Is Quotex Scam or Legit Broker?

No, it is not safe to start trading with Quotex, there is high risk Quotex is scam or not safe enough Broker to invest with. The entity responsible for the Quotex website, Maxbit LLC, is officially registered in St. Vincent and the Grenadines, which is considered an offshore jurisdiction known for its lenient tax regulations and almost no regulations towards Forex brokers. 

  • The oversight of Quotex lacks rigorous monitoring by reputable regulatory bodies. Consequently, the broker does not follow any special guidelines and rules and might operate its business however it chooses. Offshore brokers such as Quotex, Coinexx, T4Trade , etc. are unreliable and might be financial scams, or Brokers that traders will never know what to expect.

About Quotex
🏢 Registered inSaint Vincent and the Grenadines
🗺️ Type of LicenseOffshore
🛡️ Is Quotex safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Quotex?

Quotex, founded in 2019, is a brokerage firm that specializes in the field of binary options trading. The firm offers its clients the opportunity to engage in trading activities involving currencies, metals, oil, cryptocurrencies, and stock indices. The broker provides favorable conditions for its clients, offering a low minimum deposit ($10), a variety of available currencies (USD, EUR, GBP, BRL, IDR, MYR, INR, KZT, RUB, THB, UAH, VND), a Demo account and 24/7 customer support. 

The broker seems to be gaining more clients daily and earning a significant volume of interest. However, upon detailed research, we were able to reveal a number of red flags that make us see Quotex in a different light.

Here are the main points we would like clients to consider before signing with the broker:

  • Lack of regulation: When choosing a broker the first thing traders should do is check whether the broker is regulated or not. In fact, this is not something to overlook, as regulation and proper license from a respected authority means the reliability of the broker. When it comes to Quotex, the entity operating the Quotex website is Maxbit LLC, which is registered in St. Vincent and the Grenadines, known as an offshore jurisdiction. This means, that while trading with Quotex customers can’t have the reassurance and safety that their funds are fully protected, or there is any regulatory body that may assist in case of any fraudulent activity, alike FCA does. 
  • False popularity: The broker seems to be quite popular among clients. Yet, it seems like the broker is working on its popularity and collecting positive reviews and feedback. However, along with positive and praising reviews, there are still many negative reviews that actually state the opposite, pointing at the unfavorable conditions of the broker and the inappropriate withdrawal process.
  • Withdrawal problems: Although the broker positions itself in a positive light, we were still able to find feedback indicating its inadequate withdrawal process. Clients complain that the broker offers to make even more investments to be able to process withdrawals, which is the practise only scam Brokers would do, none of the serious companies can tell trader to invest more, and as a result traders lose even more money. 
  • Binary Options – a highly risky form of trading: Binary options trading has gained both popularity and controversy. Many argue that binary options offer a straightforward way for traders to profit from market movements, while critics highlight the high risk and potential for investor losses. Due to concerns about investor protection, regulatory authorities in various countries (UK and US, for instance) have imposed restrictions or outright bans on binary options trading.

Overall Quotex Ranking

Drawing upon our Expert Opinion, substantiated by over a decade of hands-on experience in Forex Trading, we have revealed noteworthy concerns regarding Quotex’s regulatory framework and overall reliability. Consequently, we find ourselves unable to give a positive ranking to Quotex.

  • Quotex Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingQuotexXMFP Markets
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading ConditionsTrading environment

Quotex Alternative Brokers

In light of the substantial safety concerns associated with Quotex, we strongly advise exploring better alternatives that prioritize stringent regulations and offer good trading conditions. Below, we present a list of reputable brokers with reliable options and safe conditions for your comparison:

  • Pepperstone– Good Instruments and CopyTrading
  • FP Markets – Low Spreads and Competitive Trading Conditions
  • HFM – The best selection of Educational Resources

Deposits and Withdrawals

With Quotex traders can fund their accounts through a range of methods, including credit cards, e-wallets, and cryptocurrencies. The minimum deposit is $10, with no additional fees applied for deposit transactions. 

  • The process of withdrawing funds is quite straightforward and can be executed within the personal account. The same method utilized for depositing funds into the trader’s account can also be employed for initiating withdrawals.
  • Typically, the withdrawal process spans 1-5 days from the moment the Client’s corresponding request is received.
  • For the majority of payment systems, the minimum withdrawal threshold starts at $10. However, for cryptocurrencies, this minimum amount begins at $50.
  • When it comes to Quorex withdrawals we recommend being particularly attentive, as there are reported issues with the withdrawal process that should not be neglected.

Account Types

Quotex presents a range of account types including Demo, Standard, Pro, and VIP, each featuring distinct minimum deposit requirements (starting from $10 ), tradable assets, and account currencies. All in all, the Demo account caters to all, the Standard account is tailored for beginners, the Pro account is more suitable for professional traders, and the VIP account is intended for seasoned traders engaged in full-time trading.

  • The demo account provides users with complete access to the range of instruments and tools accessible on Quotex trading platforms. This encompasses the opportunity to engage in practicing diverse trading strategies and gaining insights into the market along with the broker’s offerings.

Quotex Review Conclusion

Based on the comprehensive information collected about Quotex, significant concerns arise regarding the broker’s reliability and credibility, so we do not recommend Quotex for trading or investing. The fact that it is registered in Saint Vincent and the Grenadines casts doubt on its reliability, creating a concerning possibility of it being associated with financial fraudulent activities.

We strongly advise staying away from brokers with dubious registrations and instead, giving preference to those with established, reputable track records. Look for brokers known for favorable trading conditions and trustworthy services with licenses such as FCA, ASIC, or CySEC, as these licenses offer a heightened level of security and safeguards.

  • Overall ranking and experience for Quotex is Negative
گشت منبر From Pakistan | | Tuesday, December 26, 2023

Quotex is an online trading platform that offers various financial instruments like stocks, currencies, and commodities. It provides a user-friendly interface, advanced charting tools, and real-time market data to help traders make informed decisions. Many users appreciate the platform’s simplicity and the range of trading options available. However, it’s always a good idea to do your own research and read reviews from other traders before deciding to use any trading platform. Hope this helps! Quotex also have best customers service reply with in 5 minutes love quotex

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