Is Brex Capital a scam?

We assess Brex Capital as high risk and a likely scam. It is the rebrand of QRS Global, a broker named in an active forex fraud investigation in Thailand, and it runs on the same platform and client accounts. Its regulation is weak or misrepresented, so we advise against depositing.

We do not state that as a fact, because that is for a court to decide. What we can report is that Thailand's Department of Special Investigation accepted a forex fraud case naming Brex Capital's predecessor QRS Global, and arrested the director of its Thai operator on charges including conspiracy to defraud the public and money laundering. Clients of QRS reported small withdrawals allowed and larger ones blocked. We assess the risk of fraud as high.

Only partly, and not where it matters. It holds a genuine South African FSCA authorisation (FSP 55069), but that is an intermediary permission on the South African entity, not a licence to run a trading book, and it does not cover the Comoros company that holds client money. The Comoros MISA licence and the New Zealand FSP number are not meaningful regulation.

They are the same operation. The New Zealand register shows Brex Capital Limited was previously named QRS Global Limited (and earlier Vivora Capital Limited), under the same company number. The Comoros licence is still recorded to QRS Global LLC, and the old QRS website redirects to brexcapital.com.

We would not treat it as safe. Client funds are taken by an offshore Comoros company with no meaningful supervision, the operation's predecessor is under a fraud investigation with reported withdrawal blocking, and none of the claimed licences protect the money-holding entity. Consider withdrawing rather than adding funds.

The site says withdrawals are available anytime, but the same operation, as QRS Global, is accused by Thai investigators of allowing small withdrawals and blocking larger ones. If you have a balance, request a full withdrawal now and keep records. Treat any request for an extra fee or tax to release funds as a serious warning sign.

The licence number T2023349 does appear on the Mwali registrar's list, but it is recorded to QRS Global LLC, and MISA is an offshore registrar, not a functioning financial regulator. The Comoros central bank has stated these entities are not recognised in the Union of the Comoros. In practice it offers no protection.

No. FSP1009652 is an entry on the Financial Service Providers Register, which is a registration directory, not a licence and not approval by New Zealand's Financial Markets Authority. The register itself states the entity provides wholesale services only and does not serve retail clients, yet the site markets to retail traders.

No. Brex Inc at brex.com is an unrelated United States corporate card and banking company. Brex Capital at brexcapital.com is a separate offshore forex and CFD operation. A separate broker at brx-capital.com is also unrelated to both.

The Brex Capital brand launched on 5 August 2026 and the domain was registered in July 2025, so the brand itself is only months old. The underlying New Zealand company dates to 2016 but was a shell renamed through Vivora Capital and QRS Global, so this is not an established operating history.

The public chief executive is Sophie Squillacioti, an experienced industry figure based in Dubai. The New Zealand company's sole listed director is Qi Ying Li. The new owners who reportedly acquired QRS Global have not been named publicly, which is itself a concern.

Confirm the licence number on the regulator's own register, and check that the licensed entity is the one that will hold your money and that the licence permits dealing, not just advice or intermediation. Check for regulator warnings and independent withdrawal reports, and be cautious with very high leverage, tiny minimum deposits and crypto-only funding. If a broker hides a prior brand or an investigation, treat that as a red flag.