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Contract reading

What QF Markets legally published, but does not want you to read

Every clause below is published by QF Markets itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on . We have read it 2 times.

Contracting entity: Quality FX Ltd

sole discretionwithdrawalsmarketing contradictiondeemed acceptanceforum waiverhidden feeprofit voidingaccount closureabusive tradingbonus lock

QF Markets promises automatic negative balance protection on its website. Its Risk Disclosure says you must pay every loss you run up. The contract lets QF Markets delete profit you have already earned if its own risk team calls your trading abusive, and gives you five working days to complain before your silence counts as agreement. Two documents name a different company with a South African licence, while your account sits with an unlicensed Marshall Islands firm.

Back to QF Markets

Contract risk

Money at risk
8.8/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
11
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
29
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
14
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
9

How the 29 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical11
Warning16
Notice2

section 60 of 64is where the deepest clause sits, 94% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical30 daysDocument deadline. Jump to the clause this comes from.Withdrawals blocked for thirty days while deposits stay openCritical2In the contract. Jump to the clause this comes from.The licence on the bonus terms belongs to another companyCritical5 working daysTime to complain. Jump to the clause this comes from.Five working days to complain, then silence counts as consent1Account limit. Jump to the clause this comes from.Two people on one connection can lose both accounts

What the documents say

29 clauses worth knowing about, worst first, each quoted from QF Markets's own files

01

QF Markets tells you on its website that your trading balance can never fall below what you put in. The Risk Disclosure says you must pay QF Markets every loss you run up. The Terms leave you liable for any shortfall.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

A weekend gap or a fast move can take your account below zero, and QF Markets can then ask you for the difference. The protection you were shown on the website is not in the document you agree to.

Exhibit 1CriticalHarder than usual

You have to pay to the Company all losses you sustain as well as all other amounts payable under the terms and conditions for CFDs trading.
Quoted in Risk Disclosure Policy, p.5
Read from the broker's site on Open the reference

Where it sits: section 25 of 60 in the Risk Disclosure Policy, 42% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus), ESMA (EU)

Firms licensed by the FCA, CySEC or any EU regulator under ESMA rules must give retail CFD clients negative balance protection, so a client can never owe more than the account holds. QF Markets advertises the same protection and then makes you liable for any deficit in its Risk Disclosure.

QF Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

02

QF Markets can delete profit you have already made, including profit from months ago, if its risk team decides your trading was abusive. The contract never says what abusive means.

Why this matters

You can trade for a year, build a balance, and see it cut back. No test is written down, so you cannot check in advance whether your strategy counts as abusive.

Exhibit 2CriticalHarder than usual

Cancel or deduct any profit which resulted from the abusive behaviour including historic profit;
Clause CLIENT ABUSE in Terms & Conditions of Use, p.40
Read from the broker's site on Open the reference

Buried at section 330 of 405 in the Terms & Conditions of Use, 81% of the way through.

  • Worse together with Exhibit 13Two accounts on one home connection is itself treated as prohibited trading, which opens the door to the profit cancellation clause.
03

A missing utility bill leaves you on a partly verified account for up to 30 days. QF Markets still takes your deposits and lets you trade, and it cancels any withdrawal you have requested.

Why this matters

Your money can go in and cannot come out. If the 30 days run out without the document, QF Markets closes the account and decides when the balance goes back.

Exhibit 3CriticalHarder than usual30 days

If, for any reason, the client cannot provide us with a recent utility bill during the account opening procedure, he has a thirty-day period to submit the utility bill to the Company. During this period, the account will be considered as a partially verified account and the client is only allowed to make deposits and trading in his account.
Clause CLIENT ACCOUNT OPENING PROCEDURE in Terms & Conditions of Use, p.12
Read from the broker's site on Open the reference

Where it sits: section 11 of 36 in the Terms & Conditions of Use, 31% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must complete identity checks before a client can trade, not after. QF Markets reverses the order: it opens trading and deposits on a partly verified account and holds back only the withdrawals.

QF Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Account openingQF Markets asks for ID and a utility bill no older than six months.WHICH DOCUMENTS ARE REQUIRED WHEN A CUSTOMER OPENS AN ACCOUNT?
First 7 daysQF Markets asks for all documents within seven days of your first deposit.WHEN DOES THE CUSTOMER NEED TO PROVIDE THESE DOCUMENTS?
Day 1 to 30You may deposit and trade only. Pending withdrawals are cancelled and put back in the trading account.CLIENT ACCOUNT OPENING PROCEDURE
Day 30QF Markets closes the account and says any remaining money will be refunded.CLIENT ACCOUNT OPENING PROCEDURE
  • Worse together with Exhibit 12One clause cancels the withdrawal while documents are outstanding, the other lets QF Markets reject the request as not legitimate once they are in.
04

You open the account with Quality FX Ltd in the Marshall Islands, and no document names a regulator for it. The deposit bonus terms are written for Quality FX (Pty) Ltd, a South African company with a named regulator and a licence number.

