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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 .

Contracting entity: Quality FX Ltd

sole discretionaccount closuremarketing gaphidden feewithdrawalsclient moneycomplaintsdeemed acceptancedispute deadlineforum waiver

QF Markets gives you five working days to complain, and silence after that counts as your agreement. The contract lets it cancel profit it decides was abusive, including profit you made months ago. Its own pages promise negative balance protection and fully protected funds. The Risk Disclosure says you pay every loss yourself. No regulator is named anywhere, and the 48 page agreement sets no governing law and no court.

Back to QF Markets

Contract risk

Money at risk
8.6/10

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.
9
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
12
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
5

How the 21 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.

Critical9
Warning12
Notice0

section 47 of 55is where the deepest clause sits, 85% 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.

2 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.

Critical5 working daysTime to complain. Jump to the clause this comes from.Five working days to complain, then silence counts as consentCritical30 daysDocument deadline. Jump to the clause this comes from.Deposits and trading stay open while withdrawals are blocked$10Fee on an unused account. Jump to the clause this comes from.Ten dollars a month after thirty days without activity7 daysFee you were not shown. Jump to the clause this comes from.A daily storage fee whose rate appears in no document

What the documents say

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

01

You get five working days to put a complaint to QF Markets in writing. The clock starts on the day the event happened, not the day you noticed it. Miss it and the Complaints Policy treats your silence as approval of everything the firm did.

Why this matters

A wrong charge or a bad fill that you spot two weeks later is already out of time. QF Markets can then point at its own policy and say you approved it. The five days run from the event, not from your discovery of it.

Exhibit 1CriticalHarder than usual5 working days

For a complaint to receive the attention that it deserves, we request that your complaint be submitted to us in writing within five (5) working days from the occurrence of the event that gives rise to your complaint
Quoted in Complaints Policy, p.6
Read from the broker's site on Open the reference

What it costsA trade goes wrong on a Monday. You have until the following Monday to complain in writing, counting working days only.

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

Firms licensed by the FCA and CySEC must accept a complaint whenever a client makes it, answer within a set period of weeks, and point the client to an independent body afterwards. This policy runs the deadline the other way and gives you five working days to object.

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 3A five day deadline matters far more when the only appeal afterwards is to the same company's Managing Director.
02

If the risk desk at QF Markets decides your trading was abusive or unfair, the Terms let it cancel or deduct the profit that came from it, including your historic profit. The contract never defines abusive or unfair trading behaviour and sets no time limit on how far back the deduction can reach.

Why this matters

Profit you withdrew months ago is not settled. QF Markets can take it back, close your account and ban you from opening another, and it decides alone whether your trading qualified.

Exhibit 4CriticalRarely seen

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

Our readingVoiding profit from a named prohibited act is common. Extending it to historic profit, with no definition of the trigger and no cut-off date, means no gain on the account is ever final.

  • Worse together with Exhibit 5Two separate documents each grant a discretionary power to undo trades, so closing one route still leaves the other.
03

The QF Markets fund safety page promises automated negative balance protection so your balance never drops below what you deposited. The Risk Disclosure says you must pay the firm every loss you sustain, and that you are liable for any deficit left after your positions are closed out.

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

If the market gaps through your stop, you could owe QF Markets money on top of losing your deposit. The page that reassured you is not the document that governs your account.

Exhibit 6CriticalHarder 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
Our own capture of qfmarkets.com, taken on Aug 23, 2026The claim, on Safety of Funds page, negative balance protection sectionVisit this page on the broker's siteDownload the full size image file

Where it sits: section 29 of 60 in the Risk Disclosure Policy, 48% of the way through.

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

Firms licensed by the FCA, CySEC and other regulators applying ESMA rules must give retail CFD clients negative balance protection, so the client can never owe more than the account holds. This contract makes you liable for the deficit.

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

04

QF Markets tells you client funds are always in segregated bank accounts, guaranteeing they are fully protected. The Terms allow it to place your money with a third party that may hold a lien or right of set-off over it, and the Risk Disclosure admits segregation may not give complete protection if that third party fails.

