QUOTEX

QUOTEX is a digital options broker that offers market signals and copy trading services on its web platform. You can invest online with QUOTEX, which lets you trade currency pairs, crypto currencies, commodities, and indices. QUOTEX has its own trading platform, which you can easily change to suit you. This review discusses how to sign up, fees for putting in or taking out money, rules, and what you can trade. It helps you decide if you should trade with QUOTEX or not.

What is QUOTEX?

QUOTEX is an online broker that doesn’t follow strict rules. They only offer binary options, a money deal where you win everything or nothing in a set time. Their team started in 2019 and has already made a name for itself. According to QUOTEX, their developers are top-notch experts with lots of experience. Some have spent over 10 years improving their skills, and together, the team has 200 years of experience. Regarding tools, QUOTEX gives every client more than 400 free tools for trading and making money however they want. Later, we’ll discuss whether this experience sets QUOTEX apart from other platforms.

🏢 Headquarters Saint Vincent and the Grenadines
🗺️ Type of License No license
💻 Trading platform: Web Platform, Mobile App
📊 Account Currencies: USD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH
💰 Shoul I trade with it No (We don’t recommend )
Recommended Licenses FCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🚀 Minimum deposit: $10
🔧 Instruments: Digital Options on Stocks, Indices, Forex, Commodities, and Cryptos
☎ Customer Support 24/7

Fees

We liked QUOTEX’s fees because they don’t charge for trading or other services. When you trade, you won’t pay for deposits, withdrawals, inactivity, spreads, or commissions.

Pros and Cons

Pros Cons
QUOTEX is great for quick binary trading with turbo contracts that last just 5 seconds. QUOTEX isn’t regulated, so traders might not have many protections.
Adding money to your account is easy, with many payment options, no fees, and a simple cashier portal. Even though QUOTEX advertises payouts as high as 98%, tests show that actual payouts are lower than those of top brokers like Pocket Option.
The platform provides strong tools for technical traders to analyze charts, making trading easier. There’s no option for copy trading, which could help new traders learn from experienced ones.
Beginners can start with a $10 deposit and a minimum stake of $1, making QUOTEX.io accessible. Customer support has been poor during tests, with no live chat and slow response times.
Daily signals help traders, especially new ones, find trading opportunities. QUOTEX isn’t as good as other companies at teaching and providing market research.

QUOTEX Regulation and Security

QUOTEX is a real broker, but it doesn’t have a high trust score for a few reasons:

  1. QUOTEX isn’t regulated. They got a license in November 2020 from the International Financial Market Relations Regulation Centre (IFMRRC), but they let that license expire in 2021.
  2. QUOTEX hasn’t been around for very long. They started in 2019. If they had been around longer, people might trust them more.
  3. The company behind QUOTEX, Maxbit LLC, is registered in St. Vincent and the Grenadines, which is a place where people go to avoid paying taxes. There aren’t any good regulators watching over them there, so if QUOTEX goes out of business, there’s no guarantee that people who invested money with them will get it back. In places like the US, EU, or UK, there are systems to protect investors if something like that happens, but not in tax havens.

Is QUOTEX safe and legit?

We are sure investing in this platform is as risky as investing in the Web. Although it may not be called a scam, we worry about how it operates. We strongly advise against investing in companies with many warning signs, no matter how good their offers seem (like QUOTEX’s minimum deposit, demo account, or promo code).

Deposits and Withdrawals

You can deposit as little as $10 into QUOTEX using dollars, euros, pounds, or Bitcoin. You can use a credit card, eWallet, wire transfer, or cryptocurrency to deposit; the money is usually available within minutes. You can withdraw money back to where you deposited it unless you verify another way to get your money. There are no fees for depositing or withdrawing, but some methods might have fees not from QUOTEX. QUOTEX doesn’t give bonuses on their website, but you might get one when you deposit money.

Account Types

QUOTEX has two kinds of accounts:

Live Account: There’s only one type of live account. Signing up is easy – you can even use your Google account. The $10 minimum deposit makes it easy for new traders to join. You can use currencies like USD, EUR, and GBP, which is good for investors worldwide. But QUOTEX doesn’t offer different types of accounts like our top binary broker for 2023 – IQ Cent, which has four account options with better rewards for bigger deposits.

Demo Account: QUOTEX offers a free demo account. Learning how digital options work and trying out the platform is a good way. The only downside is that you only get $10,000 in the demo account, which is less than other options. Pocket Option, the runner-up in our 2023 awards, gives you $50,000 in their demo account, which gives you more room to practice before using real money. Signing up for the demo account is really easy – click to learn ‘how to open Quotex demo account’ on the broker’s homepage, and you’re in.

Trading Platforms

Web Platform

QUOTEX.io platform is easy to use and has interactive charts, tutorials, account analytics, and more. It’s good for beginners but lacks advanced features for experienced traders. World Forex offers MetaTrader 4, which experienced traders prefer.

Mobile App

The broker provides a mobile app that can be downloaded from Google Play and the Apple App Store. It’s important to check if all tools and functions are available on desktop and mobile. Thankfully, they are on the QUOTEX app. You can access all binaries and manage your account, and the app is well-designed for mobile use with light and dark modes.

Know, How To Download Quotex Trading App for PC

Research & Education

There aren’t many market research tools, which is disappointing. Analyst insights and market commentary can help with trading decisions. Deriv is better with a weekly market report and daily trading signals. You can learn the system through a demo account. QUOTEX also offers guidance videos and market news, but trading signals are only available on full accounts, not demo accounts.

Customer Service

QUOTEX’s customer support isn’t the best. There’s no live chat, only an email contact form and FAQ section.

Conclusion

After looking at QUOTEX closely, we suggest not opening an account with them. There are some warning signs you shouldn’t ignore. Before you decide on any broker, check a few things. Check if the platform is regulated in big countries like the US, UK, and EU. You can search on trusted regulators’ websites, like the FCA or SEC. Be cautious if the platform is not registered or on a warning list. Also, if you sense a pushy sales approach, investigate further. Don’t believe online reviews blindly; check multiple sources, especially if they seem overly positive.

FAQs

Is QUOTEX trustworthy or a scam?

QUOTEX is a real broker. But it’s not trusted very much because it lacks proper regulations.

Is QUOTEX regulated?

No, QUOTEX.io isn’t regulated.

Is QUOTEX a good or bad binary options broker?

QUOTEX is one of the best binary options brokers. It’s easy to use and offers many market options.

Is QUOTEX good for day trading?

Yes, QUOTEX is good for day trading digital options. It offers short trading times, from 5 seconds to 4 hours, and works well for quick trades.

Does QUOTEX have low fees?

Yes, QUOTEX has low fees. There are no fees for deposits, withdrawals, or inactivity. And there are no spreads or commissions.

How do I withdraw from my QUOTEX account?

You can ask for a withdrawal in your client area. The minimum withdrawal amount is $10 or $50 if you use Bitcoin.

Useful Article: How To Download Quotex Trading App for PC?