Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighHolds a genuine brokerage licence confirmed on the issuer's own register, which caps this below the top of the scale, but Mwali offers essentially no protection and the published licence term ended on 15 March 2025 with no renewal shown.
Identity & transparency
6/10 · HighEntity name, registration number and Moheli address are consistent across the site, the terms and the register, and the owner is named on the register, but the owner is absent from the site, the actual licence number is withheld and the Dubai office address is a sports club with no independent confirmation.
Withdrawals & conduct
5/10 · ModerateTwo fund-integrity reports of deposits not being returned, clustered in September and October 2025, but on a single platform and with no amounts, dates or ticket numbers, so the pattern is unconfirmed and has not been scored as proven.
Reputation
6/10 · HighThree independent reviews averaging 2.8 with no positive rating at all and no response from the company, an almost non-existent footprint for a firm claiming 50,000 clients, though there is no regulator warning and no multi-platform complaint pattern.
Website claims
9/10 · CriticalStates it is regulated by top-tier financial authorities when it is not, presents a company registration as its licence, advertises a 2018 founding date on a December 2023 domain, and offers empty links as proof of audited accounts and regulatory filings.
Operational history
7/10 · HighEvery verifiable signal, domain registration, licence issue and first archived page, falls between December 2023 and December 2024, giving an operation under three years old against an advertised history of five years longer; the figure is an upper bound because the company itself could not be dated.
Who they are
A quick desk file on the company behind the brand.
- Brand: Qorva Markets
- Legal entity: Qorva Markets LTD, company number HT00324027
- Registered: Bonovo Road, Fomboni, Island of Moheli, Comoros Union
- Website: qorvamarkets.com, with the client area at portal.qorvamarkets.com
- Only licence: Mwali International Services Authority brokerage licence BFX2024040, issued 15 March 2024, with a published end date of 15 March 2025
- Named on the register: Davinder Kumar of Gurugram, India, as both chief executive and ultimate beneficial owner. Neither the name nor the Indian connection appears anywhere on the website.
- Offers: forex, indices, shares, commodities, metals and crypto CFDs on MetaTrader 5, with leverage advertised between 1:500 and 1:2000 and accounts opening from 100 US dollars
- Second brand: Qorva Funded, a funded trader programme at qorvafunded.com promoted at the top of every page. That address was registered on 16 July 2026.
- Other address: Office 210, Al-Nasar Sports Club, Dubai, described on the site as a physical office
- Not accepted: residents of the United States, Cuba, Iraq, Myanmar, North Korea and Sudan
- Age claim: founded 2018 according to the About page, which also states 6 years and 7 years of operation in two places on the same page
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Comoros Union company registration (Island of Moheli)
Found by our investigation (1) — the broker does not list these on its own site
Mwali International Services Authority (MISA)
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
This is a real, licensed trading business rather than an impersonation, but the licence is close to meaningless and the marketing around it is not accurate. Five findings carry the verdict.
- The licence is real, and that matters. The Mwali register entry for Qorva Markets LTD gives licence BFX2024040, company number HT00324027 and the website qorvamarkets.com. The website on the register is the same one the broker actually trades from, so the identity check passes on every leg. Brokers that borrow someone else's licence number fail exactly here, and this one does not.
- The licence protects almost nothing, and its published term has run out. Mwali, on the Comoran island of Moheli, is an offshore registrar rather than a supervisor with enforcement powers, and the Comoran central bank has publicly distanced itself from licences issued there. On top of that, the register's own verification page gives a licence end date of 15 March 2025, more than eighteen months before the date of writing, while the status field beside it still reads Active. No renewal or later end date is published. A reader relying on that licence for protection is relying on very little.
- A company registration is being presented as a licence. The page headed Regulation and Licensing shows one credential: registration number HT00324027, under the heading 'Our Regulatory License'. That number is a Comoran company registration, which every company in the jurisdiction has. It says nothing about permission to hold client money. The actual brokerage licence number is not printed anywhere on the site, and no link to the register is offered.
