does not extend to the trading relationship.
These are the rules FSCA sets for the firms it licenses. They are not a statement about how Brex Capital applies them, or about which of its companies would hold your account.
An offshore registrar on the autonomous island of Mwali, not a functioning financial regulator. The Comoros central bank has said these entities are not recognised in the Union of the Comoros. Licence T2023349 is recorded on the MISA list to QRS Global LLC (qrsfx.com), the predecessor identity. Client protection: None. Does not protect client deposits.. Effective: 22 Aug 2023.
Verification note
Offshore Comoros (Mwali) authorisation held by the entity clients actually contract with. Light-touch framework: no client-money compensation scheme and no public register lookup. This is the only authorisation covering Brex Capital LLC, the counterparty named in the Client Agreement.
These are the rules MISA sets for the firms it licenses. They are not a statement about how Brex Capital applies them, or about which of its companies would hold your account.
4 account types on record. Minimum deposit from USD 5. Leverage up to 1:3000.
| Account | Min Deposit | Leverage | Commission |
|---|---|---|---|
| STANDARDStandard | USD 5 | 1:3000 | No commission |
| CAPITALClassic · Standard | USD 5 | 1:2000 | No commission |
| CENTCent | CENT 500 | 1:2000 | No commission |
| PROPro · VIP | USD 1,000 | 1:1000 | No commission |
Where Brex Capital says it will and won't take clients
No country restrictions on record. We looked and found nothing published — which is not the same as being open to everyone. Check Brex Capital's terms.
7 ways to fund an account. 7 with no deposit fee. 7 credit instantly.
| Method | Deposit fee | Withdrawal fee | Min deposit | Withdrawal min / max | Processing |
|---|---|---|---|---|---|
| Thai Local Bank Transfer (SCB, KBank, Bangkok Bank, Krungthai)Bank TransferStated processing time is instant to 15 minutes. Brex Capital charges no fee on either side, though the bank may apply its own. Withdrawal requests are reviewed and processed within 24 hours and must return to the same account the deposit came from. | Free | Free | THB 150 | THB 150Not recorded | Instant |
| Laos Local Bank TransferBank Transfer1 | Free | Free | LAK 150,000 | Not recordedNot recorded | Instant |
| Vietnam Local Bank TransferBank Transfer1 | Free | Free | VND 150,000 | Not recordedNot recorded | Instant |
| Thai Local Bank Transfer (SCB, KBank, Bangkok Bank, Krungthai)Bank TransferQuoted in Thai baht. Stated processing time instant to 15 minutes. No fee charged by the broker, though the bank may apply its own. Withdrawals are processed within 24 hours and must return to the account the deposit came from. | Free | Free | USD 150 | USD 150Not recorded | Instant |
| Laos Local Bank TransferBank TransferQuoted in Lao kip. Stated processing time instant to 15 minutes, with no fee charged by the broker. | Free | Free | USD 150,000 | Not recordedNot recorded | Instant |
| Vietnam Local Bank TransferBank TransferQuoted in Vietnamese dong. Stated processing time instant to 15 minutes, with no fee charged by the broker. | Free | Free | USD 150,000 | Not recordedNot recorded | Instant |
| Cryptocurrency (USDT TRC20/ERC20)CryptocurrencyQuoted in USDT. Stated processing time 10 to 30 minutes. The 100 USDT minimum is twenty times the advertised 5 USD account minimum. Wallet ownership verification is required and withdrawals must return to the originating wallet. | Free | Free | USD 100 | Not recordedNot recorded | Instant |
One trading platform on record: Meta Trader 5.
MetaTrader 5 is the only trading platform Brex Capital offers, and every account type runs on it. The broker also publishes a branded mobile app and a copy trading service built on the same platform.
One domain on record. All active and served over HTTPS.
3 legal entities behind the Brex Capital brand.
The operating company is Brex Capital Limited (formerly QRS Global Limited; formerly Vivora Capital Limited). Registered in New Zealand. Registration number 5981047.
4 other brokers on the record share what Brex Capital offers — its country, regulator, account types or platforms — set beside it on the same measures.
Common questions about Brex Capital
Complaints go first to compliance@brexcapital.com within 30 days, with a written response due in 10 business days, th...
