Quotex is a binary options trading platform that offers large returns, an easy-to-use interface, and a wide range of assets and trading possibilities. However, it has some drawbacks, including a lack of regulation, limited education, and poor customer support.
This Quotex review aims to highlight the features and trading platform attached to this broker to help your decision-making in choosing the right platform for your options trading. After this review, you will know if Quotex is the perfect choice for you to trade.
Quotex Overview
Founded in 2020, Quotex is a binary options broker located in Seychelles. The company is owned and operated by Awesomo LTD.
Quotex allows users to trade binary options in over 400 assets, such as stocks, currencies, commodities, and cryptocurrencies. Quotex claims to offer high payouts, up to 98%, and a user-friendly interface, with various trading tools and indicators.
Quotex is regulated by the International Financial Market Relations Regulations Center (IFMRRC), an agency that is not well known and so attracts a lot of queries concerning the security of customer funds on the broker. There has however been no real threat posed against user funds regardless of the regulatory issues encountered by Quotex. The broker has restrictions on traders residing in countries like the US, Canada, Hong Kong, and a few others due to lingering regulatory issues.
Quotex provides potential users with a quick and easy sign-up process to follow. All you need to do to become a member is input your country of residence, email, and a strong password.
After that, you will be asked to verify your email account, and with that, you are free to deposit funds to your wallet or try out the demo trading feature if you are a beginner.
Quotex offers new users with a live account and a demo account. For those with no real experience in trading binary options, the demo account is a good way to start and learn to navigate the broker’s trading platform. Quotex offers $10,000 of virtual money for demo trading. The platform also offers more than 400 underlying asset alternatives. Users can also learn to adjust their trading settings based on their interests and methods.
Users get access to trade on a fast-paced online platform where they can trade Cryptocurrencies and other financial assets. The minimal deposit is $10, with a 30% deposit bonus for new traders.
There is also a minimum amount to trade, which is $1. Quotex also provides a custom web platform and a mobile app for users to access and trade 400+ assets. With the speed of the trading platform come integrated signals and trading indicators to help users boost profits.
Furthermore, Quotex allows users to make payments in different currencies like Euros, Dollars, Pounds, and even cryptocurrencies. These payments can be made through methods like Credit/Debit cards, wire transfers, and cryptocurrency transfers.
Quotex has received positive reviews from many customers, who praise its speed and reliability. However, there are still complaints about the
Pros and Cons
| 👍 Quotex Pros | 👎 Quotex Cons |
|---|---|
| ✅ 400+ assets | ❌ Regulatory concerns |
| ✅ Demo trading is available | ❌ Poor customer support |
| ✅ Up to 98% payout | ❌ Might not be the best for advanced traders |
| ✅ Minimum amount of $1 for trades | |
| ✅ Fast-paced trading platform | |
| ✅ Provides daily signals for trades | |
| ✅ A good number of fiat currencies are available for payments | |
| ✅ No fees for making payments | |
| ✅ Good reviews |
Quotex Payouts
Quotex offers high payouts for trades. It offers great yields, up to 98%, and is one of the best in the market. The payout percentage differs and may vary based on the timeframe for the trade and the asset being traded.
The profit earned for new positions is likely to decrease if a significant number of traders are speculating in the same direction. However, those who adopt an unconventional position are likely to see a payout percentage that is higher than anticipated. Returns are also dependent on the information already available about trades.
As much as the payouts can be high when a market moves in a trader’s direction, users can also experience losses in the same way, making it a high-risk form of trade.
Quotex Trading Platform
Quotex is a trading platform where users may trade digital assets such as currencies, commodities, indices, and cryptocurrencies. There are over 400 tradable assets for users to select from, such as EUR/JPY, AUD/CAD, EUR/USD, and many others.
Quotex maintains its position as one of the leading providers of ultra-short-term binaries across hundreds of assets. The web interface offered by the binary broker offers an excellent user experience, featuring charting styles, indicators on charts, daily trading signals to help boost profits, and a clean design.
There are two different trading platforms available on Quotex, which are a demo account and a live account. To begin trading, all you need is a deposit of $10, and you can enter a trade with as little as $1. Users can also open a free demo account with $10,000 to practice and learn.
Quotex offers a unique platform for smart investing with significant returns on trades. Payouts can be generated up to 98% of the value traded.
The broker allows you to trade options on stocks (businesses), currencies, commodities, and some indexes such as the S&P 500. The expiry times vary as well, with 1 minute, 2 minutes, 5 minutes, one hour, and even up to a month or more in some situations.
Quotex Demo Trading
With Quotex, new users are welcome to try out a demo account to better understand how they can navigate the broker’s trading platform. The demo account comes with a free virtual currency of $10,000 to begin practice with, which is renewable if exhausted by the trader.
Demo trading on Quotex is the best for newbie traders, as it helps them hone their trading skills and master risk-taking for the real market. What’s more interesting is that the demo account is open for anyone to practice with. This means that you don’t necessarily need to register first before you can access a demo account on Quotex.