Why this matters

Whatever that licence is worth, it is not attached to the company holding your money. Two firms in two countries share one brand, and the one you contract with answers to nobody named in writing.

Exhibit 4CriticalRarely seen2

Quality FX (Pty) Ltd operating under the trading name QF Markets is an Authorised Financial Services Provider registered and existing in the Republic of South Africa under registration number 2014/148132/07 and regulated by the Financial Sector Conduct Authority under license number 46087
Quoted in Deposit Bonus Terms & Conditions, p.2
Read from the broker's site on Open the reference

Our readingBrokers often run several licensed entities and tell you which one you are signing with. Here the two companies are never set side by side, and the only document naming a regulator is a promotional one reachable from the bonus page rather than from the legal documents page.

05

You get five working days to put a complaint to QF Markets in writing. Miss that window and the Complaints Policy treats your silence as approval of everything QF Markets did.

Why this matters

The clock starts the day the problem happened, not the day you noticed it. A charge you spot on a statement three weeks later is already agreed, on the policy's own wording.

Exhibit 5CriticalHarder than usual5 working days

Failure to object within the above-mentioned time period of five (5) working days from the occurrence of the event that gives rise to the complaint, shall be deemed ratification by you of all actions undertaken by us prior to making you complaint.
Clause Complaint must be in writing in Complaints Policy, p.6
Read from the broker's site on Archived copyOpen the reference

Buried at section 46 of 64 in the Complaints Policy, 72% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA give clients six years to bring a complaint, and the Financial Ombudsman Service accepts cases up to six months after the firm's final answer. QF Markets allows five working days from the event itself.

QF Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 6Two separate deadlines run at once: five working days for a complaint and two business days for the trade itself, both starting before you are likely to have noticed.
06

If QF Markets decides a trader you copied was trading abusively, it can cancel that trader's trades and yours with them. You do not need to have done anything yourself.

Why this matters

Profit you made by following a signal can be reversed because of someone you never met. The same document says QF Markets is not liable for what the copied trader decides.

Exhibit 6CriticalRarely seen

In the event that the Company identifies abusive trading, the Company reserves the right to cancel both the master trades and the followers' trades.
Clause 10.1 in Copy Trading Terms & Conditions, p.7
Read from the broker's site on Open the reference

Our readingCancelling a third party's trades for someone else's conduct is unusual even in copy trading. The follower has no way to see the master's other accounts, cannot audit the behaviour being judged, and carries the reversal anyway.

  • Same clause as Exhibit 7Clause 10 both cancels a follower's trades for the master's conduct and blocks profit withdrawals for a pattern of ordinary one way trading.

The protections on the QF Markets website are not in the QF Markets contract

QF Markets guarantees automatic negative balance protection on its Safety Of Funds page, in English and in Indonesian. Its Risk Disclosure says you must pay every loss you sustain and makes you liable for any deficit. The same pattern repeats across four more claims: fully protected funds against a general lien, all strategies allowed against scalping as an Event of Default, USD 5 minimum deposits against a 100 US Dollar contractual floor, and zero withdrawal fees against a clause debiting every charge from your account.

Promise against clause4 clauses flagged

The website says your money sits in segregated accounts and is fully protected. The Terms give QF Markets a general lien over all your money and let it place that money with a third party that may have its own claim over it.

Why this matters

Segregation separates your money from the firm's money. It does not stop QF Markets claiming your balance against what you supposedly owe, and it does not protect you if the third party holding it fails.

Exhibit 10CriticalHarder than usual

The Company shall have a general lien on all Client money held by the Company or its Associates or its nominees on the Client's behalf until the satisfaction of the Client's obligations.
Clause LIEN in Terms & Conditions of Use, p.37
Read from the broker's site on Open the reference

Buried at section 303 of 405 in the Terms & Conditions of Use, 75% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC hold retail client money in trust, cannot take a general lien over it, and are covered by a compensation scheme if they fail. QF Markets claims a general lien over all client money and names no compensation scheme.

QF Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The account types table says All Strategies Allowed for every account QF Markets sells. The Terms make scalping an Event of Default, ban arbitrage outright, and bar automated trading on the Cent account.

Why this matters

An Event of Default lets QF Markets close your positions, merge your accounts, set off your balances and refuse your orders. The strategy that triggers it is one the sales page told you was fine.

Exhibit 11CriticalHarder than usual

Client is engaging into scalping as defined in this Agreement;
Clause DEFAULT in Terms & Conditions of Use, p.24
Read from the broker's site on Open the reference

Where it sits: section 192 of 405 in the Terms & Conditions of Use, 47% of the way through.

The account types page offers a Cent and a Standard account from USD 5. The Terms say your account is activated on a minimum initial deposit of 100 US Dollars, and that QF Markets can close any account holding less than that.

Why this matters

Deposit the advertised $5 and you are already under the contract's floor. QF Markets reserves the right to close the account, tell you afterwards, and charge you the bank costs of sending the money back.

