Is Quotex a scam? Read this before trying the broker in 2023

Quotex Perks:

• $10 minimum deposit – The low minimum deposit means anyone with $10 can start trading. Other brokers may require much more.
• Customizable options expiry – Choose exactly when you want your option to expire, down to the second. Choose any length of time between five seconds and four hours.
• 4.8 rating on Trustpilot – There are lots of happy Quotex customers.
• Built in trade signals – The Quotex platform provides a steady stream of trade recommendations based on technical analysis.
• Deposit bonus – a 30% bonus on your first deposit, regardless of size (bonus can not be withdrawn).
• No fees – Quotex doesn’t charge withdrawal or deposit fees, nor trading or account fees.
• Lots of asset choices – Trade binary options on stocks, currencies, and commodities.
• Exit trades before expiry – you can exit trades before expiry for a partial loss. This saves you money when a trade isn’t unfolding how you expected.

Quotex Disadvantages:

• Minimal live support: You can use the Quotex contact form or social media, but no phone numbers or live chart are offered.
• No regulation – Quotex is not regulated and client funds are not kept separate from Quotex’s funds.
• Deposit bonus can’t be withdrawn – Any deposit bonus received can only be used for trading, and can’t be withdrawn.

More details on all these points are below, along with a lot more to know about this broker before you sign up.

In terms of forex pairs, you have lots of choices. You can trade binary options on the following pairs.

Forex Pairs

Commodities

There are several commodities that you can trade with Quotex.

• US Crude
• UK Brent
• Gold
• Silver

Stock Indices

There are also a number of indices and stocks you can trade.

Stocks

Quotex offers trades on several well-known stocks.

Quotex doesn’t charge commissions on trades. Rather, you can make up to a 98% profit on your invested amount if you correctly pick whether the asset will be above or below the opening price of the trade (the strike price) when the trade expires. You can choose an expiry, before the trade, from 5 seconds up to 4 hours.

When you open the web trading platform or app, you’ll see a chart with the price history of the asset. Click on the “+” button to choose a different asset from the list provided. Recently traded instruments appear as buttons along the top of the screen. Click on one to open its chart.

Along the left side of the screen or along the bottom of the chart (depending on app or web version) you will see Up and Down buttons, along with Time and Investment boxes. You’ll also see the asset you are currently trading (or will be placing a trade in if you click the Up or Down button) along with the payout percentage if your trade is profitable.

The Time box is where you choose your expiry. Choosing an expiry is an important part of the binary options trading process. The price at expiry determines whether your trade is profitable or not.

Investment is how much capital you want to put into the trade. If your trade is unprofitable, you will lose this amount. If your prediction is correct you will make anywhere from 25% to 98% on this amount.

Choose your investment amount carefully. Most professional traders risk 2% or less of their account on each trade. So if you have a $100 account, this equates to investing $1 or $2 on each trade.

Up: Clicking this button means you believe the price will be above the current price (when you click the Up button) when the trade expires. If the EUR/USD is trading at 1.1255, when you click the Up button, the price needs to be above that at the exact moment the option expires in order for your trade to be profitable.

The payout is shown below the Up button. In this case, $1000 is being invested, and the payout is 90%. Thus the payout is $1900 if the trade is profitable ($900 in profit, plus the initial $1000 is returned). If the price at expiry is below the price at expiration, the $1000 is lost.

Down: If you click Down, you expect the price to move lower after you click the button. If you are correct, you receive the payout amount. If you are wrong, the investment is lost.

Once a trade is open, you will see a countdown clock next to the trade. It will also provide you with the option to close the trade before expiry. It will show you how much of your investment you will receive back. This is useful if the trade isn’t likely to be profitable.

In this case, the trade is in profit, with 26 seconds left until expiry, so it doesn’t make sense to close it early. However, if the trade were in an unprofitable position, it could be closed by clicking “sell now” to receive that amount of money back.

That’s a quick review of how to trade with Quotex. Next, we’ll look at other things you need to know about Quotex while conducting your review.

Finding a method to deposit or withdraw money shouldn’t be a problem with Quotex io. They offer a wide range of deposit and withdrawal options. Here’s what they are:

• Credit Cards
• AdvCash
• Perfect Money
• MoMo
• Crypto (BTC, USDT (on ERC, TRC, BEP), ETH, Dash, Doge, LTC, Binance Coin, Dai, or Bitcoin Cash)
• Coinbase
• Bank Transfer
• Bank of Vietnam
• QR Banking

Withdrawals can take one to five days to process. Although the company claims that they try to process withdrawal requests on the day they are received. Deposits are typically deposited instantly, once they are received by Quotex.

Each payment method has their own processing time which is out of the hands of Quotex. Quotex does not charge a fee on deposits or withdrawals, although the payment processor you use may charge a fee for their service. The minimum deposit amount is US$10, or an equivalent in another currency. The minimum withdrawal amount is also US$10 or equivalent.

The trading platform is how you make trades, and is also a source of information. The trading platform provides you with charts and analysis tools, as well as account information, balances, trade history, and the ability to deposit and withdraw.

Using the Quotex trading platform is fairly straightforward for trading, as discussed in the “How to Trade with Quotex” section. Here are the benefits of the platform:

I must admit, the platform is very easy to use. It is well designed for making trades.

Quotex Trade Signals

The integrated signals are easy to use as well. Click on the signal tab in the platform, and then click on a signal to pull up a chart of that asset. The signal tells you which expiry to select, and which direction to trade (up or down).

