Brex Capital: Suspicious Broker Safety Warning

Quick Verdict

I would not deposit money with Brex Capital. The lack of robust regulatory oversight, extremely high leverage, short track record, and links to a fraud case make it too risky to trust with my funds. If I wanted to trade forex or CFDs, I would choose Interactive Brokers because it’s well-established, passed our safety review, and offers transparent trading conditions.

Brex Capital Safety Assessment

Regulation & Licensing

This is where Brex Capital has issues, and the problems begin right on its website. The license page claims the company has three global regulatory licenses, but it only lists two, and neither is from a credible authority. If a broker cannot even list its own licenses correctly, that doesn’t say a lot about what to expect next.

Brex Capital’s license page

We verified both licenses on the respective registers:

The Comoros (Mwali) license. Brex Capital is registered on the Island of Mwali, part of the Union of the Comoros, under the “Mwali International Services Authority” (MISA), license number T2023349. Across much of the industry, MISA is treated as an offshore registrar rather than a respected financial regulator – it’s classed as ‘Category C’ in BrokerListings.com’s regulator bandings.

The Comoros Central Bank does not officially recognize these forex licenses and no body actually oversees FX and CFD activity in Mwali, which makes it very difficult for clients to lodge complaints or take legal action. In fact, the central bank has said: “The Central Bank of Comoros clarifies that these entities [listing Mwali International Services Authority in paragraph 1] are not recognized in the Union of Comoros and have no legal authorization to issue approvals or licenses for financial or banking activities.”

Additionally, when we checked MISA’s verification page, shown below, licence T2023349 showed an end date of 22 August 2025 – months before the ‘Brex Capital’ brand was seemingly launched. Nevertheless, Brex Capital displays T2023349 as its current licence number. Some regulatory databases, especially those based offshore, are not always kept well updated, so we’ve tried to put this anomaly to Brex Capital, but their support form does not appear to work.

Ultimately, a Mwali license is a certificate, not strict supervision, and it comes with no compensation fund and no regulator to call if things go wrong when you’re using Brex Capital.

The T2023349 license links to the old QRS Global LLC

The New Zealand “license”. The site also lists a “New Zealand Companies Office” license and a Financial Service Providers Register number, FSP1009652, for an entity called ‘Brex Capital Limited’. Being incorporated at the New Zealand Companies Office is simply company registration, which every registered company has, and presenting it like a regulatory license is misleading in my opinion.

Registration on the FSPR is also not the same as being licensed and supervised by New Zealand’s actual conduct regulator, the Financial Markets Authority (FMA). The FSPR is a low-scrutiny public register, and New Zealand tightened its rules precisely because offshore brokers were using FSPR entries to look regulated while serving clients elsewhere.

Brex Capital Limited has a FSP license

Cross-Border Permissions

Brex Capital mainly operates from Dubai and Bangkok, focusing on traders in Thailand and Vietnam with a website in both languages.

However, it does not seem to have any local authorization to offer leveraged trading in these markets. Its only registration is offshore in the Comoros and the New Zealand FSPR entry (which isn’t an FMA license), leaving clients in Asia without a local regulator or strong protection. It also seems to accept traders from further afield, as I was able to register for a Brex Capital account from the UK, as you can see below.

Signing up traders from countries with no strong oversight is something we’ve seen some untrustworthy trading brokers do, and it means you have to trust the company completely. And given its age and history under ‘QRS Global’ – that’s a tall ask.

Brex Capital confirmed my account registration via email

Leverage, Bonuses & Trading Conditions

One of Brex Capital’s main selling points is leverage up to 1:3000. This may appeal to retail traders with a modest bankroll looking for the ability to open larger positions and potentially make greater returns, though both gains and losses are magnified in equal measure.

The leverage is tiered, so it decreases as your account balance increases:

Notice where the highest leverage is offered. The full 1:3000 is given to the smallest accounts, those depositing $5 to $100, who may be new to trading and the least able to handle losses. For comparison, regulated brokers in the UK, EU, and Australia cap retail leverage at 1:30 due to concerns it can lead to substantial losses for retail investors. Brex Capital’s top level is about 100 times higher.

The math at these levels is harsh. If you deposit $100 at 1:3000 leverage, you control about $300,000, so a tiny move of 0.03 percent against you can wipe out your account in seconds. Brex Capital also sets a margin call at 60 percent and an automatic stop-out at 40 percent, which means small accounts can be closed before beginners realize what happened.