Exhibit 19WarningHarder than usual$100

the Company will open a Client Account for him, which will be activated upon the Client depositing the minimum initial deposit of 100 US Dollars or other amount in other currency (according to the Currency of the Client Account) as determined by the Company in its discretion from time to time.
Clause CLIENT ACCOUNT OPENING PROCEDURE in Terms & Conditions of Use, p.13
Read from the broker's site on Open the reference

Where it sits: section 97 of 405 in the Terms & Conditions of Use, near the start.

QF Markets runs a full Indonesian version of its site, including an Indonesian legal documents page telling you to read and acknowledge the legal information. Every document behind it is in English, and the Terms say no translation binds QF Markets.

Why this matters

You are sold to in Indonesian and bound in English. If the Indonesian page misstates something, QF Markets has already said it carries no legal effect and no liability for it.

Exhibit 20WarningHarder than usual

Translation or information provided in languages other than English is for informational purposes only and do not bind the Company or have any legal effect whatsoever, the Company having no responsibility or liability regarding the correctness of the information therein.
Clause LANGUAGE in Terms & Conditions of Use, p.18
Read from the broker's site on Open the reference

Where it sits: section 141 of 405 in the Terms & Conditions of Use, 35% of the way through.

You have five working days to complain, and the last word belongs to the Managing Director

QF Markets gives you five working days from the event to complain in writing, and treats silence after that as ratification of everything it did. A trade confirmation becomes conclusive after two business days. If you escalate to the Managing Director and are still unhappy, the policy only records the complaint as unresolved. No ombudsman is named, and liability is capped at the revenue you generated in six months.

Exit from a dispute3 clauses flagged

A trade confirmation from QF Markets is treated as correct and final unless you write in within two business days of getting it. After that the numbers stand.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A wrong fill price or a missing trade has to be caught within two business days. Most people check a statement monthly, by which point the contract says the trade is settled.

Exhibit 8CriticalHarder than usual2 working days

Trade confirmations shall, in the absence of manifest error, be deemed conclusive unless the Client notifies the Company in writing to the contrary within two (2) Business Days following the Day of receipt of the said Trade Confirmation.
Clause CONFIRMATIONS AND STATEMENTS in Terms & Conditions of Use, p.18
Read from the broker's site on Open the reference

Where it sits: section 140 of 405 in the Terms & Conditions of Use, 35% of the way through.

If you are unhappy with the answer, you can escalate to the Managing Director of QF Markets. If you are still unhappy, the policy says the complaint is only recorded as unresolved.

Why this matters

There is no ombudsman, no regulator and no arbitration scheme to go to next. The last word on your money belongs to an employee of the company holding it, and QF Markets can cancel the whole procedure whenever it likes.

Exhibit 9CriticalHarder than usual

If, after having referred the complaint to the Managing Director, you are still not satisfied with the outcome, we will regard the complaint as being unsatisfactorily resolved.
Clause Procedure in Complaints Policy, p.7
Read from the broker's site on Archived copyOpen the reference

Buried at section 60 of 64 in the Complaints Policy, 94% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give retail clients access to an independent ombudsman and an investor compensation scheme after the internal process ends. QF Markets offers neither, and its own procedure can be withdrawn at any time.

QF Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

If QF Markets owes you anything, the Terms cap it at the revenue you generated for QF Markets in the six months before the claim. Any liability is paid only out of that revenue.

Why this matters

A quiet trader who lost money to a platform failure has generated little revenue, so the cap is close to nothing. The size of your loss makes no difference to the cap.

Exhibit 24WarningHarder than usual

ANY LIABILITY ARISING UNDER THIS AGREEMENT WILL BE SATISFIED SOLELY FROM THE REVENUES GENERATED. IN NO EVENT SHALL OUR LIABILITY EXCEED THE TOTAL AMOUNT OF REVENUES GENERATED BY THE CLIENT IN THE SIX MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND EVEN IF THE LIMITED REMEDIES PROVIDED HEREIN FAIL OF THEIR ESSENTIAL PURPOSE.
Clause RESERVATIONS CONCERNING OUR RESPONSIBILITY in Terms & Conditions of Use, p.43
Read from the broker's site on Open the reference

Buried at section 356 of 405 in the Terms & Conditions of Use, 88% of the way through.

QF Markets can take back profit you have already made, including profit from months ago

QF Markets can cancel or deduct any profit from what it calls abusive behaviour, historic profit included, and the contract never defines abusive. The copy trading terms go further: if the trader you copied is judged abusive, QF Markets can cancel your trades too, and trading one symbol repeatedly in one direction blocks profit withdrawal entirely. The Order Execution Policy lets QF Markets cancel a trade it has already executed when its own hedge failed.

Earned money2 clauses flagged

The copy trading terms list a prohibited strategy: trading the same symbol in the same direction again and again. If you do that, QF Markets says no profit withdrawal will be allowed.

Why this matters

Buying the same pair repeatedly because you think it is going up is ordinary trend following. Under this wording it can lock your profit in the account for good.