Quotex Fees
With Quotex, users are allowed to engage in transactions of all sorts on the platform without any fees attached. Quotex is well known for a feeless trading experience for deposits, withdrawals, or trading operations. The only cost for traders on Quotex is the profit percentage that the platform sets depending on the liquidity of the financial instrument. However, some payment systems may charge fees ranging from 1-5% on transfers.
Quotex Bonuses
One of the more exciting features of Quotex is that it offers various bonuses to its users, such as deposit bonuses and cashback bonuses. A deposit bonus is a percentage of the amount you deposit into your account, which you can use for trading. A cashback bonus is a percentage of the amount you lose in a trade, which you can get back as a bonus.
Some of the Quotex bonuses that are currently available are:
- A 30% deposit bonus
- A 10% cashback bonus.
- A standard deposit bonus of up to 30% without a promo code. This bonus depends on the amount and method of your deposit. The minimum deposit to get this bonus is $10.
- A VIP deposit bonus of up to 35% without a promo code. This bonus is only for VIP accounts, which require a minimum deposit of $1,000. The bonus also depends on the amount and method of your deposit.
Quotex bonuses can help you increase your trading capital and potential returns.
Quotex Deposit Methods
Quotex provides users with convenient ways for them to make deposits and fund their accounts. Deposits on the broker are completely free, and may only incur a cost from the method you choose. There are several deposit methods for users, such as Credit/Debit card deposits, Mastercard deposits, internet banks such as ADVcash and Perfect Money, and cryptocurrency deposits with the likes of BTC and ETH.
The minimum deposit option available on Quotex is $10, and users can deposit in various fiats such as Euros, Pounds, and US Dollars.
Quotex Withdrawal Methods
Like the deposit methods, Quotex allows users to withdraw their funds using various methods, such as credit cards, e-wallets, bank transfers, and cryptocurrencies. However, each method has different requirements, fees, and processing times. Here is some additional information regarding the withdrawal methods:
- The minimum withdrawal amount is $10 for most methods, except for Bitcoin, which requires $120. Other cryptocurrencies have a minimum withdrawal of $50
- There is no maximum withdrawal limit set by Quotex, but it may vary depending on the payment system you choose.
- Quotex does not charge any withdrawal fees, but some payment systems may charge fees ranging from one to five percent on transfers.
- The withdrawal duration depends on the method you use, but it usually takes between a few minutes to a few hours for most methods and up to 5 business days for bank transfers.
- Quotex may request verification for large withdrawal amounts, although the specific threshold is not specified on their website.
- You need to use the same payment method for both deposits and withdrawals. If you want to change your payment method, you need to contact customer support.
Quotex Regulations and Restrictions
Quotex was established by Awesomo LTD, a Seychelles-based company that has regulations under the International Financial Market Relations Regulations Center (IFMRRC). Although the broker provides proof of its regulations with the agency, IFMRRC is still a largely unknown agency, and so being regulated by them poses a potential red flag to intending Quotex users. This is because, at the moment, the broker is not regulated by any well-known agency or government regulatory body. This means that all transactions are done at users’ risk, even though Quotex claims to be safe for trading.
It must also be said that Quotex has some regulatory issues with traders in countries like the United States, Canada, Hong Kong, and Germany. In these countries, Quotex may be deemed unlawful, unregulated, or risky for traders. Users from these countries can only use the Quotex website to open a demo account, not to trade with real money. Those who attempt to access Quotex from these countries may face legal action or forfeit their cash. With the restrictions on these countries, traders can still deposit cryptocurrencies on the platform, but it will be at their own risk.
In other countries, Quotex may be available and legal to use, but users should proceed with caution and conduct their research before investing. Quotex offers no guarantees or protections to its users, and trading on financial markets carries significant risk and can result in the loss of your invested funds.
Quotex Alternatives
Quotex offers some good features, such as a fast network, trading signals, and high payout possibilities. With all these, the broker might still not meet the desires of some traders and investors. For this reason, we have taken the time to consider a few alternatives to Quotex, just in case you are not comfortable with trading on the platform.
Here are the alternative binary options brokers to Quotex:
- Pocket Option
- Deriv
- IQ Option
Pocket Option
Pocket Option is among the top most-rated binary options brokers in the market today. It offers a payout range of 25% to 95% for trades, which is one of the highest in the market today. With 100+ tradable assets and a great trading platform for both beginners and advanced traders, Pocket Option continues to dominate the Binary Options market.
Pocket Option is a binary options broker that offers various features and services to its customers. It allows users to trade different assets, such as currencies, commodities, indices, and cryptocurrencies, with a minimum deposit of $10. Pocket Option also provides a free demo account, integrated signals, trading indicators, and bonuses.
Among other things, Pocket Option is praised for the platform’s intuitive interface, fast execution, and easy navigation. Customers also appreciate the support team’s responsiveness and helpfulness. Customers report that withdrawals are quick and hassle-free, with no fees or limits at all. This makes it a preferred platform to many other brokers in the market.