Why this matters

If the bank or processor holding your money collapses, you become an unsecured creditor with a claim you may not recover. The word guaranteed appears on the marketing page and nowhere in the contract.

Exhibit 7CriticalHarder than usual

The Company is required to hold the Clients' money in an account that is segregated from its own money, but this may not afford complete protection in the event of default of the third party where the Client money is held.
Quoted in Risk Disclosure Policy, p.6
Read from the broker's site on Open the reference
Our own capture of qfmarkets.com, taken on Aug 23, 2026The claim, on Safety of Funds page, Segregation of Client Funds sectionVisit this page on the broker's siteDownload the full size image file

Buried at section 37 of 60 in the Risk Disclosure Policy, 62% of the way through.

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

Firms licensed by the FCA and CySEC must segregate client money and belong to a compensation scheme that pays retail clients if the firm fails. No compensation scheme is named in any QF Markets document.

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

05

Until your documents are complete, QF Markets treats your account as partly verified and allows you only to deposit and trade. Pending withdrawals are cancelled and pushed back into the trading account. After 30 days without a utility bill, the account is closed.

Why this matters

Money can go in and be put at risk while it cannot come out. A withdrawal you already requested is reversed into your trading balance rather than paid to you.

Exhibit 8CriticalHarder than usual30 days

Please note that if we will not receive the required documents on file, your pending withdrawals will be cancelled and credited back to your trading account.
Quoted in Know Your Customer Policy, p.4
Read from the broker's site on Open the reference

Buried at section 29 of 36 in the Know Your Customer Policy, 81% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
First 7 days after first depositQF Markets asks you for all verification documents.
During the 30 day periodYour account counts as partly verified. You may deposit and trade only.
Documents still missingQF Markets cancels your pending withdrawals and credits them back to the trading account.
Day 30QF Markets closes the account and refunds the remaining balance.
  • Worse together with Exhibit 9Documents can be demanded at any point, and a withdrawal request is exactly the moment the firm may decide the request needs more checking.
06

The QF Markets account table says all strategies are allowed on every account. The Terms make scalping an Event of Default, define it as trading in and out within minutes, ban arbitrage outright, and bar automated advisors on the Cent account.

Why this matters

An Event of Default lets QF Markets close your account, freeze your positions and set off your balances, with no notice. The trading style the table sold you is the one that triggers it.

Exhibit 10CriticalHarder than usual

Client is engaging into scalping as defined in this Agreement;
Quoted in Terms & Conditions of Use, p.24
Read from the broker's site on Open the reference
Our own capture of qfmarkets.com, taken on Aug 23, 2026The claim, on Account Types comparison table, marked Yes for all four account typesVisit this page on the broker's siteDownload the full size image file

What it costsThe Terms define scalping as numerous transactions within a timeframe usually not greater than 5 minutes. A day trader holding positions for two minutes meets that definition.

  • Worse together with Exhibit 4A trading style the marketing invited you to use is also grounds for the firm to call your behaviour abusive and take back the profit.

Every route to challenge QF Markets closes within days and ends inside the company

QF Markets gives you five working days to complain, and two Business Days to dispute a trade confirmation. Both deadlines run from the event rather than from the day you notice, and both treat silence as agreement. The Complaints Policy escalates to the firm's own Managing Director and names no ombudsman, and QF Markets reserves the right to cancel that procedure at any time. Anything it does owe you is capped at the revenue it earned from your trading.

Exit from a dispute3 clauses flagged

You have two Business Days from receiving a trade confirmation to object in writing. After that the Terms treat it as conclusive, and the trade stands however it was priced.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

Check your statements weekly rather than daily and the window has already closed. You then carry the cost of a fill you never agreed to.

Exhibit 2CriticalHarder 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.
Quoted in Terms & Conditions of Use, p.18
Read from the broker's site on Open the reference
  • Worse together with Exhibit 1Two clocks run at once, one on the trade and a longer one on the complaint, and the shorter clock closes first.

QF Markets runs your complaint through its own staff, then its Managing Director. If you are still unhappy, the policy records the complaint as unsatisfactorily resolved. It names no ombudsman, no regulator and no court, and it says the firm can cancel the whole procedure whenever it likes.