Exhibit 7CriticalRarely seen

Engaging in external hedging by consistently trading the same symbol in the same direction. If the same symbol is traded in the same direction, no profit withdrawal will be allowed.
Clause 10.2(d) in Copy Trading Terms & Conditions, p.7
Read from the broker's site on Open the reference

Our readingBrokers normally restrict arbitrage, latency abuse or hedging between accounts. Treating repeated same direction trading in one symbol as abuse covers the most common retail strategy there is, and the penalty is a block on profit withdrawal rather than a closed position.

QF Markets can alter or cancel a trade it has already executed, at its sole discretion. One of the listed reasons is that QF Markets failed to cover the trade itself.

Why this matters

A winning trade can be undone because QF Markets could not hedge it, which is its problem rather than yours. The policy only promises reasonable efforts to tell you afterwards.

Exhibit 23WarningHarder than usual

The Company may in its sole discretion, while making reasonable efforts for post-notification, alter transactions, not transmit, not execute or cancel an executed transaction if:
Clause BEST EXECUTION FACTORS in Order Execution Policy, p.3
Read from the broker's site on Open the reference

Where it sits: section 12 of 35 in the Order Execution Policy, 34% of the way through.

QF Markets charges a daily fee whose rate it publishes nowhere

A daily storage fee starts after 7 days on forex, metals and shares, and on day one for crypto and indices, and no QF Markets document states the rate. The Contract Specifications that should carry it are referred to throughout the contract and published nowhere we could find. On top of that, every bank and transfer charge is debited from your account, and an abuse finding on the bonus adds 5% to any withdrawal you make afterwards.

Cost disclosure3 clauses flagged

QF Markets charges a daily storage fee on open positions, after seven days for forex, metals and shares and from day one for crypto and indices. No document it publishes states the rate.

Why this matters

You cannot work out what holding a position costs you. The rate sits in a Contract Specifications document the contract refers to repeatedly and that we could not find published anywhere.

Exhibit 14WarningHarder than usual7 days

The Client shall pay storage fees for Forex, Metals and Shares after 7 days since the trade was open and for cryptocurrencies and Indices from the 1st day of opening trade(s). The storage fee will be applied for any open trade, and will be applied daily after the grace period.
Clause COMMISSIONS, CHARGES AND OTHER COSTS in Terms & Conditions of Use, p.17
Read from the broker's site on Open the reference

Where it sits: section 133 of 405 in the Terms & Conditions of Use, 33% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the costs and charges of a product before they trade it, in cash terms as well as percentages. QF Markets commits you to a daily fee and publishes no rate for it.

QF Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The account types page promises 0% fees on deposits and withdrawals. Two sentences apart in the Terms, QF Markets says it charges no fees and then says all payment and transfer charges are yours and will be debited from your account.

Why this matters

Whatever the bank or payment processor takes comes out of your balance, and QF Markets takes it directly. On a small withdrawal a fixed wire charge can swallow a large slice of the money.

Exhibit 15WarningHarder than usual

All payment and transfer charges will be borne by the Client and the Company shall debit the Client Account for these charges.
Clause DEPOSITS AND WITHDRAWALS in Terms & Conditions of Use, p.39
Read from the broker's site on Open the reference
Our own capture of qfmarkets.com, taken on Oct 15, 2026The claim, on Plan Comparison table on the Account Types page, answered Yes for the Standard, Premium and Raw Spread accountsVisit this page on the broker's siteDownload the full size image file

Buried at section 314 of 405 in the Terms & Conditions of Use, 78% of the way through.

If QF Markets decides you abused the bonus, it can close your account and put a 5% charge on any withdrawal that follows. The charge appears in the bonus document and nowhere in the fee information.

Why this matters

A judgement you cannot appeal costs you 5% of whatever you take out. The bonus document is not listed on the legal documents page, so you would only see this if you opened the link on the promotions page.

Exhibit 16WarningRarely seen5%

The Company reserves the right to close the Trading Account of any client in case the Risk Management of the Company decides that the Client proceeded in an abusive Trading Behaviour of any kind and to place 5% charge on any withdrawal following the bonus abuse.
Clause 22 in Deposit Bonus Terms & Conditions, p.4
Read from the broker's site on Open the reference

What it costsA $10,000 withdrawal after a bonus abuse finding loses $500 to the charge. Taking the money out in four parts costs the same $500.

Our readingBrokers commonly strip a bonus and the profit made with it. Levying a percentage charge on every later withdrawal turns a one off penalty into a standing tax on getting your own deposit back.

  • Worse together with Exhibit 17The bonus vanishes the moment you withdraw, and a later abuse finding adds 5% to every withdrawal you make after that.

Money leaves QF Markets by the route it arrived, if QF Markets considers the request legitimate

Withdrawals must use the same method and the same remitter as the original deposit, and QF Markets can reject a request it deems may not be legitimate, with no deadline on that decision. Card refunds have to be asked for within 7 days of payment and only if no trades were placed. Processor charges and exchange rate losses come out of whatever returns to you.

Exit conditions2 clauses flagged

Money leaves QF Markets by the same method and to the same person who sent it in. QF Markets can reject the request if it decides the request may not be legitimate, and it sets no deadline for deciding.