The platform also offers a total of 29 technical indicators that you can add to your chart to help with your trade selection.

Quotex Technical Indicators

Quotex Chart Time Frames

The platform lets you choose from multiple chart time frames. Your chart time frame determines when each candle or price bar closes. A 1-minute chart means a new candle or bar forms every minute. Choose between:

• 5, 10, 15, and 30 second charts
• 1, 2, 3, 5, 10, 15, and 30 minute charts
• 1 and 4 hour charts
• 1 day chart

Quotex Chart Types

Display your charts in

• Candles
• Area
• Bars
• Heiken Ashi

These are the chart types. They each display how the price is moving in a different way. Try each one to see which you like best. Overall the platform is very easy to use, especially for trading. Set your expiration time, your investment, and click or Up or Down.

Quotex accepts clients from many countries, but not all. It does not allow clients from the USA, Canada, Hong Kong, EEA countries, or Indonesia. If you reside in these countries, you won’t be able to open an account with Quotex.

EEA stands for European Economic Area. It includes all countries in the European Union as well as Iceland, Lichtenstein, and Norway.

Quotex doesn’t charge commissions or deposit and withdrawal fees. That is an ongoing promotion. As for the deposit bonus, all traders can choose to receive a 30% deposit bonus, regardless of how much they deposit.

If you deposit $100, you will have $130 to trade with. The larger account balance means you can make larger investments and thus potentially make more money. A 90% return on a $13 investment is more profit than 90% on a $10 investment.

Quotex advertises that they have millions of traders around the globe. However, since they are a private company, there is no way to verify this.

That said, there are thousands of reviews on the company, and while some are negative, even more or positive. In terms of safety of funds, there are two things most professional traders look for.

• Segregated client funds – this means your funds are held in trust, separate from the broker’s money so they can’t use it or steal it.
• Broker regulation – a regulated broker is watched by regulators and must adhere to specific codes of conduct. If you have an issue with a broker, you can complain to the regulator.

Quotex doesn’t offer segregated client funds, nor are they regulated. That said, many traders trust Quotex with their money and have no issue. It comes down to your comfort level when researching a broker.

Quotex is not regulated in any jurisdiction. Some Quotex reviews state that the company is regulated by the Financial Market Relations Regulation Center (IFMRRC), which is a pay-for-membership regulator. This is not the case. The IFMRRC actually lists Quotex as a company that falsified regulation documents.

That is not great news for investors with Quotex. While they may treat customers well, it is not ideal that a regulator has a warning about Quotex on their website.

One of the perks of the Quotex support is that they can respond in 19 different languages. The site itself is offered in 19 different languages.

The downside is that there is no live-chat or phone support. You can submit a request for help via the Contacts page. Select either Account Revery or Other problems, write your issue or question, and then submit the form.

Quotex typically responds to these emails within one day. You can also contact Quotex via social media:

Twitter: https://twitter.com/quotex_platform

Facebook: https://www.facebook.com/quotexio/

Instagram: https://www.instagram.com/quotex_io/

For answers to common questions, see the Quotex FAQ section of their website. There you get quick answers to common trading, financial, and verification questions.

Looking for other brokers that offer promo codes and free money, check out Weltrade.

What if I provided the wrong personal data when opening an account?

Immediately contact the technical support team. Provide the correct details. You will typically receive a response within one business day when you submit a request for help.

Do I need a deposit to start trading?

Yes. You have to create an individual trading account to start trading with real capital. However, if you want to trade without a deposit, you can try the demo trading account.

Is Quotex available in the US?

According to the Quotex website, US residents are not accepted as clients.

What is the expiration period of a trade on Quotex?

You can choose any expiration between one minute and four hours, down to the second. For example, you may choose an option expiry of 1 minute and 3 seconds, or a 15 minutes and 25 seconds.

How do I calculate my profits on the Quotex platform?

The profit is calculated for you in the platform. The profit amount is: investment x % payout. For example, if the percentage payout for the trade is 90%, and you invested $10 in the trade, the profit amount is $9. This is shown as $19 in the platform because you receive $9 in profit plus your original $10 back if the trade is profitable.

Do I need to provide additional documents for withdrawals?

In most cases, extra documentation is not required to withdraw funds. However, Quotex may require that you authenticate your personal data by providing certain documents to avoid unlawful trading. This verification process occurs when you open a live trading account.

How do I know if my account has passed verification?

After successful verification, you’ll receive notification from Quotex and you will be able to trade with real capital on the platform.

Where is Quotex located?

Quotex is owned by Maxbit LLC. The Maxbit office is located at First Floor, First St Vincent Bank LTD Building, James Street, Kingstown, St. Vincent and Grenadines.

Quotex Review Final Thoughts

Overall, Quotex is a good binary options broker. The platform is easy to use, they have lots of deposit and withdrawal options, a wide array of assets to trade, and a 4.8/5 Trustpilot rating.

According to Quotex, millions of traders use them. I wasn’t able to verify the “millions” but there are thousands of reviews out there. Most of them are more positive than not.

On the downside, this broker is unregulated and doesn’t hold client funds in a separate account. If you are okay with that, then Quotex is a good broker, offering better trading conditions, a better platform, and more assets to trade than many of its competitors. See our Binary Options Brokers page to see how Quotex compares to other brokers.

Visit »

It is one of the best international brokers. Different types of assets, convenient and reliable platform, favorable trading conditions. Want to know more? Click here.