Why this matters

There is nobody above QF Markets to appeal to. The same company investigates, decides, and closes the file. The policy also warns it may recover its costs from clients it considers unreasonable.

Exhibit 3CriticalRarely seen

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.
Quoted in Complaints Policy, p.7
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus), FSCA (South Africa)

Firms licensed by the FCA, CySEC and the FSCA must give retail clients access to an independent complaints scheme once the firm's own process ends, and must say how to reach it. This policy stops at the Managing Director.

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

Our readingInternal complaint stages are ordinary. A published procedure the firm reserves the right to cancel at any time, naming no external forum at any stage, leaves you with no route out of the company.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Within 1 working dayQF Markets enters your complaint in its Complaints Register.
Within 3 working daysQF Markets sends written acknowledgement that it received the complaint.
Within 7 working daysQF Markets gives preliminary findings and may ask you for more documents.
Within 14 working daysQF Markets proposes a solution and offers escalation to its Managing Director.
After the Managing DirectorQF Markets records the complaint as unsatisfactorily resolved. The policy names nowhere else to take it.

QF Markets caps everything it can ever owe you at the revenue you generated for it in the six months before your claim. Revenue means the spreads and commissions it collected, not the money you lost.

Why this matters

A $10,000 loss caused by a platform failure meets a ceiling set by your own trading costs, which may be a few hundred dollars. The clause says the cap holds even if that remedy fails its purpose.

Exhibit 15WarningRarely seen

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
Quoted in Terms & Conditions of Use, p.43
Read from the broker's site on Open the reference

Our readingLiability caps are common. Setting the ceiling at the firm's own earnings from the client, rather than at the client's loss or deposit, makes the payout smallest exactly where the client traded least.

  • Worse together with Exhibit 3A capped claim is worth less again when no independent body exists to decide whether the cap should apply.

QF Markets can take back profit you made months ago

The QF Markets Terms let the firm cancel or deduct profit from trading it calls abusive, including historic profit, with no definition of the trigger and no cut-off date. A separate power in the Order Execution Policy lets it alter or cancel a transaction that has already executed, at its sole discretion. Both decisions belong to QF Markets alone.

Profit reversal1 clause flagged

The Order Execution Policy lets QF Markets alter or cancel a transaction that has already been executed, at its sole discretion. It promises only reasonable efforts to tell you afterwards.

Why this matters

A closed winning trade is not settled money. QF Markets can reverse it after the fact and inform you later, and the policy gives you no deadline by which it must decide.

Exhibit 5CriticalHarder 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
Quoted in Order Execution Policy, p.4
Downloaded from the broker's site on Open the reference

Four claims on the QF Markets site that its own contract does not keep

The QF Markets fund safety page guarantees funds are fully protected and promises automated negative balance protection. The Risk Disclosure says you pay every loss and may hold only an unsecured claim if a third party fails. The account table advertises USD 5 minimums and all strategies allowed, while the Terms require 100 US Dollars and make scalping an Event of Default.

Marketing against contract1 clause flagged

The QF Markets account table offers Cent and Standard accounts from USD 5. The Terms activate an account only on a minimum initial deposit of 100 US Dollars, and let the firm close any account holding less than that.

Why this matters

Deposit the advertised $5 and the contract already permits QF Markets to close your account and charge you the bank costs of returning it.

Exhibit 14WarningHarder than usual$100

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.
Quoted in Terms & Conditions of Use, p.13
Read from the broker's site on Open the reference

QF Markets advertises zero fees and charges storage daily at a rate it never publishes

The QF Markets account table advertises 0% fees on deposits and withdrawals. Its Terms put all payment and transfer charges on you and debit them from your account, and the Refund Policy asks you to pay bank transfer fees. A daily storage fee applies to every open trade after a 7 day grace period, and no document in the set states the rate.

Cost disclosure2 clauses flagged

The account table advertises 0% fees on deposits and withdrawals. The Terms say all payment and transfer charges are borne by you and will be debited from your account, and the Refund Policy asks you to pay bank transfer fees on withdrawals. One page of the Terms says both things within a few paragraphs.

