Is Quotex Legit Broker or a Scam? Quotex Review

Quotex stands out among other binary options brokers with its trading tools, unlimited time demo account, and the ability to trade even with small amounts. But is everything as perfect as it seems? Our detailed review will examine the advantages and disadvantages of trading binary options on the Quotex platform. We have studied this platform's pros and cons to help you make the right choice. Do you want to know which features of the platform got mixed reviews and which pleasantly surprised us? Then, please read our review to the end.

Table of contents:

• Is Quotex Legit?
• What is Quotex?
• Regulation
• Security of Funds and User Data
• User Satisfaction
• Account Types
• Deposit and Withdrawal
• Quotex Fees & Commissions
• Demo Account
• Trading Assets
• Mobile App
• Technical platform issues
• Tournaments
• Bonuses and Promotions
• Quotex Affiliate Program
• Customer Support
• Who Should Consider Using Quotex?
• Pros and Cons of Quotex
• Should You Trade Binary Options on Quotex?
• FAQ

Is Quotex Legit?

Quotex is a reputable binary options broker. The Quotex platform offers clients a user-friendly interface with modern technical indicators and the ability to conduct technical and graphical trend analysis. The platform features high payouts on trades – up to 93%, above the industry average. You can start trading with $10; the minimum trade size is only $1.

Depositing funds is very easy, as the broker supports over ten payment systems, including traditional bank transfers, Visa cards, FK-Wallet, and cryptocurrencies like Bitcoin, Ethereum, Tether, and many others. After completing your profile and verifying your account, withdrawals usually take up to five days, depending on the payment method. Numerous positive trader reviews confirm that Quotex is one of the best online binary options trading platforms in 2024.

What is Quotex?

Quotex represents a new generation of  binary options brokers. Its modern trading platform has quickly gained popularity among traders worldwide. The platform offers advanced analysis tools, indicators, and trading signals, making it accessible and convenient for bTREALDiTy beginner and experienced traders.

Anyone who opens an account with the binary options broker Quotex can explore diverse trading assets: currency pairs, stocks, indices, commodities, and cryptocurrencies. These assets are available for trading on both the demo account, funded with $10,000 in virtual money by the company and the real account.

The company began its journey in 2019. Since then, a dedicated team of professional developers, trading experts, and analysts has consistently enhanced the Quotex trading platform. They actively introduce advanced financial tools and features that empower traders to make well-informed and precise trading decisions.

Quotex does not operate as a regulated broker and does not hold a license from reputable financial regulators like the FCA, CySEC, or ASIC.

The broker's official website must provide information about the number of registered users or trading volumes. Although Quotex positions itself as a rapidly growing platform, it does not share detailed statistics. The platform supports multiple languages, including Russian.

Regulation

Beginners often ask the question, "Is Quotex regulated?" We thoroughly examined the regulatory aspects of the Quotex platform and reached a clear conclusion – it is a reliable broker. However, there are several essential nuances you should know. In November 2020, the company received a license from the International Financial Market Relations Regulation Center (IFMRRC), confirming its compliance with industry standards. However, this certificate was issued for one year and expired in 2021. Since then, Quotex has not applied for its membership renewal with the IFMRRC. 

Compliance with Industry Standards

In its operations, Quotex follows standard practices such as the "Know Your Customer" (KYC) and Anti-Money Laundering (AML) regulations. In addition, the company makes sure that its customers' data is secure.

Jurisdictional Considerations

The Quotex's office is located on the small islands of St. Kitts and Nevis. We can classify them as reliable offshore jurisdictions. Quotex's commitment to anti-money laundering (AML) principles demonstrates its dedication to financial transparency and maintaining honest client relationships.

Restricted Jurisdictions

We noticed that the broker's services are unavailable in regions such as the USA, Canada, Hong Kong, EEA countries, Israel, and Russia, as well as for individuals under 18 years old. This restriction follows local legal limitations and regulatory requirements that govern the activities of Quotex and other binary options brokers in these jurisdictions.