Why this matters

If the card you deposited with has expired, your exit route has gone with it. The clause gives no grounds you can argue against and no date by which an answer must arrive.

Exhibit 12WarningHarder than usual

The client accepts that withdrawal of any part of the Funds shall be concluded using the same transfer method and the same remitter as the one which the Company originally received the Funds from; under such circumstances, the Company shall return the part of the Funds requested net of any transfer fees or other charges incurred by the Company.
Clause DEPOSITS AND WITHDRAWALS in Terms & Conditions of Use, p.38
Read from the broker's site on Open the reference

Buried at section 313 of 405 in the Terms & Conditions of Use, 77% of the way through.

A card refund has to be requested within 7 days of the payment, only if no trades were placed, and only back to the card that paid. Processor charges and exchange rate losses come out of what you get back.

Why this matters

After day eight the route is closed, and a single trade closes it sooner. What returns is less than what you sent, with the shortfall set by costs QF Markets does not quantify.

Exhibit 25WarningHarder than usual7 days

all cancellation requests shall be submitted within 7 days from the moment of the initial payment;
Quoted in Refund Policy, p.2
Read from the broker's site on Open the reference

Any withdrawal removes the whole QF Markets bonus, and waiting periods can follow

Taking out any amount removes your entire deposit bonus, as does a margin call or a negative balance, and QF Markets accepts no liability for the margin call that removal causes. QF Markets can also impose a waiting period between consecutive withdrawals for as long as the bonus runs. The bonus document is reachable from the promotions page and is not listed on the legal documents page.

Credit conditions1 clause flagged

Taking any money out removes your whole bonus, and a margin call or a negative balance does the same. QF Markets can also impose a waiting period between withdrawals for as long as the bonus runs.

Why this matters

Withdrawing $50 can cost you a $1,000 credit that was holding your positions open. QF Markets says it is not liable for the margin call that removal causes.

Exhibit 17WarningHarder than usual

The bonus is removed on any withdrawal.
Clause 9 in Deposit Bonus Terms & Conditions, p.3
Read from the broker's site on Open the reference

QF Markets can merge your accounts, set off your balances and change the terms without notice

QF Markets can combine every account in your name, pool the balances and set them against each other at its sole discretion and without your authorization. Two clients trading from one IP address can both be closed. Three policies can be amended whenever QF Markets thinks fit with no notice, and spreads and lot sizes can change with no prior notification at all.

Unilateral control3 clauses flagged

QF Markets prohibits two clients trading from the same IP address, and can close any account sharing an address or a client ID. The same ban appears again in the bonus terms and the copy trading terms.

Why this matters

A couple, two flatmates or a parent and child on one home connection breach this without knowing. The penalty is closure of the accounts, and sharing an address is also treated as the abuse that triggers profit cancellation.

Exhibit 13WarningStandard wording1

The company has the right to close any account which uses the same CID or IP in order to trade. In order to trade for another client you need to have a regulatory license.
Clause CFD'S TRADING in Terms & Conditions of Use, p.34
Read from the broker's site on Open the reference

Buried at section 277 of 405 in the Terms & Conditions of Use, 68% of the way through.

QF Markets can combine all the accounts in your name, pool the balances and set them against each other. It says it can do this at its sole discretion and without your prior authorization.

Why this matters

Money you kept in a separate account to protect it is not separate. A loss on one account can be taken from another without a call or an email first.

Exhibit 21WarningStandard wording

In addition, the Company may, at its sole discretion, from time to time and without your prior authorization set-off any amounts held on your behalf against your obligations to the Company and/or merge any of your accounts held with the Company.
Clause NETTING AND SET-OFF in Terms & Conditions of Use, p.37
Read from the broker's site on Open the reference

Buried at section 305 of 405 in the Terms & Conditions of Use, 75% of the way through.

Three of the policies say QF Markets can amend them whenever it thinks fit, without notice to you. The Order Execution Policy also lets QF Markets change spreads, lot sizes and other trading terms with no prior notification.

Why this matters

The cost of a trade you are about to place can change before you place it. Checking the website for changes is your job, and the contract says so.

Exhibit 22WarningHarder than usual

The company reserves the right to change any contract specifications at any time depending on the market situation and risk management policy with no prior notification, but after making available to the Clients the changes through the website or in a durable medium.
Clause Size of order in Order Execution Policy, p.4
Read from the broker's site on Open the reference

Where it sits: section 19 of 35 in the Order Execution Policy, 54% of the way through.

The licence QF Markets displays belongs to a different company from the one holding your money

Twelve QF Markets documents name Quality FX Ltd of the Marshall Islands and no regulator. The deposit bonus terms name Quality FX (Pty) Ltd of Durban, licensed by South Africa's Financial Sector Conduct Authority. The 48 page agreement never says which country's law governs it or which court would hear a dispute, and the website lists a head office in Limassol, Cyprus, which is neither country.

Who you are signing with1 clause flagged

The Terms run to 48 pages and never say which country's law applies or which court hears a dispute. The only legal system mentioned anywhere is the Marshall Islands, in the registration footer.