- The regulatory claim on the homepage is false. The homepage says client funds are protected because the firm is fully licensed and regulated by top-tier financial authorities. It is not. There is no authorisation from the FCA, ASIC, CySEC, the MAS or any comparable body, and the only authority involved is a tier four offshore registrar. The same page also advertises segregated accounts at top-tier banks, professional indemnity insurance and independently audited annual accounts. The links offered as proof of the audited accounts and the regulatory filings are empty and lead nowhere.
- The advertised history is five years longer than anything we can evidence. The About page is built around a 2018 founding date. The web address was registered on 13 December 2023, the brokerage licence was issued in March 2024, the earliest archived copy of the site dates from December 2024, and no predecessor brand or domain is named. The same page cannot keep its own story straight either, claiming 6 years of innovation in one panel and 7 years of excellence in another. We score the history on what can be evidenced, which is under three years.
On top of that, the public record is thin and negative. The only independent review page for qorvamarkets.com carries three reviews, averaging 2.8, of which two thirds are one star and none are positive. Two describe a deposit that was not returned, in September and October 2025. That is a real signal and we have not discounted it, but it is two accounts on a single platform with no amounts, dates or ticket numbers attached, so it does not meet our threshold for a proven withdrawal pattern and we have not scored it as one. Set against that, the firm advertises six named, smiling testimonials on its own homepage under the labels 'All reviews verified' and 'Real trader accounts', alongside a claim of more than 50,000 traders. A firm with 50,000 clients does not leave three reviews behind it.
The figure of 69 per cent reflects a young offshore operation whose paperwork does not match its advertising. It is not a finding that client money has been stolen, and we say so plainly below.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Mwali International Services Authority verification page records brokerage licence BFX2024040 in the name of Qorva Markets LTD, company number HT00324027, with qorvamarkets.com listed as the licensed website. The entity and the website both match the operation under review, so this broker is not trading on another firm's credentials.
E2The same register entry gives a date of licence issue of 15 March 2024 and a licence end date of 15 March 2025, more than eighteen months before the date of writing, while the status field beside it still reads Active. No renewal or later end date is published.
E3Qorva Markets LTD appears at entry 174 on the register of authorised brokerage companies, with licence BFX2024040, date of issue 15 March 2024 and status Active, linked to qorvamarkets.com.
E4The page headed Regulation and Licensing presents a single credential under the heading Our Regulatory License: Comoros Union registration number HT00324027. The brokerage licence number BFX2024040 appears nowhere on the site, and no link to the register is offered.
E5The homepage tells visitors that the firm is fully licensed and regulated by top-tier financial authorities and that their funds are protected under strict regulatory oversight. The only authority behind the firm is an offshore island registrar, and no tier one or tier two regulator has authorised it.
StrongQorva Markets homepageE6The About page is titled Regulated Forex Broker Since 2018 and repeats a 2018 founding date throughout, claiming 6 years of innovation in one panel and 7 years of excellence in another on the same page.
StrongQorva Markets about pageE7The registry record for qorvamarkets.com gives a registration date of 13 December 2023 through Hosting Concepts B.V. No predecessor domain carrying earlier history is named anywhere on the site, so the advertised 2018 founding date predates every verifiable signal by five years.
E8The earliest archived copy of qorvamarkets.com dates from 10 December 2024, consistent with a site that went live after the December 2023 domain registration and inconsistent with continuous operation since 2018.
E9The independent review page for qorvamarkets.com carries three reviews with an average of 2.8, distributed as 67 per cent one star and 33 per cent two star, with no three, four or five star rating at all. The company profile is unclaimed and no review has been answered.
E10Two of those three reviews describe money not coming back. One, dated November 2025 about an October 2025 experience, says the broker is not paying an initial deposit refund. Another, dated September 2025, says the company takes clients' initial money. Neither gives an amount, a transaction date or a ticket number.
E11No warning, alert or blacklist entry naming Qorva Markets, Qorva Markets LTD or qorvamarkets.com appears on the United Kingdom, United States, Australian, Italian or international investor alert lists, and there is no enforcement action or fraud-related court record naming the entity.