High leverage does not necessarily help your chances — it just brings you closer to losing everything.

Should retail traders, some of whom may be inexperienced, be encouraged to “trade beyond limit”?

The other promotions are similar. Accounts are swap-free, so there are no overnight financing charges, which appeals to clients sensitive to interest. At the time of our initial tests, there was also a trading contest with a $100,000 prize pool and a deposit bonus up to 30%.

However, we never recommend choosing a broker based on their welcome bonus alone. We’ve read hundreds of bonus terms, and there are often strict turnover requirements that make withdrawing bonus credit and any associated gains challenging. We could not find Brex Capital’s bonus terms to assess any stipulations.

The spreads listed on the Brex Capital site are wide, such as 0.5 pips on EUR/USD, 1.6 on gold, and 140 points on Bitcoin, with no separate commission. There is also a minimum holding time of 10 seconds per trade, which quietly prevents some fast-trading strategies like scalping.

Who’s Behind Brex Capital?

Two answers sit behind this brand, and they point in opposite directions:

The public face is Sophie Squillacioti, the CEO, a genuine industry veteran with roughly two decades in online brokerage. She has held senior Asia roles at UEXO, MultiBank, Equiti, INFINOX, BDSwiss, BlackBull Markets and City Index. A named, experienced chief executive is normally a point in a broker’s favor, and nothing in the record links her to any wrongdoing.

The question is what she has been hired to run. Brex Capital is not a new venture from our research, but a rebrand of QRS Global, a Thailand-focused CFD broker that says it was “acquired by an international investment group” and relaunched under the new name with Squillacioti installed as CEO.

QRS’s website now redirects visitors straight to Brex Capital; the company kept the same Comoros registration, and Squillacioti confirmed that “the trading infrastructure, services, and operations continue as before,” with only the ownership and brand changing. Existing QRS clients keep their accounts and do not re-register. The identity of the new owners has not been disclosed.

That backstory carries weight because of what QRS was caught up in. In June 2026, Thailand’s Department of Special Investigation accepted a forex fraud case naming QRS Global as one of four brokerage groups at its center, tied to many complainants and significant alleged losses.

In July, the DSI arrested Mallika Maksalud, an executive at QRS Education Co Ltd, which operated QRS Global in Thailand, and a court later denied her bail. She faces charges including conspiracy to defraud the public, running an unlicensed securities brokerage, operating an unauthorized futures business, importing false computer data and money laundering.

Investigators allege the operation lured investors by claiming overseas regulatory licenses and guaranteeing returns of 20 to 30 percent within seven days, then manipulated price charts and restricted withdrawals. The case has since been expanded to formally charge an opposition member of the Thai parliament and a well-known actor for their alleged roles in promoting it.

None of these allegations have been tested in court, and they attach to QRS’s Thai operator rather than to Squillacioti or the unnamed new owners. But strip away the new name and the new CEO, and Brex Capital runs on the same platform, the same operations and the same client base as a broker at the center of one of Thailand’s large forex-fraud investigations.

A recognizable CEO tells you the lights are on. It does not tell you whose house you have walked into.

Brand & Domain Integrity

The name can be confusing, which is not in your favor. Three different companies have almost the same name:

1. Brex (brex.com) is a legitimate US fintech company that offers corporate cards and business banking, and Capital One agreed to buy it in 2026. It has no connection to CFD trading.
2. Brx Capital (now defunct) was another forex company with numerous negative reviews and a prior Gibraltar Financial Services Commission (GFSC) warning.
3. Brex Capital is the CFD broker discussed here. If you searched for ‘Brex’ and ended up on this trading site, you are no longer dealing with the regulated fintech company.

The broker’s paperwork is also inconsistent. On the website, the company is listed as Brex Capital, BREX CAPITAL LLC, Brex Capital (Pty) Ltd, and Brex Capital Limited, making it unclear which entity actually holds your money.

The same number, 9429042326809, is used as the Comoros company registration number and the New Zealand Business Number. Using one identifier in multiple places feels careless.

The trading platform is standard MetaTrader 5 (MT5) from a shared white-label link, so the ‘Brex Capital App’ is not unique.