Why this matters

You cannot find out where to sue, or under whose law, before you deposit. A contract silent on both leaves you arguing that question first, at your own cost.

Exhibit 27WarningRarely seen

This Agreement is legally binding between the Parties and shall conclusively govern the relationship between the Parties.
Clause SUBORDINATION TO THE AGREEMENT AND THE BINDING EFFECT THEREOF in Terms & Conditions of Use, p.10
Read from the broker's site on Open the reference

Our readingA governing law and jurisdiction clause is near universal in retail trading agreements, because it protects the firm too. Its absence from a 48 page agreement leaves the forum open to argument, which favours whichever side can afford the argument.

The QF Markets conflict policy leaves out the conflict on every trade you place

Eight pages on conflicts of interest cover staff gifts, information barriers and the four eyes principle, and never say that QF Markets sets the price you trade on. The markup is admitted in the Risk Disclosure instead, along with the fact that QF Markets may hold positions at prices you were never offered. No execution venue is named anywhere in the document set.

Whose side1 clause flagged

The eight page Conflict of Interest Policy covers staff gifts, information barriers and the four eyes principle. It never mentions that QF Markets quotes the price, marks it up and holds positions you cannot see.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

The one conflict that affects every trade you place is missing from the policy written about conflicts. You have to read the Risk Disclosure to find out that QF Markets may hold positions at prices you were never offered.

Exhibit 26WarningHarder than usual

The Company may have access to information that is not available to you and may have acquired trading positions at prices that are not available to you.
Quoted in Risk Disclosure Policy, p.6
Read from the broker's site on Open the reference

Buried at section 47 of 55 in the Risk Disclosure Policy, 85% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must tell a retail client clearly when the firm is the counterparty to their trades, because the firm then gains when the client loses. QF Markets discloses the markup in its Risk Disclosure and leaves it out of the policy on conflicts.

QF Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Thirty quiet days start a $10 monthly charge on your QF Markets account

Thirty days without a login, trade, deposit or withdrawal makes every QF Markets account you hold dormant. A $10 monthly penalty then applies, any bonus is removed, and a second clause lets QF Markets add a maintenance fee it sets itself. Once the balance falls under the 100 US Dollar minimum, QF Markets can close the account and charge you the bank costs.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Thirty days with no login, trade, deposit or withdrawal makes your account dormant. QF Markets then charges $10 a month, strips any bonus, and can add a further maintenance fee it sets itself.

Why this matters

A small account left alone for a few months drains away without you trading at all. One clause sets the penalty at $10 a month and another leaves the amount to QF Markets, so you cannot tell which applies.

Exhibit 18WarningHarder than usual$10

If a client did not make any activity on his account for a month, the clients gets a penalty equalling to 10$ in the client's account base currency for each month.
Clause CLIENT ACKNOWLEDGEMENTS OF RISK AND CONSENTS in Terms & Conditions of Use, p.31
Read from the broker's site on Open the reference

Buried at section 252 of 405 in the Terms & Conditions of Use, 62% of the way through.

What it costsA $60 balance left untouched is gone in six months at $10 a month. Nothing in the clause stops the charge when the balance runs low.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 30QF Markets treats all your accounts as dormant.CLIENT ACKNOWLEDGEMENTS OF RISK AND CONSENTS
Day 30Any remaining bonus or promotion credit is removed.CLIENT ACKNOWLEDGEMENTS OF RISK AND CONSENTS
Each monthA $10 penalty is taken in your account currency every month.CLIENT ACKNOWLEDGEMENTS OF RISK AND CONSENTS
Balance under $100QF Markets may close the account and charge you any bank or related charges.CLIENT MONEY AND CLIENT ACCOUNT

QF Markets keeps deposits and trading open for thirty days while withdrawals stay blocked

A missing utility bill puts you on a partly verified QF Markets account for up to 30 days, where you may deposit and trade but any pending withdrawal is cancelled. At day 30 QF Markets closes the account and decides when the balance returns. An affiliate who introduced you may also see your personal information, by a consent you gave on signing up.

Verification hold1 clause flagged

If an affiliate brought you to QF Markets, the Privacy Policy says that introducer may have access to your information. Opening the account counts as your unequivocal consent.

Why this matters

The person earning commission on your trading can see your details, and you agreed to it by signing up. The policy sets no limit on what the introducer may see.

Exhibit 28NoticeHarder than usual

Where you have been introduced to us by a Business Introducer, such Business Introducer may have access to your information. You hereby unambiguously and unequivocally consent to the sharing of information with such Business Introducer.
Clause NON-AFFILIATED THIRD PARTIES in Privacy Policy, p.4
Read from the broker's site on Open the reference

Where it sits: section 18 of 34 in the Privacy Policy, 53% of the way through.

QF Markets documents describe an authorised firm under a law they never identify

The QF Markets Complaints Policy calls the firm an authorised Financial Services Provider, the Funds Policy calls it an authorised company, and the Order Execution Policy invokes a Financial Services Authority Act. None of them names a regulator, a country or a licence number. No investor compensation scheme is mentioned in any of the fourteen documents.