ModerateWarning-list sweep across the FCA, IOSCO, CFTC, ASIC and CONSOB listsE12A live MetaTrader 5 server carries the broker's own name, and deposits and withdrawals run through Skrill, Neteller and bank transfer rather than crypto wallets alone. Both point to a real trading operation rather than a front that only collects deposits.
ModerateA third-party broker directoryE13The contracting entity is stated identically as Qorva Markets LTD, registration number HT00324027, Bonovo Road, Fomboni, Island of Moheli, in the terms, in the site footer and on the register. There is no conflict between the entity that signs the contract and the entity that holds the licence.
E14The terms impose a three minute minimum holding period and let the company decide in its sole discretion that trading was abusive, after which it may void closed trades, remove or reclaim profits, suspend the account and withhold pending withdrawals until its investigation is complete.
E15The same terms set out a documented review procedure, written notice of the outcome identifying the affected trades, a fourteen day right of objection with supporting evidence, and reinstatement of full account functionality without delay where no breach is found. That is more procedural fairness than comparable offshore terms usually offer.
E16Governing law and exclusive jurisdiction are the courts of the Comoros Union, so a client anywhere else in the world would have to litigate on the island of Moheli to enforce the contract.
E17The regulation page promises annual audited financial statements published by independent auditors and regular regulatory filings, but the View Reports and View Filings links offered as proof are empty anchors that lead nowhere. The insurance coverage claimed on the same page is likewise unevidenced.
ModerateQorva Markets regulation pageE18The homepage carries six named testimonials with star ratings, labelled All reviews verified and Real trader accounts, and the About page claims more than 50,000 traders across 10 countries and an A+ rating. The only independent review platform shows three reviews and no positive rating at all.
E19The register names Davinder Kumar of Gurugram, India, as chief executive and ultimate beneficial owner. The website presents only a Comoran registered office and an office at Al-Nasar Sports Club in Dubai, and names no individual anywhere.
E20The homepage hero advertises maximum leverage of 1:2000 while the account types section further down the same page caps leverage at 1:500 for standard and raw accounts and 1:1000 for the professional account.
E21Qorva Funded, the funded-trader brand promoted in a banner at the top of every page, uses the address qorvafunded.com, which was registered on 16 July 2026 and still resolves to parking nameservers.
The other side
The strongest case in this broker’s favour.
The case for Qorva Markets deserves a fair hearing, and parts of it are genuinely strong.
- It passed the test that catches most fake brokers. We searched the issuing authority's own register and found the firm, under its own name, with its own website listed. A great many brokers we examine quote a licence number that turns out to belong to somebody else. This one does not. Nothing here is being impersonated.
- No regulator anywhere has warned about it. We swept the UK, US, Australian, Italian and international alert lists for both the brand and the exact web address and found nothing, and there is no enforcement action or fraud-related court record naming the entity.
- There is a real trading operation behind the website. A live MetaTrader 5 server carries the brand's own name, and deposits run over ordinary rails including Skrill, Neteller and bank transfer rather than the crypto-only wallets that characterise pure deposit traps.
- The corporate disclosure is consistent. The entity name, the registration number and the Moheli address are identical on the homepage footer, in the Terms and Conditions and on the register. The register also names the beneficial owner, so the ownership is at least on the public record, which is more than many offshore brokers manage.
- The Terms are harsh but not one-sided. The company reserves the right to void trades, reclaim profits and hold withdrawals where it decides trading was abusive, which is a serious power. But unlike most offshore terms we read, it also commits to a documented review, written notice of the outcome, a fourteen day right of objection, and the immediate lifting of any precautionary hold where no breach is found. It also offers negative balance protection and declines clients from the United States and sanctioned jurisdictions.
- Bad marketing copy is not theft. Inflated trader counts, an invented founding year and an award-style A+ rating are common across small offshore brokerages, and by themselves describe an aggressive sales operation, not a plan to take client money.
Taken together, this could be exactly what it appears to be at its best reading: a young, thinly capitalised brokerage that bought the cheapest licence available and wrote its website copy with more enthusiasm than accuracy. That reading is consistent with everything we found. What it cannot do is make the licence protective, or explain why a firm claiming 50,000 clients has no positive review anywhere.
