JQL Markets Review: A Canadian-Based Scam Broker

A Canadian-based broker scam is what JQL Markets is all about. The broker jqlmarkets.com is planning to divert all your deposits into their pyramid scheme. We know this because the platform is not showing any valid credentials. To confirm our fears, we checked with the Canadian authorities and found no such broker exists. The JQLMarkets Review is meant to enlighten investors on the risks involved with this platform. Please get to know more about this broker as we share our findings.

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A Brief Look at Who JQL Markets is trying to be

Looking at their about us page, they claim to be a leading global financial institution. These are the false claims that start us off into investigating this platform. We do know for a fact that these are scam artists who thrive on stealing from naïve investors.

To protect unsuspecting investors, we must expose such platforms. JQL Markets is a website that was solely created to fool investors into depositing with them.

Their mission, according to the about us page, is to become a world-class brokerage firm. All these could be true if only their intentions were legit. With more complaints coming in daily, there’s enough reason to believe this is another scam.

All the red flags we saw show that their mission and vision is to steal from investors. We have concrete evidence, and we will share it with you. Get to find out what scam artists do to entice investors into losing their investments.

Background and experience of the broker

We don’t get any background or history of the brokers who are working under this firm. You would expect that such a platform would reveal who they are working with. No sane investor will throw away their money into an unknown platform.

You want to know who will be handling your funds at all times. And this is one of the first red flags we noticed with the platform. Lack of information regarding the people behind the platform is a problem. There’s anonymity, which is a big risk.

Complaints and reviews from other quarters

There has been a lot of chatter regarding the services taking place on this platform. The few members who made deposits a while back have no way of withdrawing funds. We also did a thorough check on trading forums in regards to this platform.

There are indications that a lot more victims have already lost their funds. And this is an indicator that JQLMarkets is a scam. The best option is to stay away as it has one or no stars in most reviews we’ve seen.

Credentials, License, and Registration of JQL Markets

JQL Markets is claiming to be a broker with a license from FINTRAC. All these are false claims that the broker fails to back. There should be vivid credentials, such as copies of their license documents. A real broker will post copies of their license for all to see. These documents help prove the legitimacy of a broker.

With no documents in play, we have to flag the broker as an unregistered entity. There’s no security of funds from such a broker, which ends up being a liability to clients.

With the contact details showing that the broker is in Canada, we had to confirm with Canadian authorities. The IIROC does not recognize this broker or the address on their website. What is clear is that JQLMarkets does hold a FINTRAC license. The license does not do any justice as it merely gives them the green light to operate.

A license from IIROC will require the broker to make depository insurance. It helps protect investors from liabilities or, in the event the platform shuts down.

Domain details (jqlmarkets.com) and history

According to their domain history, the website went live on 14^th July 2020. The platform is barely a year old, and there are already complaints about them. What is weird with their IP location is that it shows the IP is based in Singapore. There’s no traffic from Canada, which means the Canadian address is false.

These are Asian online scam artists taking advantage of the North American front. We must expose them to avoid more victims from falling into the trap.

Financial Instruments (Assets) available on the platform

The available trading instruments include Forex, PAMM, Partnerships, and Precious metals. There are nine currencies to trade with. When it comes to precious metals, investors get to trade with gold and silver.

There are partnership agreements between the platform and the clients. These could be seen as an affiliate program to help make the platform larger. You wouldn’t want to be part of a scam, would you? The platform fails to inform users of their exclusive privileges and rewards.

Pros and Cons of JQL Markets

Available Trading Accounts

JQL Markets is furnishing users with five account types to choose from. These accounts include Silver, Ruby, Gold, Diamond, and Platinum. The minimum deposit to start trading with the basic account is $1,000. The broker does not follow the internationally recognized entry value of $250. There’s also a welcome bonus with each account, which is another red flag.

Most regulators will not license a broker who offers a welcome bonus. Scam artists use the welcome bonus to block withdrawals.

Contacting support team

There’s no chat support or contact page available on this platform. We see the address, email, and phone number at the footer of their page. It shows that the broker does not want to be in direct contact with their clients. There are no scam artists who want their faces on a scam.

And this is the reason why most of these scams have no direct access. When you try calling, someone picks the phone and takes your details. The scam artists will later call you and ask that you deposit with them.

Deposit and withdrawal

Another problem with JQLMarkets is the lack of depository and withdrawal options. We also fail to see their terms and conditions, which is an indicator of bigger problems to come. With no terms and conditions, clients are exposed to liability.

We have asked some of the victims to share the bank account number, which they deposited funds. With this information, we hope to expose the people behind it and, hopefully, get the bank to make refunds.

Security of funds with JQLMarkets

There’s no security of funds from a platform that is clearly a fraud. The broker has not met any requirements to start a legal brokerage service. Without depositing security for deposits made, there’s no security of funds.

Once the platform shuts down or goes bankrupt, no one gets any compensation. And this is the reason why we insist that this is a huge problem for investors. Make sure you sign up with recommended brokers for safety purposes.

Scam or Legit JQL Markets

JQL Markets is a scam that must be stopped by any means necessary. Make sure you share this post with your friends and avoid such platforms. There’s a lack of transparency and an anonymous team working behind the curtains.

With anonymity comes the risk of losing your funds and, worse still, your identity. These could be identity thieves posing as brokers who ask for your personal verification documents. Stay away from this platform or any other that shares similar characteristics.

Our Verdict

We have every reason to flag down JQL Markets as a scam. Please stay away from them and avoid any contact with their sales or support team.

Choose the right broker with years of experience to help you grow as an investor. Go for industry-recommended brokers who have the backing of the trading community. These brokers are safe and guarantee a favorable outcome.

We wish all investors a prosperous trading experience.