We report current hysteresis in response to applied voltage in graphene quantum dots of average diameter 4.5 +/- 0.55 nm, synthesized electrochemically using multiwalled carbon nanotubes. In response to step voltages, transient current decay, characteristic of deep and shallow level charge traps with time constants 186 ms and 6 s, is observed. Discharging current transients indicate charge storage of the order of 100 mu C. Trap states are believed to arise due to the fast physisorption of external adsorbates, which are found to have a significant effect on charge transport and changes the resistance of the prepared device by an order of 3. (C) 2013 American Institute of Physics.