Support is offered 24 hours a day in English and Thai, through live chat on the site, email to support@brexcapital.co...
There is no evidence of fraud, and the operation is real: a working platform, three named companies, and licence reco...
The broker does not publish a list. Its risk warning says it does not serve certain regions without naming any, and its compliance policy refers to jurisdiction restrictions that are not set out anywhere on the site.
The registration form asks only for a name, email, mobile number and password, with no country of residence field at all, so nothing in the sign-up process indicates which residents are accepted or refused.
The published instrument tables cover forex majors, gold and silver, the US30, US100, US500, UK100 and dollar index, WTI, Brent and natural gas, and four crypto CFDs.
Be aware the site is inconsistent about its range: the markets page headline offers stocks and ETFs, but no stock or ETF appears in any instrument table, and the same page claims both 20 plus instruments in total and 40 plus currency pairs.
MetaTrader 5 only, on desktop, web and mobile, and every account type runs on it. There is a free MT5 demo account.
Brex Capital adds a branded mobile app and a copy trading service on top of the same platform. MetaTrader 4 is not offered and there is no proprietary terminal.
The broker states requests are reviewed and processed within 24 hours, with Thai baht payouts often landing the same day. The minimum withdrawal is 150 THB or 5 USD and the broker adds no fee.
The compliance policy allows a hold where an investigation, an AML review, a suspected identity issue, an outstanding chargeback or a profit claw back applies, so the 24 hour figure describes the normal case rather than a guarantee.
Funding is regional. Local bank transfer is offered in Thailand through SCB, KBank, Bangkok Bank and Krungthai from 150 THB, in Laos from 150,000 LAK and in Vietnam from 150,000 VND, all quoted at instant to 15 minutes. USDT on TRC20 or ERC20 is accepted from 100 USDT, quoted at 10 to 30 minutes.
Money must come back out the same way and in the same name it went in.
The spread is the only stated cost. Brex Capital charges no commission on any trade and no overnight swap on any instrument, and no deposit or withdrawal fee of its own.
Indicative spreads start at 0.5 pips on EURUSD, 1.6 on gold and 20.0 points on US30. Spread from varies by account, from 0.8 pips on PRO to 1.6 pips on STANDARD and CENT.
Up to 1:3000, which is among the highest advertised anywhere and far beyond what onshore regulators allow retail clients.
It is dynamic and falls as your balance grows: 1:3000 below 100 USD, 1:2000 to 10,000 USD, 1:1000 to 20,000 USD, 1:500 to 50,000 USD, 1:300 to 100,000 USD and 1:100 above that. Cryptocurrency is capped at 1:200 regardless of tier.
Five US dollars on the STANDARD and CAPITAL accounts, or 500 cent units on the CENT account. The PRO account requires 1,000 US dollars.
One practical catch: the only USD funding channel is USDT, and that carries a 100 USDT minimum, twenty times the advertised account minimum. The 5 USD entry point is only reachable through the Thai, Lao or Vietnamese local bank rails.
No, not if you are a client of Brex Capital LLC. FSP licence 55069 is held by Brex Capital (Pty) Ltd, a separate South African company registered as 2025/134967/07, and the Client Agreement places affiliates outside your trading relationship.
The licence itself is real and in force from 30 June 2025 for financial derivatives trading. It simply does not cover the counterparty holding your money.
Brex Capital LLC, a company incorporated on the Autonomous Island of Mwali in the Union of the Comoros, at Bonovo Road, Fomboni. Its Client Agreement states that clients contract exclusively with this company.
Two affiliates are named on the site: Brex Capital (Pty) Ltd in South Africa and Brex Capital Limited in New Zealand. The agreement expressly says no affiliate is responsible for the company's obligations. Individual ownership of the Comoros company is not disclosed.
Only in the Comoros. The entity you actually open an account with, Brex Capital LLC, holds licence T2023349 from the Mwali International Services Authority, an offshore authority with no client compensation scheme and no searchable public register. The broker's own FAQ gives this same single licence when asked the question.
The site also advertises a South African FSCA licence and a New Zealand register entry, but neither belongs to the company you contract with.
Comments
Share your thoughts and experiences with Brex Capital