Regulatory standing1 clause flagged

The Complaints Policy calls QF Markets an authorised Financial Services Provider and the Order Execution Policy relies on a Financial Services Authority Act. Neither names the regulator or the country, and no licence number appears in any Marshall Islands document.

Why this matters

The documents read as though a regulator stands behind them. Nothing in them tells you who that is, so there is no body to check the firm against or complain to.

Exhibit 29NoticeHarder than usual

The organisation is an authorised Financial Services Provider and as such we have certain specific duties to you, our client. One of these duties is the establishment of a formal complaints' resolution procedure, which will enable you to exercise your rights as provided for in the Law.
Clause Purpose of this document in Complaints Policy, p.5
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), FSCA (South Africa)

Firms licensed by the FCA, CySEC or the FSCA must state the regulator and the licence number in client documents, so a client can verify the firm on a public register. The Marshall Islands documents name neither, while separately invoking duties owed under an unnamed law.

QF Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The website guarantees your balance cannot go below your deposit, while the Risk Disclosure makes you pay every loss you sustain.

Said in public, in English

That is why QF Markets has geared up for automated negative balance protection, ensuring that the trading balance will never drop below the level of the original amount deposited.

Risk Management section of the English Safety Of Funds page

In the contract · clause RISKS PARTICULARLY ASSOCIATED WITH TRANSACTIONS IN CFDs

You have to pay to the Company all losses you sustain as well as all other amounts payable under the terms and conditions for CFDs trading.

02

The same guarantee is made in Indonesian, while the English only Risk Disclosure holds the client liable for any deficit.

Said in public, in Indonesian

Itulah sebabnya QF Markets telah bersiap untuk perlindungan saldo negatif otomatis, memastikan bahwa saldo perdagangan tidak akan pernah turun di bawah jumlah awal yang disetorkan.

Word for word in English: That is why QF Markets has prepared automatic negative balance protection, making sure that the trading balance will never fall below the initial amount deposited.

Manajemen Resiko section of the Indonesian Safety Of Funds page

In the contract · clause RISKS PARTICULARLY ASSOCIATED WITH TRANSACTIONS IN CFDs

Failure to do so in the time required in the margin call may result in the liquidation of positions at a loss and the Client will be liable for any resulting deficit.

03

Funds are called fully protected in public, while the contract claims a general lien over all of them.

Said in public, in English

Client funds are always kept in segregated bank accounts, guaranteeing that the funds are fully protected and not used for any activities related with QF Markets.

Segregation of Client Funds section of the English Safety Of Funds page

In the contract · clause LIEN

The Company shall have a general lien on all Client money held by the Company or its Associates or its nominees on the Client's behalf until the satisfaction of the Client's obligations.

04

Indonesian readers are promised fully protected funds, while the contract lets a third party hold a claim over the same money.

Said in public, in Indonesian

Dana klien selalu disimpan di rekening bank terpisah, menjamin bahwa dana tersebut terlindungi sepenuhnya dan tidak digunakan untuk aktivitas apa pun yang terkait dengan QF Markets.

Word for word in English: Client funds are always kept in separate bank accounts, guaranteeing that these funds are fully protected and not used for any activity connected with QF Markets.

Pemisahan Dana Klien section of the Indonesian Safety Of Funds page

In the contract · clause CLIENT MONEY AND CLIENT ACCOUNT

The Company may deposit Client money with a third party who may have a security interest, lien or right of set-off in relation to that money.

05

Every account is sold with all strategies allowed, while scalping is the first listed Event of Default in the contract.

Said in public, in English

All Strategies Allowed

Plan Comparison table on the Account Types page, answered Yes for the Cent, Standard, Premium and Raw Spread accounts

In the contract · clause DEFAULT

Client is engaging into scalping as defined in this Agreement;

06

Accounts are advertised from USD 5 while the contract activates an account only on a 100 US Dollar deposit.

Said in public, in English

USD 5

Minimum Deposit row of the Plan Comparison table, for both the Cent Account and the Standard account

In the contract · clause CLIENT ACCOUNT OPENING PROCEDURE

the Company will open a Client Account for him, which will be activated upon the Client depositing the minimum initial deposit of 100 US Dollars or other amount in other currency (according to the Currency of the Client Account) as determined by the Company in its discretion from time to time.

07

Three account types are sold with zero deposit and withdrawal fees, while the contract debits every payment charge from the account.

Said in public, in English

0% Fees on Deposits & Withdrawals

Plan Comparison table on the Account Types page, answered Yes for the Standard, Premium and Raw Spread accounts

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of qfmarkets.com

In the contract · clause DEPOSITS AND WITHDRAWALS

All payment and transfer charges will be borne by the Client and the Company shall debit the Client Account for these charges.

08

Indonesian readers are told to read and acknowledge the legal documents, which exist only in English, in a contract that gives no translation any legal effect.

Said in public, in Indonesian

Sebelum Anda mulai berdagang dengan QF Markets, disarankan agar informasi hukum berikut dibaca dan diketahui, untuk memahami sepenuhnya praktik bisnis dan tanggung jawab hukum kami secara keseluruhan.

