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Is Quotex A Safe Broker?

Is Quotex A Safe Broker

QUOTEX is a binary options broker that traders worldwide like to use. But, because binary options aren’t regulated, checking any broker well before putting money in is vital. More people seem to be joining QUOTEX and showing lots of interest. But, after looking closely, we found many warning signs. This makes us wonder if QUOTEX is safe. In this review, we’ll answer the following question: Is QUOTEX a secure broker? We’ll look at important things like rules, trading terms, and alternative brokers.

Is Quotex a safe broker?

No. The main problem is that Quotex doesn’t have regulatory approval. When we review brokers, we first check if trusted financial authorities in the US, European Union, or UK regulate them, like the Securities and Exchange Commission (SEC) or Financial Conduct Authority (FCA). Quotes don’t meet these standards.

The company that runs Quotex, Maxbit LLC, is registered in St. Vincent and the Grenadines, a place known for avoiding taxes. Reliable regulators do not oversee it, so investors might not get their money back if the broker fails. There are protection schemes for investors in the US, EU, or UK, but not in places like tax havens.

At Investing in the Web, we’re confident that investing with Quotex is risky. While it might not be a scam outright, serious concerns exist about its operation. We strongly advise against investing in companies with many warning signs, regardless of their good offers (like Quotex’s low minimum deposit, demo account, or any potential promo code).

Is QUOTEX legit?

Quotes isn’t a reliable broker because financial authorities that ensure strict standards have yet to regulate it. Quotes know that social media like Twitter, Instagram, and Facebook can build credibility. If you check out their Instagram, you’ll see many spam comments, which makes us wonder if they’re real users:

If you look up “Quotex” on Trustpilot, you’ll see their page was suspended. A message says, “We have reason to believe this company is engaging in scams or deceptive practices.”

However, after reading many reviews, we believe most are not trustworthy and are fake. Many reviews make broad statements, lack details, and don’t sound like real customers.

Also, most positive reviews are from people with no other reviews on Trustpilot. Plus, Quotes has no verified 5-star reviews, making us doubt how satisfied their customers are.

Lastly, negative reviews show a pattern: problems with withdrawing money, price differences, and chart manipulations.

Quotes Alternative Brokers

Quotex has a lot of safety issues. We suggest looking at other brokers that are safer and follow strict rules. Here are some brokers that are good choices:

  • eToro: You can trade stocks and ETFs without paying a commission. You can also copy what other traders do. The platform is easy to use and trusted by many people worldwide.
  • Interactive Brokers: This broker started in 1978 and is based in the US. It’s one of the most trusted brokers globally. It offers many financial products, like stocks and ETFs, and has low fees for converting currency. Interactive Brokers also has a mobile app called IBKR GlobalTrader, which is great for new investors who want to trade stocks, options, and ETFs.

Final Thoughts

So, Topforx.com does not recommend opening an account with Quotex, as it is unsafe to start trading with them. There is a high risk that Quotex may be a scam or need to be a more safe broker to invest with. We recommend opening an account only with brokers that a top-tier and stringent regulator like eToro and Interactive Brokers oversees. These options are fully regulated, have low fees, offer good customer support, and provide an easy-to-use investment platform, among other benefits!