Quotex Review: Forex Broker & Trading Markets | Legit or a Scam

Score

1.5/5

Min Deposit

$10

Min Spread

N/A

Regulation

Not Regulated

Max Leverage

N/A

Positive Ratings

40%

Neutral Ratings

40%

Negative Ratings

20%

Company Summary

Aspect	Information
Registered Country/Area	ST Vincent and the Grenadines
Founded Year	2019
Company Name	Quotex
Regulation	Not Regulated
Demo Account	Available
Minimum Deposit	$10
Maximum Leverage	Not Specified
Spreads	Not Specified
Trading Platforms	Web and Mobile Trader
Customer Support	Feedback Form.
Payment Methods	Not Specified

Introduction

Quotex provides digital trading options in crypto, commodities, and more. The platform offers demo accounts with virtual funds and a user-friendly interface for traders. Quotex is a web-based platform that offers a user-friendly application for Android devices. The platform provides multiple tools and features to improve your trading experience. Quotex is an unregulated trading platform which lacks security.

This review discusses the features and major drawbacks of the platform. Lastly, you will be able to understand whether the platform is legit.

Trading Instruments offered by Quotex

Qoutex offers different trading products like crypto, commodities, and more. The platform has no detailed information about the trading products. The lack of information makes it difficult to understand the tools, and features of trading assets.

Withdrawals and Deposits

Quotex provides traders with a faster transaction experience around the globe. The platform offers traders minimum deposits and withdrawal amounts which is $10.

The process of transactions is faster making it seamless for traders. Also, the platform does not incur any additional charges throughout the process.

Account Types offered by Quotex

At Quotex, there is no information about the types of accounts you can trade with. Although the platform does offer demo accounts for the traders.

The demo accounts are perfect if you are starting your trading journey and lack experience and skill. A demo account helps trades trade with virtual money of up to $10,000.

Demo accounts also let traders with experience trade and practice their skills and strategies before investing in the real market. If you want to check out other regulated brokers with several account options, you can check out SmartSTP, TradeEU.Global and Capplace.

How to Create an Account at Quotex?

To sign up to Quotex trading platform, you need to follow a few steps:

Step 1: Visit the official website https://qxbroker.com/en and tap the “sign up” option.

Step 2: A registration window will open, add your details like country email and password.

Step 3: Check the boxes to confirm and agree to the terms, before submitting the form.

Step 4: After submitting the form, complete the registration process and verify your identity via mail.

Step 5: After you verify, you are now ready with your Quotex account.

Step 6: Add money to your account and start trading.

Security and Regulations

For any trader, security and a well-regulated platform is the first choice. However, Quotex does not incur major concerns for the traders. Quotex as a trading platform is not registered or regulated by a known financial body. This increases the risks and chances of fraud.

Fees and Commissions

Quotex offers traders a clear structure and information about the additional charges involved. The platform does not have any additional charges during the withdrawal process. Instead, the platform charges a fee during the internal currency conversions.

Customer Support

Reliable and responsive customer support is an important part of the trading platform. Quotex offers its users limited options for connecting. The platform has its one main physical office in Nevis.

Apart from this, users can fill out the feedback form with their queries. The platform does offer 24/7 support but the limited option increases the response time, keeping the users unsatisfied.

Apart from the services, the platform also offers the trader with numerous FAQs. These FAQs also help traders get answers to general, financial, and verification questions. The platform offers detailed answers for better understanding.

Is Quotex a Scam?

The question of Quotex’s legitimacy is a valid concern. The platform is not regulated by any financial body be it low-tier or top-tier. The platform offers a user-friendly interface and low prices for traders with low budgets and less experience. The platform also lacks security measures that make it risky to invest.

Conclusion

Quotex as a trading platform offers digital trading options. The platform has no specific information about the account types, trading products, and fee structure. The platform also does not provide traders with responsive customer support which makes it difficult.

Quotex is a nonregulated platform that increases the trading risks. The lack of information establishes the broker as untrustworthy.

Lastly, Quotex is not a legitimate trading platform and is a risky option for investing your hard-earned money.

Provision of Demo Accounts
Low Minimum Deposit
No deposit and withdrawal fees

Unregulated Platform
No information about resources and tools
No information about the account and assets

FAQs

Is Quotex regulated?

No, Quotex is a nonregulated and unauthorized trading platform.

What is the minimum deposit required on Quotex?

The minimum deposit at Quotex is 10 US dollars.

Does Quotex offer a demo account?

Yes, the platform offers demo accounts with virtual funds.

What are the available trading instruments on Quotex?

The platform has no specific information about the type of assets, but it does offer trading in commodities and cryptocurrencies.

Are there any fees for deposits or withdrawals?

There are no charges for the deposit and withdrawal transactions.

What are the account types available on Quotex?

The platform has no different types of accounts it offers traders with demo accounts.

How can I contact Quotex customer support?

The platform offers restricted customer support through contact forms.

Is Quotex available globally?

The platform is available globally excluding a few countries with local regulations.

How long does it take to withdraw money from Quotex?

The withdrawal process at Quotex takes up to 3 business days depending on the payment methods.

Is Quotex suitable for beginners?

The platform is designed for a trader with basic experience or a beginner level with its low-budget trading.

Trusted Score

4.3/5

Score

4.3/5

Trusted Score

4.1/5

Score

4.1/5

Trusted Score

4.2/5

Score

4.2/5

Trusted Score

4/5

Score

4/5

Trusted Score

4.5/5

Score

4.5/5

Trusted Score

4.8/5

Score

4.8/5