Why this matters

The amount leaving QF Markets and the amount reaching your bank are not the same. The contract lets the firm take the difference from your balance without asking first.

Exhibit 12WarningHarder than usual

All payment and transfer charges will be borne by the Client and the Company shall debit the Client Account for these charges.
Quoted in Terms & Conditions of Use, p.39
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose costs and charges to a retail client before they trade, in a form the client can understand. Here the public table says zero and the contract puts every transfer charge on you.

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

QF Markets charges a storage fee on every open trade, daily. Forex, metals and shares get a 7 day grace period. Cryptocurrencies and indices are charged from the first day. No document in the set states the rate.

Why this matters

You cannot work out the cost of holding a position before you open it. Unpaid amounts then attract interest at the applicable rate plus 4% a year, for every day they stay unpaid.

Exhibit 13WarningHarder 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).
Quoted in Terms & Conditions of Use, p.17
Read from the broker's site on Open the reference

Your money leaves QF Markets only by the road it arrived on

QF Markets requires a withdrawal to use the same transfer method and the same remitter as the original deposit, and caps a card refund at the amount deposited by card. It can reject a request it decides may not be legitimate, and warns of a delay with no outer limit. Against that, the Terms commit to executing a clean request within a maximum of two Business Days.

Exit conditions1 clause flagged

Your money must leave by the same method and to the same person that sent it. Card refunds are capped at what you paid in by card, so profit has to come out by bank transfer. QF Markets can reject a request it decides may not be legitimate, and warns there may then be a delay.

Why this matters

A card that has expired or a wallet you no longer hold turns your exit into a negotiation. The contract sets no deadline on how long a request under review may be held.

Exhibit 9WarningHarder 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
Quoted in Terms & Conditions of Use, p.38
Read from the broker's site on Open the reference

QF Markets can merge your accounts, set off your balance and close you for a shared connection

The QF Markets Terms allow set-off and the merging of your accounts at the firm's sole discretion and without your prior authorization, backed by a general lien over all your money. Different clients trading from one IP address are prohibited, and the firm may close any account sharing an IP or client ID. Its conflict and money laundering policies can change with no notice at all.

Account control3 clauses flagged

QF Markets prohibits different clients trading from the same IP address, and gives itself the right to close any account sharing an IP or client ID. A household, an office or a shared mobile connection meets the test.

Why this matters

A partner or flatmate who also trades here puts your account at risk. The rule looks at the connection, not at whether either of you did anything wrong.

Exhibit 16WarningHarder than usual

The company has the right to close any account which uses the same CID or IP in order to trade.
Quoted in Terms & Conditions of Use, p.33
Read from the broker's site on Open the reference
  • Worse together with Exhibit 4A shared connection is the evidence that turns two ordinary accounts into behaviour the firm can call abusive and strip the profit from.

QF Markets can set off money held for you against what it says you owe, and merge your accounts, at its sole discretion and without your prior authorization. It also holds a general lien over all your money until your obligations are satisfied.

Why this matters

A balance you were keeping separate can be taken to cover a shortfall somewhere else in your relationship with the firm. You find out afterwards.

Exhibit 17WarningHarder than usual

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.
Quoted in Terms & Conditions of Use, p.37
Read from the broker's site on Open the reference

QF Markets gives five Business Days notice before changing the Terms. Its Conflict of Interest Policy and its money laundering policy can both be amended whenever the firm thinks fit, without telling you.

Why this matters

The rules that decide how your orders are handled and how your money is checked can change while you hold open positions, and nothing obliges QF Markets to send you word.

Exhibit 18WarningHarder than usual

the Company reserves the right to review and/or amend its Policy and arrangements whenever it deems this appropriate without notice to the Client.
Clause 9 in Conflict of Interest Policy, p.7
Read from the broker's site on Open the reference

Buried at section 47 of 55 in the Conflict of Interest Policy, 85% of the way through.