However, Pocket Option also has some drawbacks and risks that customers should be aware of. The major issue associated with the broker is regulatory concerns that customers have. Pocket Option claims to be regulated by the IFMRRC, a scarcely known agency, and has no real government regulation to support it, causing doubts to arise from customers all over the world on whether it is a safe platform or not.
Some customers also complain about the platform’s instability, glitches, and delays, especially with withdrawals. They also encounter problems with verification, bonuses, and refunds. Customers also advise that Pocket Option is not available or regulated in some countries and that users should check the legal status and terms and conditions of the platform before investing.
Deriv
Deriv is an online broker that trades CFDs and binary options on forex, stocks, cryptocurrencies, and commodities. With a minimum investment of $10, you can trade a variety of assets including currencies, commodities, indices, and cryptocurrencies on Deriv. The broker also offers a free demo account, integrated signals, trading indicators, and bonuses.
Deriv is a well-regulated platform, with licenses from the British Virgin Islands Financial Services Commission, Malta Financial Services Authority, as well as others. The broker may well have the highest payout percentage on the market, with up to 100% available on returns.
There are 100+ crypto assets for users to trade on the broker, including cryptocurrencies and currency pairs. Aside from that, Deriv also offers users diverse payment methods, with over 30 payments available for deposits and withdrawals, including credit card and debit card payments, wire transfers, and internet platforms like ADVcash and Banxa.
Furthermore, the Platform also prides itself on customer reviews, with a rating of 4.5 on Trustpilot.
IQ Option
IQ Option is a top-tier trading platform that allows for rapid trading of a variety of assets. Analysis, warnings, risk management, and community are among the tools provided by the broker to assist users in optimizing their trading methods and performance. It presently has 8 million users globally.
Users can trade a variety of assets on IQ Option, including binary options, cryptocurrencies, CFDs, and FX. They also offer users a payout ratio of up to 91% to ensure the greatest profit is achieved.
Some of the most prominent features of IQ Option include a good trading platform with trading tools such as stop loss and take profit, and also strategy tools. The platform is user-friendly and has advanced trading features for pro traders. These include indicators such as Bollinger bands, moving averages, and RSIs. Users can also trade with crypto multipliers to boost their payout possibility in the markets.
On IQ Option, users have access to three types of accounts, which are the demo account, Standard account, and VIP account. Demo accounts come with $10,000 of rechargeable virtual funds.
Bottom Line
Quotex is a fast-growing binary options broker that allows you to trade 400+ assets, ranging from options to cryptocurrencies and currency pairs. Quotex provides a user-friendly interface, integrated signals, trading indicators, and quick and precise execution. Quotex promises to provide a unique platform for making wise investments and earning large trade returns.
Although the broker provides great fees and a fast network environment for trading, its major limitation is regulations. That means you have to ensure that you are okay with performing your transactions on the platform, even if it is not regulated in your country.
Overall, Quotex is a broker that provides a variety of features and services to its customers, but it also requires prudence and research before investing. Quotex is not available or regulated in several countries, and it offers no warranties or protections to its customers.
This review has sought to shed light on Quotex, highlighting all of the major factors that make it reliable for trading, as well as the issues that have posed a great concern over the years. We hope that you make the best choice necessary when selecting a broker for your options trading career, whether as a beginner or pro trader.
FAQs
How do I withdraw money from the account?
You can withdraw money from your account using various methods, such as credit cards, e-wallets, bank transfers, and cryptocurrencies. You need to use the same payment method for both deposits and withdrawals. You also need to request a withdrawal from the Quotex website or app and wait for the approval and processing of your request.
How can I start trading with Quotex?
You can start trading with Quotex by registering on their website or downloading their mobile app. You can also sign up for a demo account to practice with $10,000 of virtual money. To trade with real money, you need to verify your account and make a deposit.
Is Quotex a scam or a legit broker?
Quotex is a legit broker that is licensed and regulated by the International Financial Market Relations Regulation Center (IFMRRC) through its parent company Awesomo Ltd. However, this does not mean that it complies with all local laws and regulations in every country. Therefore, users must be aware of the legal status and risks of using Quotex in their respective jurisdictions.
What is the Payout rate on Quotex?
Quotex offers users one of the best payout rates on the market. Users can earn up to 98% for payout on the broker. However, payouts differ based on the market condition, asset, and expiration date of the trade.
How can I contact Quotex Customer Support?
How can I contact Quotex support? You can contact Quotex support via email, phone, or live chat. You can also visit their FAQ page or their blog for more information and tips on trading with Quotex. Quotex support is available 24/7 and ready to assist you with any issues or questions you may have.
Is Quotex available in the US?
Quotex is not regulated by the US government or any of the regulatory bodies in the country. However, traders still perform transactions by depositing using cryptocurrencies. All of these transactions are done at the user’s risk.