The site also claims to be ‘award-winning’ and ‘regulated and safe’ with segregated client funds, but we couldn’t find any proof of this, and a broker that launched within weeks of our initial investigation is unlikely to have won awards already, and if they have, those awards don’t hold much weight.

How Brex Capital Compares To A Well-Regulated Broker

To see what robust protection looks like, compare Brex Capital with a typical broker that holds a top-tier license from an authority such as the UK’s FCA, Australia’s ASIC, or Cyprus’s CySEC.

User Reviews & Reputation

Brex Capital is still fairly new, so there is limited feedback under it yet. That newness is misleading because the underlying operation is not new at all. As the rebrand of QRS Global, Brex Capital partly inherits QRS’s reputation, and that reputation is the problem. The DSI actively sought out customers who had been harmed by QRS Global, amongst other named brokers.

QRS drew complaints from Thai investors and is now named in the DSI fraud case described above, with allegations that the platform manipulated price charts and restricted withdrawals. Those are exactly the disputes that an empty, brand-new review page hides from view.

Two practical points follow:

• First, judge the operation by QRS’s history, not by blank Brex Capital review pages on platforms like Trustpilot, because they are the same business under different signage.
• Second, keep this separate from the poorly reviewed Brx Capital, which was a different company again.

For me, a newly launched brand retaining the infrastructure and customer accounts of a broker named in an unresolved criminal investigation increases the risk beyond what is acceptable.

Professional Opinion

I am not calling Brex Capital itself a scam, because the Thai fraud allegations are unproven and attach to its predecessor, QRS Global, rather than to the new brand or its CEO. Fairness demands that distinction. But the reasons to avoid it have grown much stronger since launch, and at the very least I consider it high risk.

Set the pieces side by side. Brex Capital is the same operation as a broker that Thailand’s DSI has named in a live fraud investigation, running on the same platform and the same client accounts, under owners it seemingly has not identified publicly.

It sits behind an offshore Comoros registration that no robust regulator recognizes, despite claiming it’s “licensed by leading regulatory bodies” as shown below. It offers leverage that no tightly regulated firm can match, and its license page over-presents its regulatory standing. Any one of these would warrant caution.

A MISA license does not equal “leading regulatory bodies”

If a withdrawal stalls, if an account is stopped out on a suspicious price, or if the company stops replying, there is no regulator with the authority to step in, no compensation fund, and no realistic legal route from an offshore base tied to a business already under criminal investigation abroad.

That’s why, in my opinion, the safe move is to keep your money with a properly regulated broker and avoid Brex Capital.

Actions To Take If You’ve Already Made A Deposit

Brex Capital may, over time, demonstrate that it’s a legitimate forex and CFD broker that can be trusted, but in case it doesn’t, there are various steps you can take if you’ve already signed up and have concerns:

• Keep records. Take screenshots of your account, balances, and any messages you have with Brex’s support team.
• Request a withdrawal in writing. Set a clear deadline and keep a copy. Also keep in mind the broker’s stated withdrawal times.
• Reject fee demands should they be made. Never pay a “release fee” or “tax” to unlock funds, as it rarely frees anything.
• Stop depositing. If withdrawals stall, send no more fiat or crypto. As a rule, making small test deposits is often sensible with a new broker until you’re confident in them paying out regularly without issues.
• Beware recovery scams. Anyone promising to claw your money back may be a recovery scammer trying to impersonate Brex Capital staff, regulators, or law enforcement. They may not be related to Brex Capital at all – they could find you on a forum like Reddit if you post about a negative experience.
• Verify who contacts you. Check the credentials of anyone claiming to be from Brex Capital, a regulator, or the police.
• Set realistic expectations. Recovery from an offshore broker if they, for example, delay or refuse to pay out withdrawals, can be genuinely hard.

Notes:

• We are not saying Brex Capital is a blacklisted scam broker. We are setting out the safety concerns that arose from our investigation, which we believe make it a high-risk trading provider. You can use the information and external resources to assess the risk for yourself.
• Regulatory claims and site details can change quickly. The license discrepancies above reflect what the Brex Capital site and the registers showed at the time of testing, so confirm the current position before acting.
• We tried to put our concerns to Brex Capital via their support team, but the contact form would not work despite multiple attempts – pressing ‘send us a message’ wouldn’t process our message.