A 48 page QF Markets agreement that names no law and no court

The QF Markets Terms describe themselves as the entire agreement between you and the firm, yet across all 48 pages they name no governing law, no court, no venue and no arbitration forum. The Complaints Policy refers to your rights under the Law without saying which law. A client with a dispute is left to establish jurisdiction against a Marshall Islands company from wherever they live.

No forum1 clause flagged

The QF Markets agreement calls itself the entire agreement between you and the firm. Across all 48 pages it never names a governing law, a court, a venue or an arbitration forum. The Complaints Policy points to rights under the Law without saying which law.

Why this matters

If you need to sue, nothing in the contract tells you where or under what law. You would be starting against a Marshall Islands company from wherever you live.

Exhibit 20WarningRarely seen

This Agreement and any other rules and policies referred to herein or published on the website of the Company as may be updated or amended from time to time, constitute the entire and whole Agreement between You and the Company.
Quoted in Terms & Conditions of Use, p.22
Read from the broker's site on Open the reference

Our readingMost retail agreements pick a law and a court, usually one that suits the firm. Naming neither leaves the client to establish jurisdiction from scratch before any argument about the money begins.

  • Worse together with Exhibit 3No outside complaints body and no named court together leave the firm's own decision as the last word in practice.

The QF Markets conflict policy leaves out the conflict that matters

Across eight pages the QF Markets Conflict of Interest Policy covers gifts, staff dealing and information barriers, and never says the firm is the other side of your trade. That admission appears only in the Risk Disclosure, at paragraph 38 of 60, which says execution runs through the firm rather than an exchange. The same document adds that QF Markets may hold positions at prices you cannot get.

Undisclosed conflict1 clause flagged

The eight page Conflict of Interest Policy lists gifts, staff dealing and information barriers. It never says QF Markets is the other side of your trade. That admission sits in the Risk Disclosure, which says execution happens through the firm rather than on an exchange, and that the firm may hold positions at prices you cannot get.

Why this matters

The document you would read to understand the conflict leaves out the biggest one. QF Markets sets the price, holds the other side, and owes you no duty to share what it knows.

Exhibit 19WarningHarder than usual

Transactions in CFDs are not undertaken on a recognized or designated investment exchange but they are undertaken through the Company's trading systems whereby execution is effected through the Company and, accordingly, they may expose the Client to greater risks than exchange transactions.
Quoted in Risk Disclosure Policy, p.5
Read from the broker's site on Open the reference

Buried at section 38 of 60 in the Risk Disclosure Policy, 63% of the way through.

Thirty days without a login starts a ten dollar monthly charge

QF Markets treats an account as dormant after thirty calendar days with no login, trade, deposit or withdrawal. The Terms then apply what they call a penalty of $10 a month in your base currency and remove any bonus credit. Once the balance falls below the 100 US Dollar minimum, QF Markets may close the account and pass on the bank charges.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Leave the account alone for a month and QF Markets applies what the Terms call a penalty of $10 in your base currency, every month. Thirty calendar days without a login, trade, deposit or withdrawal makes the account dormant and strips any bonus credit.

Why this matters

A small account is emptied by the charge itself. Once your balance drops under the $100 minimum, QF Markets can close the account and pass on bank charges too.

Exhibit 11WarningHarder 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.
Quoted in Terms & Conditions of Use, p.31
Read from the broker's site on Open the reference

What it costsA $60 balance left untouched carries $10 a month. After five months it is $10, and below the $100 minimum the whole time.

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.
Day 30Remaining bonus and promotion credits are removed.
Each month afterA $10 penalty is charged in your account base currency.
Balance under $100QF Markets may close the account and charge you any bank costs.

Quality FX Ltd calls itself an authorised provider and names no regulator

Every QF Markets document names Quality FX Ltd, registered in the Marshall Islands under number 118067, with a head office given in Limassol, Cyprus. The Complaints Policy and the Client Funds Policy describe an authorised Financial Services Provider with duties under a code of conduct. No regulator, licence number or code is named in any document or on any page of the site.

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.

Counterparty1 clause flagged

The Complaints Policy tells you QF Markets is an authorised Financial Services Provider with specific duties to clients. The Client Funds Policy says the firm is required to act as an authorised company under a general code of conduct. No document and no page names the regulator, the licence number or the code.