Security of Funds and User Data

Positive aspects: qxbroker.com is a legitimate platform with effective security measures. The platform uses reliable SSL encryption to protect user data from unauthorized access. In addition to standard login and password authentication, you can activate two-factor authentication (2FA) in your account settings. This adds an extra layer of security: to log in to the platform, you will need a PIN code sent to your email. These measures help create a highly secure trading environment for users.

However, experienced traders recommend using 2FA to log into the platform and confirm withdrawal requests. This approach will secure your trading account. To activate this feature, go to your account's "Security" section and check the boxes in the image above.

User Satisfaction

To form our unbiased opinion about the company, we decided to see what users say on reputable platforms like Trustpilot, Reviews.io, Reddit and Quora. Here’s what we found out.

Account Types

Quotex offers accounts in four types: Standard, Pro, VIP, and DEMO. The table below describes each type.

Deposit and Withdrawal

We found that Quotex may request verification of the account holder’s personal information when withdrawing funds for security reasons and to protect client funds. It is an essential element in the fight against fraud.

The withdrawal time from the trading platform usually takes one to five days from receiving the client's request. This process depends on how many requests the support team handles simultaneously. The company always aims to process withdrawals on the same day it receives a request from a trader.

Binary options broker Quotex clients can fund and withdraw their accounts through bank cards, cryptocurrencies, and e-payments.

Accepted Payment Methods

1. Bank cards:Visa and Master cards
2. Cryptocurrencies:Bitcoin (BTC), USD Tether (TRC-20), Litecoin (LTC) , USD Tether (ERC-20), USD Tether (Polygon), USD Coin (ERC20), USD Coin (Polygon) ,Binance Pay, USD Tether (BER-20), Ethereum (ETH), Bitcoin Cash, Tron (TRX)
3. E-payments: FK-wallet

Currencies

The Quotex offers trading accounts in the following currencies: EUR, GBP, BRL, IDR, MYR, INR, KZT, RUB, THB, UAH, VND, NGN, EGP, MXN, JPY, BDT, PKR, PHP, TRY, and KRW.

Quotex Fees & Commissions

We confirmed that Quotex does not charge fees for deposits or withdrawals. However, you should note that payment systems might impose additional charges during transfers and may apply their exchange rates for currency conversion.

Additionally, Quotex allows you to change your deposit currency without any fees. The platform charges only one fee: the difference between your stake amount and the payout percentage if your purchase option closes with a profit. Quotex does not impose any other fees or charges.

Demo Account

A demo account is a free tool that enables novice traders to master the nuances of trading without exposing real funds to risk. Quotex offers a secure environment where you can experiment with trading strategies and indicators.

This account lets you develop your trading skills without risking any money.

Trading Assets

Quotex offers traders trading instruments from four asset classes: currency pairs, cryptocurrencies, commodities, and stocks. These instruments fall into two categories: OTC quotes and exchange-traded prices.

At the time of writing this review, the following instruments were available:

• Currency pairs: OTC - 23; Real quotes - 20
• Cryptocurrencies: Bitcoin (OTC)
• Commodities: OTC - 2; Real quotes - 2
• Stocks: OTC - 2
• Indices: Real quotes - 10

Note that the Quotex broker does not separate stocks and indices. Both asset classes are grouped under a single category, "Stocks".

Mobile App

The Quotex mobile app stands out for its high performance and intuitive interface, making it easy for beginners to master quickly. With this software, traders can select assets to trade, conduct technical analysis, and execute trades.

