Is QF Markets a scam?

We assess the risk as high and put the likelihood at 70 percent. Japan's Kanto Local Finance Bureau warned in December 2024 that the operator, Quality FX Ltd, was soliciting derivatives business there without registration, and the broker's own terms claim an FSCA licence that the South African register records to a different company. We did not find verified evidence of clients being refused their money, so our finding rests on false regulatory claims and the absence of any licence over the entity that holds deposits.

No regulator or court has found fraud against Quality FX Ltd, and we found no fraud-related court record naming the company. What is on the public record is a Japanese regulatory warning for unregistered solicitation and a licence claim the issuing register attributes to another firm. On that basis we assess the risk of fraud as high, but we state it as our assessment and not as an established fact.

No. The entity that contracts with clients, Quality FX Ltd, is a Marshall Islands company with registration number 118067 and no financial services licence. The live site names no regulator. An older terms document on the same site claims South African FSCA licence 46087, which the FSCA register records to GatesFX (Pty) Ltd.

It is a South African financial services provider licence. Searching the FSCA register by that number returns GATESFX (PTY) LTD with status Authorized. Searching the same register for Quality FX returns no provider at all. So the number quoted in the QF Markets terms does not identify this operation on the register today.

We found no verified pattern of refused withdrawals. The three Trustpilot posts that mention withdrawal problems all advertise the same fund recovery service and look planted, and the one genuine complaint we found concerned a slow deposit and ended with the company describing a completed withdrawal. That said, because no regulator supervises the Marshall Islands entity, there is no authority that can compel a payout if one is withheld.

Your money is not protected by any regulator or compensation scheme. The site states that client funds are kept in segregated bank accounts and are fully protected, but no supervisor audits that claim and no deposit guarantee applies to a Marshall Islands company. Treat any money sent as fully at risk.

The brand is operated by Quality FX Ltd, registered in the Marshall Islands under number 118067, with a head office address given as 59 Agiou Athanasiou, Limassol, Cyprus. A terms document still published on the site names a second company, Quality FX (Pty) Ltd of South Africa, as the owner of the website. No directors, shareholders or managers are named anywhere on the site.

The domain qfmarkets.com was registered in its current form in October 2022 and the first certificates for the site date from January 2022, so the operation is about four years old. The incorporation date of Quality FX Ltd could not be established because the Marshall Islands corporate registry is not open to public search, so four years is an upper bound on the operating history.

The Kanto Local Finance Bureau, acting for Japan's Financial Services Agency, published a warning on 26 December 2024 stating that Quality FX Ltd had been soliciting over-the-counter derivatives transactions over the internet without the registration Japanese law requires, and that the service it offers is called QF Markets. The firm ran a Japanese language site with its own account opening pages until that month.

No. A Marshall Islands company registration is corporate paperwork that confirms a company exists. It confers no permission to take client deposits or deal in financial instruments, imposes no capital requirements, and gives clients no route to compensation. It should never be read as regulation.

We found no evidence that it copies another broker's brand, website or corporate identity, so we did not classify it as a clone. The issue is narrower: the licence number quoted in its terms is recorded on the FSCA register to a different company.

Put the request in writing, keep every reply and transaction reference, and set a deadline. Contact your bank or card issuer about a chargeback, since scheme time limits are short. Report the matter to the financial regulator in your own country. Do not pay any fee, tax or insurance charge demanded as a condition of release, and ignore anyone offering to recover the funds for an upfront payment.

Look up the licence number yourself on the regulator's own register, not on the broker's site, and confirm the entity name on the register is the same company that will hold your money. Check that the register entry is active and covers dealing in the products you want to trade. Then search the exact domain, not the brand name, on review platforms and regulator warning lists.