Word for word in English: Before you start trading with QF Markets, it is recommended that the following legal information is read and acknowledged, in order to fully understand our overall business practices and legal responsibilities.

Opening line of the Indonesian Dokumen Legal page, above twelve Indonesian document titles that all link to English PDFs

In the contract · clause LANGUAGE

Translation or information provided in languages other than English is for informational purposes only and do not bind the Company or have any legal effect whatsoever, the Company having no responsibility or liability regarding the correctness of the information therein.

09

The Cent Account is advertised with unlimited positions and capped at 100 open positions by the contract.

Said in public, in English

Maximum number of positions

Plan Comparison table on the Account Types page, answered Unlimited for all four accounts including the Cent Account

In the contract · clause CLIENT ACKNOWLEDGEMENTS OF RISK AND CONSENTS

the Client is not entitled to open more than 100 positions at a time on Cent Account;

The documents this reading is based on

14 files, all published by QF Markets. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording QF Markets publishes.

How this reading was done

Every clause above was read out of a document QF Markets publishes itself

This reading was published on . It is the newest of 2 readings we keep of these documents. See every reading.

Documents
14 of 14downloaded from the broker's site, and 14 read in full
Pages opened
44pages walked to find those documents, footer links included
Older copies
6earlier versions downloaded, 3 identical to the copy we hold by fingerprint
Marketing pages
9public pages set against what the contract says
Languages
EN vs IDthe language it advertises in, against the language it contracts in
Position measured
21clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Quality FX Ltd

Your contract is with Quality FX Ltd, registered in the Marshall Islands under number 118067 at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro. Twelve of the fourteen documents carry that company in their footer. No regulator and no licence number appear in any of them, although the Complaints Policy calls the firm an authorised Financial Services Provider and the Order Execution Policy invokes a Financial Services Authority Act it never identifies. The Deposit Bonus Terms name a different company: Quality FX (Pty) Ltd of Durban, South Africa, registration 2014/148132/07, licensed by the Financial Sector Conduct Authority under number 46087. The website footer gives a head office at 59, Agiou Athanasiou, 4102, Limassol, in Cyprus, which is neither of those two countries.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

Every time we have read this contract

We keep 2 readings of QF Markets’ documents, newest first. Each one shows what we said at the time.

2 readings

What changed since Aug 23, 2026

The counts below are about our own list of clauses. A clause can join it because the broker added it, or because this reading found something the last one missed.

New on our list
14 clauses
Off our list
6 clauses
We rate critical
11 now, 9 then
Our risk score
8.6 to 8.8 out of 10

Every document QF Markets published at the previous review is identical today, so nothing in the contract has changed. Re-reading confirms all twenty one clauses we warned about are still in force, including the $10 monthly dormancy penalty, the five working day complaint window and the thirty day withdrawal block. Two documents are new to this review: the Deposit Bonus Terms and the Copy Trading Terms. They hold the harshest clauses. QF Markets can cancel your copied trades because the trader you followed was judged abusive. It can block profit withdrawals entirely for trading one symbol in one direction, and it charges 5% on withdrawals after alleged bonus abuse. The bonus document also names the South African company whose licence we could only describe as unnamed last time. The risk score moves from 8.6 to 8.8 on those newly read clauses.

The counts above are the totals each reading published. They show that a total moved. They do not yet say which single clause was added or dropped.

  1. CurrentRisk 8.8/1029 clauses11 critical
  2. Risk 8.6/1021 clauses9 criticalReplaced

We keep every past reading so you can check what we said before, and when we said it. Those pages are archived snapshots of an older contract, so search engines are asked not to index them.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

QF Markets publishes twelve legal documents openly on one page, in readable PDFs, which many offshore brokers do not. The Risk Disclosure runs nine pages and covers third party risk, omnibus accounts and technical failure in real detail. Every page of the website carries the figure that 72.99% of its retail accounts lose money. The Terms promise withdrawals within two business days and let you take out free margin without closing the account. The bonus page itself warns that the bonus disappears on any withdrawal, rather than hiding it in the PDF.

This review covers all fourteen current documents. Two of them, the Deposit Bonus Terms and the Copy Trading Terms, are not listed on the legal documents page at all. We found them linked from the promotions and copy trading pages and read them there. No earlier copy exists for the Contract for Difference, the Funds Policy, the KYC Policy, the Margin Policy or the Order Execution Policy, so those five have no earlier version. The earlier copies of the AML Policy, the Complaints Policy and the Conflict of Interest Policy are identical to today's files. The contract repeatedly points to a document called the Contract Specifications for spreads, swap rates and storage fee rates. We could not find it published anywhere. The review does not cover the client portal, which needs an account, so anything shown only during registration is outside its scope.

How to check any of this yourself

Every quote above links to the QF Markets file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document QF Markets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge QF Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 15, 2026.

If you represent QF Markets and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on QF Markets. Whether its licence is real and current is a separate check on the broker profile.

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