We conducted a thorough review of the Quotex mobile app and identified six key factors:

1. No matter where you are, the Quotex mobile app will give you access to binary options trading.
2. The app processes data quickly, and its intuitive interface ensures instant execution of trades.
3. The app offers access to technical analysis tools, including various indicators and charting objects, enabling detailed market analysis.
4. The mobile terminal has a convenient system of push notifications, thanks to which traders can quickly react to market changes and not miss important news and signals from their trading strategies.
5. The app provides a free, reloadable virtual balance of $10,000, allowing traders to practice without the risk of losing real money.
6. All settings and trade history are stored in the broker's database and synchronized between the mobile app and web platform, making it easy and convenient for users to work from any device.

All the critical factors mentioned earlier make the Quotex mobile app a versatile and valuable tool for traders of all levels.

Technical platform issues

Continuous updates to Quotex software can occasionally cause technical issues. As a result, users encounter these difficulties:

• Some users need access to the website, trading platform, or their accounts.
• Sometimes, clients complain that trades close prematurely or without their consent.
• There have also been instances when the terms of service changed unexpectedly, or access to the trading platform disappeared in certain regions.
• There are allegations that the platform manipulates trade outcomes, particularly in the OTC (over-the-counter) market.

Such cases can occur on any trading platform; they only sometimes reflect the overall picture of the service. However, if problems with access, premature trade closings, and manipulations are repeated, they may indicate technical failures.

If you encounter similar issues, we recommend that you:

1. Contact Quotex Support to find out the cause of the abnormal behavior of the platform and find a solution.
2. Check if your problems are unrelated to technical difficulties, such as network or broker server failures.
3. Read feedback from other users on forums to understand the situation objectively.
4. You should use additional security measures, such as two-factor authentication (2FA), to prevent the loss of funds.

Quotex must provide all necessary information about any changes to trading conditions and the availability of its trading platform.

Tournaments

The broker organizes regular tournaments to make trading with Quotex even more exciting. These tournaments allow every trader to earn extra profit and objectively assess their trading skills by comparing results with competitors.

The platform offers several tournaments with different trading conditions: two daily events and one lasting two days. In addition to duration, these tournaments vary in prize pool sizes and entry fees.

As shown in the image above, Quotex offers meager entry fees, making tournament participation accessible to every trader.

Please note that the tournaments differ in the entry fee, duration, and number of winners. For example, there are only three winners in the Free Fridaytournament, while in the Weekend Battleand Crazy! Wednesdaytournaments have five winners.

To join any tournament, you must first complete registration DPJCTwu4aI. After registering, the system credits your tournament account with $100 in tournament funds. All participants start with the same conditions. Participants trade using their tournament accounts during the set period (one or two days, depending on the tournament). The winner is the trader with the highest account balance at the end of the game.

The prize pool distribution for each tournament appears below:

The system credits your prize funds to your account within one day after the tournament finishes. You can use the rebuy feature if you deplete your tournament account in Free Fridayor Weekend Battle. For $1, you can restore your starting balance and continue. In the Crazy! Wednesdaytournament, the rebuy costs $10.

Remember that if you fail to place any trades on your account by the end of the tournament, the system will automatically disqualify you.

Bonuses and Promotions

We noticed that trading with Quotex becomes more exciting and profitable when traders use bonuses. Below is a list of current bonuses that Quotex offers to all its clients.

The following bonuses are available: Risk-Free, Cashback, Deposit Bonus, Percentage of Turnover, Balance Bonus, and Cancel X Points. To activate a bonus, you need to enter a unique promo code, which you can find on our website or request from customer support.

Quotex Affiliate Program

It doesn't matter whether you have your traffic source, engage in traffic arbitrage, or provide services in binary options and forex trading; you can earn well through the Quotex affiliate program.

The broker offers weekly payouts to bank cards, Tether (USDT) cryptocurrency, and electronic payment systems like Perfect Money, PIX, etc. Partners can earn up to 80% commission from revenue and up to 7% from turnover with a loyal and responsive customer support team.

How can you start earning with the Quotex affiliate program?

To get started, follow these simple steps:

1. Get your affiliate link– Register in the Quotex affiliate system and receive a unique link to earn.
2. Invite new traders– Place ads and attract as much traffic as possible.
3. Earn a percentage of the profit– Make money from the broker's earnings up to 80%!