Why this matters

The wording suggests supervision that the firm never evidences. Quality FX Ltd is a Marshall Islands registered company, and a company registration number gives you no financial regulator to complain to.

Exhibit 21WarningHarder than usual

The organisation is an authorised Financial Services Provider and as such we have certain specific duties to you, our client.
Quoted in Complaints Policy, p.5
Read from the broker's site on Open the reference
Set against a regulated standard: FSCA (South Africa)

A firm authorised by the FSCA appears on a public register with a licence number it must publish. QF Markets uses the authorised provider wording while naming no regulator and no licence anywhere on its site.

QF Markets is not licensed by this regulator, 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 site promises your balance can never fall below your deposit, while the Risk Disclosure makes you pay every loss and any deficit left over.

Said in public, in English

Trading derivatives involves a high level of risk. 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.

Safety of Funds page, negative balance protection section

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

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

Funds are guaranteed fully protected in public, while the Risk Disclosure says segregation may not give complete protection if the third party holding the money fails.

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.

Safety of Funds page, Segregation of Client Funds section

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

The Company is required to hold the Clients' money in an account that is segregated from its own money, but this may not afford complete protection in the event of default of the third party where the Client money is held.

03

Every account is advertised as allowing all strategies, while the Terms list scalping as an Event of Default and ban arbitrage outright.

Said in public, in English

All Strategies Allowed

Account Types comparison table, marked Yes for all four account types

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

Client is engaging into scalping as defined in this Agreement;

04

Accounts are advertised from USD 5 while the Terms activate an account only at 100 US Dollars and allow closure below that figure.

Said in public, in English

Minimum Deposit

Account Types comparison table, Minimum Deposit row showing USD 5 for the Cent and Standard accounts

In the contract

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.

05

Zero fees on deposits and withdrawals is advertised, while the Terms put every payment and transfer charge on the client and debit it from the account.

Said in public, in English

0% Fees on Deposits & Withdrawals

Account Types comparison table, marked Yes for the Standard, Premium and Raw Spread accounts

In the contract

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

The documents this reading is based on

12 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 .

Documents
9 of 12downloaded from the broker's site, and 9 read in full
Pages opened
22pages walked to find those documents, footer links included
Older copies
7earlier versions downloaded, 7 identical to the copy we hold by fingerprint
Marketing pages
9public pages set against what the contract says
Position measured
5clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Quality FX Ltd

Every QF Markets legal document names the same counterparty: Quality FX Ltd, registered in the Marshall Islands under number 118067, at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro. The site adds a head office at 59 Agiou Athanasiou, Limassol, Cyprus. No document and no page on the site names a financial regulator or a licence number. Registration in the Marshall Islands is a company registration, not a financial licence. The Complaints Policy and the Client Funds Policy both describe the firm as an authorised Financial Services Provider, and the Conflict of Interest Policy uses South African definitions such as an immaterial financial interest capped at USD 100, but no South African licence is claimed anywhere on the site.

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.

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 on one page, all free to download, which is more than many brokers manage. The Terms commit to executing a withdrawal within a maximum of two Business Days once the paperwork is complete, and that is a firmer promise than most contracts make. The Margin Policy states a 20% close-out level that matches the figure in the public account table, so the two agree. The Risk Disclosure runs to nine pages and is detailed on slippage, gapping and third party risk. QF Markets also prints the 72.99% retail loss figure on its own marketing pages, including the page selling its deposit bonus.

We could not read the Margin Policy in full. Parts of its text would not render for us, so we quote only the passages that came through cleanly. We read the Order Execution Policy and the Privacy Policy in part, searching them rather than reading end to end. The Terms and Conditions runs to 48 pages and we read all of it, though a small amount of its text did not render. The archived copy of the Refund Policy could not be downloaded, so we could not compare it against today's version. No earlier copy exists for the Terms and Conditions, the Risk Disclosure, the Margin Policy or the Contract for Difference note, so we cannot say when those four last changed. QF Markets publishes in English only, so there were no other language versions to compare against the contract.

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 Aug 23, 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.

Back to the QF Markets profile