What would change this
What we would need to see to revise the verdict.
Our assessment is tied to specific, checkable facts. Any of the following would move it.
- Towards a better rating: a renewed licence term published on the Mwali register, showing an end date in the future rather than 15 March 2025.
- Towards a better rating: authorisation by a genuine supervisor such as the FCA, CySEC, ASIC, the FSCA or the Seychelles FSA, verifiable on that regulator's own register against this entity and this web address.
- Towards a better rating: correcting the site so it prints licence BFX2024040 with a link to the register, drops the claim of top-tier regulation, and either evidences or removes the 2018 founding date, the 50,000 trader figure and the audited-accounts claim.
- Towards a better rating: an organic review record over the next year showing clients actually being paid, with withdrawals confirmed on more than one independent platform.
- Towards a worse rating: further reports of deposits not being returned, particularly with amounts, dates or ticket numbers attached, or on a second independent platform. That would convert the current thin signal into a confirmed pattern.
- Towards a much worse rating: any demand that a client pay a tax, fee or verification charge before a withdrawal is released. A single credible, specific report of that would change our conclusion on its own.
- Towards a much worse rating: a warning or alert naming Qorva Markets or qorvamarkets.com on any regulator's list, or the licence being withdrawn or moved to the suspended list.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Mwali International Services Authority licence verification for Qorva Markets LTD
The issuing authority's own record: licence BFX2024040, company number HT00324027, issue and end dates, and the named beneficial owner.
Mwali register of authorised brokerage companies
The full list the firm appears on, at entry 174. Useful for checking whether the status has changed.
Qorva Markets regulation and licensing page
What the broker itself presents as its licence. Note that the only number shown is a company registration.
Qorva Markets terms and conditions
Names the contracting entity, and sets out the minimum holding period, the profit reversal powers and Comoran governing law.
Qorva Markets about page
Where the 2018 founding date and the 50,000 trader figure are published.
Independent customer reviews for qorvamarkets.com
The per-domain review page, so it cannot be confused with a similarly named firm.
Frequently asked questions
Quick answers about this broker’s safety.
Is Qorva Markets a scam?
We did not find enough evidence to call it a scam, and we rate it high risk rather than fraudulent. It holds a genuine, if very weak, Comoran brokerage licence that we verified on the issuing authority's own register, and no regulator anywhere has warned about it. What we did find is a false claim of top-tier regulation, a founding date five years earlier than anything we can evidence, and two reports of deposits not being returned.
Is Qorva Markets a fraud?
No regulator or court has made any finding of fraud against Qorva Markets or the entity Qorva Markets LTD. We checked the UK, US, Australian, Italian and international alert lists and found no warning naming the brand or the website, and no fraud-related enforcement action or court record. We do assess the risk to client money as elevated, because the licence offers almost no protection and some of the firm's public claims are untrue.
Is Qorva Markets regulated?
Only in the weakest sense. It holds brokerage licence BFX2024040 from the Mwali International Services Authority on the Comoran island of Moheli, issued on 15 March 2024. Mwali is a registrar rather than a functioning supervisor, and the register shows the licence term ending on 15 March 2025 with no renewal published. It is not authorised by the FCA, ASIC, CySEC, the MAS or any comparable regulator.
What is the licence number and why is it not on the website?
The licence number is BFX2024040 and it is on the Mwali register, not on the broker's site. The regulation page instead displays HT00324027, which is the Comoran company registration number, under a heading calling it the regulatory licence. A company registration is simply proof that a company exists. It is not permission to hold client money, and presenting one as a licence is misleading.
Can I withdraw my money from Qorva Markets?
Some clients evidently can, but two reviewers report that their initial deposits were not returned after they asked for a refund, in September and October 2025. The terms also allow the company to hold pending withdrawals while it investigates trading it considers abusive, which it decides at its own discretion. If you hold an account, test a small withdrawal first and keep records of every request and reply.
Is my money safe with Qorva Markets?
There is no meaningful safety net. A Mwali licence carries no investor compensation scheme and no ombudsman, and your contract is governed by Comoran law with disputes heard only in Comoran courts. The site's promises of segregated accounts at top-tier banks and independent audits are not backed by anything we could open, as the links it offers as proof are empty.
