Is Quotex a scam? Read this before trying the broker in 2024

How Quotex Stands out?

• $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.
• 4.5 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• Deposit bonus – a 30% bonus on your first deposit, regardless of size (bonus cannot be withdrawn).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.

Is Quotex Regulated?

So, let’s talk regulation for a sec. When we say a broker is regulated, it means they’re under the watchful eye of a governing body. This body makes sure they’re financially stable, playing by the rules, and treating their customers right.

Now, here’s the deal with Quotex. They’re not regulated anywhere, which can be a bit concerning.

Some reviews out there claim they’re regulated by the Financial Market Relations Regulation Center (IFMRRC), but turns out, that’s not the case. Actually, the IFMRRC has flagged Quotex for faking their regulation documents.

IFMRRC Quotex certification

Now, if you’re considering investing with Quotex, this isn’t exactly great news. Sure, they might treat their customers nicely, but having a regulator call them out like that isn’t exactly reassuring.

And hey, guess what? Binarycent is in the same boat—another unregulated binary options broker. So, you might want to think twice before diving in with either of these.

Safety of Funds

The security of the funds is our top priority, and we will ensure that all the necessary measures are taken to keep them safe with Quotex.

One of Quotex’s main brags seems to be having millions of traders from around the globe, it does have a very impressive sound to it, doesn’t it?

But here’s the kicker: because it’s a “private” company there is no way to verify the authentication of the claim.

Now, about those reviews. Some of them are definitely negative but believe me, a bigger chunk of them buzzing around is positive as well. As a trader, you can bear two main risks from the security point of view:

Segregation of client funds. It gives the assurance that your money is held in a separate account from where a broker could just withdraw it to maximize their gains.

Then there’s broker regulation. A regulated broker is watched like a hawk by regulatory bodies, and brokers have to follow the rules set by them.

When talking about Quotex, they do not designate separate funds belonging to the clients and they don’t operate under any regulatory authority.

In any case, traders of all kinds still feel comfortable to be able to entrust their dough. We think it depends on the “comfort” factor – after doing your homework on a broker.

What Does Quotex Offer?

Quotex offers a wide range of trading products. In this section, I’ll give you a detailed overview of what assets you can trade with Quotex.

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.

Trading Platform

Trade from your phone on Apple or Android devices, or trade from your desktop on a PC or Mac. Here’s a review of the Quotex trading platform.

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 we’ll discuss in the “How to Trade with Quotex” section.

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

Quotex trading platform features

Mobile App

Quotex has got your back on its mobile app. The app is quick, responsive, and packs in all the features you’d find on their web version.

The interface is designed to be super user-friendly. Whether you’re a newbie just dipping your toes into trading or a seasoned pro, you’ll find it a breeze to navigate without getting sidetracked from your trades.

And that’s not all—on the mobile app, you’ve got access to integrated signals. They can help you craft a smart trading strategy and make those trades count.

Speaking of integrated signals, let’s see what they really are.

Quotex mobile app

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).

Quotex Signals option

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 differently. Try each one to see which you like best. Overall the platform is very easy to use, especially for trading. Set your expiration time, and your investment, and click Up or Down.

Quotex platform

How to Trade with Quotex?

Let’s break down how trading works with Quotex. It’s pretty straightforward, so let’s dive in.

When you open up the web platform or the app, you’ll see a chart showing the price history of the asset you’re interested in. If you want to switch to a different asset, just hit the “+” button and pick from the list provided. Easy peasy.

Quotex asset selection

Now, along the left side of the screen (or bottom of the chart, depending on whether you’re using the app or web version), you’ll spot some buttons. These are your Up and Down buttons, which you’ll use to place your trades. You’ll also see boxes for Time and Investment, where you can set your trade duration and how much you want to invest.

Oh, and don’t miss the details about the asset you’re trading or about to trade—like the potential payout percentage if your trade hits the jackpot. Keep an eye on those, they’re important.

Opening trade on Quotex

Let’s break down some of the important features of trading on Quotex’s platform.

Time box

The time box is where you pick how long your trade lasts. This part is crucial because the price at the end of that time frame decides if you’re walking away with a profit or not.

Investment box

Then there’s the Investment box. This is where you decide how much cash you’re putting into the trade. If your prediction is right, you could score anywhere from 25% to a whopping 98% on your investment. But if you miss the mark, well, you’ll lose what you put in.

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 and Down buttons

Clicking the Up button means you reckon the price will go up from where it’s at when you hit that button. Say the EUR/USD is trading at 1.1255—if you hit Up, it needs to be higher when your trade ends for you to cash in.

Below the Up button, you’ll spot the payout. Here’s how it works—let’s say you’re investing $1000, and the payout is set at 90%. That means if you win the trade, you’re walking away with $1900 in total ($900 profit plus your initial $1000 back). But if things go south you’ll lose $1000.

On the other hand, if you hit the down button, you’re betting the price will drop.

Countdown clock

Once your trade is live, keep an eye on the countdown clock. It’ll tell you how much time you’ve got left, and if things aren’t looking so hot, you can close the trade by hitting “sell now.”

Countdown clock

As you can see, in this case, with 26 seconds left, it’s usually best to let it ride until the end.

But if your trade isn’t going so hot and you’re staring down a loss, that’s when you might want to hit the “sell now” button.

Got it? Cool. That’s your crash course on trading with Quotex. Next up, we’ll tackle some other key stuff you need to know. Stay tuned.