The platform offers you to earn stable passive income from any ad network and traffic source: your website, forum, YouTube channel, or social media account. If you provide training courses, trading webinars, trading signals, financial consulting, or portfolio management services, the offer from Quotex will be very beneficial. Take advantage of the opportunity to profit from one of the best binary options brokers.

Customer Support

Russian-speaking traders need not worry – Quotex customer support operates in Russian. It works according to Moscow time, which is convenient for Russian-speaking clients and traders from Europe. You can get answers to your questions or receive consultations through the ticket system on the trading platform and via email.

From our observations, Quotex's support team operates quite quickly. The company employs highly experienced specialists, so traders can expect fast and professional solutions to their problems.

Who Should Consider Using Quotex?

Quotex is a popular trading platform offering many trading tools, a user-friendly interface, and a top-notch support team. However, to determine if this trustworthy trading platform is right for you, you need to consider several factors:

For Beginner Traders

• Low entry threshold: The minimum deposit is just $10, allowing you to start trading with small amounts.
• Demo account: On a free demo account, you can test the work of your trading strategy without risk.
• Educational materials: Quotex offers blog tutorials to its traders.
• Risks: Despite the low entry threshold, trading binary options risks losing your funds.
• Limited asset selection: Compared to other platforms, the selection of trading assets on Quotex is smaller.

For Experienced Traders

• High-order execution speed: Quotex ensures fast order processing, which is crucial for traders who make many intraday trades.
• Mobile app: The platform provides a mobile app allowing you to trade anywhere.
• Lack of regulation: The company that owns the platform is registered offshore.
• Limited analysis tools: The platform provides a standard set of technical analysis tools that professional traders may need to revise.

Choosing a trustworthy platform is a personal decision for each trader, depending on their goals, experience, and risk tolerance. Before starting Bj4Ee1N3Ul to trade on Quotex, we recommend thoroughly studying the platform's features, reviewing its terms, and consulting with experienced traders.

Pros and Cons of Quotex

Should You Trade Binary Options on Quotex?

As discussed earlier, Quotex has a user-friendly platform for beginners. The company is an excellent choice for those new to binary options trading. With this broker's modern web platform, they will have a great user experience. To open a trade, you need to follow just four simple steps.

Thanks to its advanced functionality, the Quotex trading terminal can compete with other platforms equally. The trading terminal gives access to a wide array of forex pairs and other financial instruments.

In addition, the company can compete with the best binary options platforms due to favorable trading conditions. A $10 deposit is required to start, and the $1 bet makes it even more attractive for traders with small deposits.

FAQ

How long does it take to withdraw funds?

On average, the withdrawal process takes one to five days. The processing time depends on the number of requests from other users. The company works hard to complete the payment on the same day it receives the request.

Can I trade on Quotex from my country?

Everything depends on the country of your residence. The official Quotex website lists countries where trading on the platform is prohibited. These countries include the United States, Canada, Hong Kong, EEA, Israel, and Russia. Additionally, individuals under 18 years old cannot open accounts.

What is the minimum deposit on Quotex?

The advantage of the Quotex trading platform is that you don't need to deposit large amounts to start trading. You can begin by investing just $10 – the platform's minimum deposit.

How does Quotex compare to other binary options brokers?

Quotex attracts beginners with its $10 minimum deposit vAZyoehpS6 and intuitive interface. However, experienced traders who need a wide range of trading instruments and strictly regulated platforms may find this broker does not meet their criteria.

Is Quotex a good or bad binary options broker?

There is no definite answer to this question. First, Quotex attracts traders with low minimum deposit requirements, making it easily accessible for beginners. Second, the need for stricter regulation raises doubts among experienced traders.

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See also:

Strategies for binary options

Indicators for binary options

Current bonuses and promotional codes for 2024

How to choose the right binary options broker