Who owns Qorva Markets?
The Mwali register names Davinder Kumar of Gurugram, India, as both chief executive and ultimate beneficial owner of Qorva Markets LTD. Neither that name nor any Indian connection appears anywhere on the website, which presents the business through a Comoran registered office and an office address in Dubai.
How old is Qorva Markets really?
Under three years. The web address qorvamarkets.com was registered on 13 December 2023, the brokerage licence was issued in March 2024, and the earliest archived copy of the website dates from December 2024. The About page advertises a 2018 founding date and names no earlier brand or domain that would support it. The same page contradicts itself, claiming both 6 and 7 years of operation.
Is Qorva Markets a clone of another broker?
No. We checked this specifically, because brokers quoting someone else's licence number are common. The Mwali register entry for licence BFX2024040 names Qorva Markets LTD and lists qorvamarkets.com as its website, which is the same address the broker actually operates from. Nothing here belongs to another company.
What is MISA and is a Mwali licence worth anything?
MISA is the Mwali International Services Authority, the registrar for the autonomous Comoran island of Moheli. It sells brokerage registrations cheaply and does not supervise firms the way a real regulator does, and the Comoran central bank has publicly distanced itself from the licences issued there. Treat a Mwali licence as evidence that a company paid a fee, not as evidence that your money is protected.
Why does the website say it is regulated by top-tier authorities?
That claim is on the homepage and it is not true. The only authority behind Qorva Markets is a tier four offshore registrar. No tier one or tier two regulator has authorised the firm, and the site names none. This is one of the main reasons for our high risk rating.
Are the reviews on the Qorva Markets homepage genuine?
We cannot verify them and the public record does not support them. The homepage carries six named testimonials labelled as verified and as real trader accounts. The only independent review page for qorvamarkets.com holds three reviews, averaging 2.8 out of 5, with no positive review at all. A firm advertising more than 50,000 traders would normally leave a far larger trace.
What is Qorva Funded and is it the same company?
Qorva Funded is a funded-trader programme promoted at the top of every page of the broker's site, at qorvafunded.com. That address was only registered on 16 July 2026, so it is a very new venture. Challenge-based funded trader programmes are a different product from a brokerage account and are usually unlicensed by design, but the same operators stand behind both.
What should I check before depositing with any broker?
Find the licence number on the broker's own site, then look it up on the regulator's register rather than trusting a badge or a logo. Read the status and the expiry date, not just the word Active. Check that the website listed on the register is the one you are actually using, check the company's age against the domain registration date, and read the terms on withdrawals and prohibited trading before you send any money.
What we recommend
The practical takeaway from everything above.
Treat Qorva Markets as a high risk venue and size any exposure accordingly.
- Do not deposit money you are not prepared to lose entirely. A Mwali licence gives you no compensation scheme, no ombudsman and no practical route to recover funds. Your contract is governed by Comoran law with exclusive jurisdiction in Comoran courts, which is a serious obstacle for a client anywhere else in the world.
- Check the licence yourself before you act. Open the Mwali verification page linked below and read the end date, not just the status word. If the term has not been renewed, the broker is trading on a licence whose published term has expired.
- Do not rely on the website's own regulation page. The number it shows is a company registration. It is not the brokerage licence and it confers no protection.
- If you already hold an account, withdraw in stages and keep records. Take a small test withdrawal first, keep screenshots of your balance, your requests and every support reply, and note the dates.
- Read the trading rules before you place an order. Positions must be held at least three minutes, and scalping, arbitrage, high frequency strategies and unapproved expert advisors can lead to profits being reversed and withdrawals held while the company investigates.
- Never pay a fee to release your own money. No legitimate broker asks for a tax, unlocking charge or insurance payment before returning your balance. If you are asked, stop, keep the message and report it.
- If you believe you have lost money, contact your bank or card issuer about a chargeback as soon as possible, keep every document, and report the matter to the financial regulator and police in your own country. Be wary of anyone who then offers to recover your funds for an upfront fee, as that is a common follow-up scam.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed September 23, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.