Deposit and Withdrawal Methods

Let’s talk about something crucial for traders: depositing and withdrawing funds. Luckily, Quotex has got you covered with various options.

These include:

• 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

Deposits are usually lightning-fast. Quotex almost always puts these funds into your account immediately once they arrive.

About the withdrawals, you need to be patient with the processing—that might take one to five days at least. But hey, here’s the good news: The binary options broker intends to treat withdrawal requests on the day they are received and as a result, it happens quite often that you’re paid quickly.

It’s important to note that the processing time for all payment methods is actually beyond the company’s control.

Oh, and here’s a little nugget of info: Unlike most brokers, Quotex doesn’t require clients to pay any fees when they deposit or withdraw. But beware, you can have to pay fees from your payment processor.

If you are still thinking about making a deposit, the minimum amount is simply $10 equivalent in another currency. And in the case of withdrawals, the minimum amount is $10 too.

Accepted Countries

Quotex accepts clients from many countries, but not all. Like Olymp Trade, it does not allow clients from the USA, Canada, Hong Kong, EEA (European Economic Area) countries, or Indonesia. If you reside in these countries, you won’t be able to open an account with Quotex.

Customer Support

One of the standout features of Quotex is, that customer support can chat with you in a whopping 19 different languages.

Yup, you read that right—19! Plus, the website itself is available in those same 19 languages. So no matter where you’re from or what language you prefer, they’ve got you covered.

Quotex Supported languages

On the flip side, the options trading broker doesn’t have live chat or phone support available. Instead, if you need a hand, you’ll have to head over to the Contacts page and fill out a form.

When you’re there, you’ll pick whether your issue falls under Account Recovery or Other Problems, jot down your question or issue, and hit submit. Then it’s just a waiting game.

Now, the good news is, that Quotex usually gets back to these email requests pretty swiftly—typically within a 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.

Promotions and Deposit Bonuses

Let’s turn our attention to promos and deposit bonuses for a minute because we all appreciate the thrill of a juicy offer, don’t we?

In summary, a promotion is a lucky break from a broker for traders just as a deposit bonus is. In that case, the broker adds money to your deposited account. Sounds pretty sweet, huh?

Quotex provides a mind-blowing 30% deposit bonus. Here’s the deal: each trader, regardless of their deposits, will get a 30% bonus. Hence, if you deposit $100, it’ll become $130. No strings attached!

You need to remember that an investment growing by 90% from $130 is going to leave more change in your pocket than the same growth when coming from $100. And, it’s for you to decide if you really want to get it up a few levels in trading.

Top 3 Alternatives to Quotex

Let’s compare Quotex with the top three binary options brokers.

1. Pocket Option

The broker, owned by PO Trade Ltd, kicked off its operations back in 2017. Now, here’s something that catches the eye: they’re regulated by the International Financial Market Relations Regulation Center (IFMRRC).

Pocket Option offers over 100 assets to trade, giving traders plenty of options to choose from. And here’s the real attention-grabber: they offer payouts of up to a whopping 218%.

2. Deriv

Deriv, formerly known as Binary.com has built itself a solid reputation for offering some sweet conditions for trading currencies, futures, and options. With a whopping 20 years of experience under their belt, it’s no wonder they’re considered a reliable choice

It offers a free demo account and you can start live trading with $5. Plus, they’ve got different platforms to choose from.

3. IQ Option

IQ Option is one of the pioneers of binary options brokers with some solid marketing moves and leading technology. Through the development of powerful instruments, for exampling charting tools and trade automation, they have managed to distance themselves from other market operators.

Now, the first glance might seem a bit confusing, and bitter, but so what if you give it a try it’s worth it. $ 20 is their minimum deposit.

How Quotex Compare with Others?

If you want to do a deeper dive into how Quotex stacks up against other brokers, you can check out our Binary Options Brokers page. It’s worth comparing before you make your final decision.

Pros of trading with Quotex

• Quotex allows you to trade Turbo Contracts which starts from 5 seconds.
• There are plenty of payment methods available and the broker doesn’t charge a deposit or withdrawal fee.
• The platform offers a great trading environment with plenty of charting tools.
• With a minimum deposit of $10 and minimum trade of $1, it’s easier for beginners to dip their toes into the world of binary options.
• Quotex provides you with daily signals. These are especially helpful if you are just starting out.

Cons of trading with Quotex

• Quotex is an unregulated broker, which is a major red flag.
• Despite boasting payouts of up to 98%, the broker’s payout lags behind the industry’s top brokers like Pocket Option.
• The broker doesn’t have a live chat option.
• Quotex fails in terms of educational resources and market research tools.

Final Thoughts

So, there you have it! In general, Quotex is a solid binary options broker. Their platform is friendly, they’ve got more deposit and withdrawal methods, they have a range of assets that you can trade, and they got a 4.5/5 rating on Trustpilot.

On the downside, Quotex is not regulated, and clients’ funds are not set in a separate account. If you’re ok with that, Quotex could be your go-to broker.

How Trading.Biz Review?

Our process starts by signing up with the broker and collecting data from their website. We do in-depth research on each part of the website and confirm the information in our reviews.

Our writers are professional writers and editors who go through a rigorous process and create reviews based on key factors and whether they fit your needs. We look at the brokers’ websites throughout the year and update the content accordingly.

For more, you can check the best brokers page to find out how we review each broker.

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