Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information
What is QUOTEX？
QUOTEX, a trading name of Maxbit LLC., is allegedly a binary options and forex broker registered in Saint Vincent and the Grenadines that provides its clients with a WebTrader as its trading platform and over 410 tradable financial instruments. However, Quotex has not been authorized or regulated by any major financial regulatory body. Additionally, there have been reports and complaints of fraudulent activities associated with the platform.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
QUOTEX has some notable drawbacks, including the lack of a valid regulatory license, numerous reports of scams and poor customer support. On the other hand, QUOTEX does offer a range of trading instruments, and beginner-friendly minimum deposit requirement. However, the risks associated with trading with an unregulated broker may outweigh the potential benefits. It is recommended that traders carefully consider these factors before deciding to trade with QUOTEX.
QUOTEX Alternative Brokers
There are many alternative brokers to QUOTEX depending on the specific needs and preferences of the trader. Some popular options include:
IG - a well-established and reputable broker with a wide range of markets and trading platforms, making it a good choice for experienced traders.
HFM - offers a competitive range of trading instruments and account types, but its customer service has received mixed reviews.
FXTM - offers a range of account types and trading platforms, as well as comprehensive educational resources, but its fees and customer service could be improved.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is QUOTEX Safe or Scam？
It appears that QUOTEX is not a safe broker to trade with. The fact that the broker has no valid regulation is a significant red flag and indicates that they may not be operating in a legitimate manner. Additionally, the numerous reports of scam activities from clients further support the notion that QUOTEX is not a reputable broker. Therefore, it is recommended to avoid trading with QUOTEX and to seek out a broker with proper regulation and a good reputation in the industry.
Market Instruments
QUOTEX advertises that it is a multi-asset platform with more than 410 trading instruments across 4 asset classes for digital options trading:
securities (shares of world companies)
currency pairs (EUR / USD, GBP / USD, etc.)
raw materials and precious metals (oil, gold, etc.)
indices (S&P 500, Dow, dollar index, etc.)
Accounts
QUOTEX says that it offers free demo and real accounts. Traders can register and get $10,000 on a demo account for learning to trade. Traders can start with a low amount of $10. Although this is the reasonable and proper amount, traders should stay away from this broke given the fact that this broker is an unregulated one.
Trading Platforms
When it comes to trading platforms available, QUOTEX gives traders three choices: WebTrader, desktop and mobile (iPhone, Android) versions. Whatever, we suggest you use MetaTrader4 or MetaTrader5 as the trading platform. As most traders know, the MT4 and MT5 are known as the most successful, efficient, and competent forex trading software. The MT4 offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. While the MT5 allows traders to execute trades on different financial markets through a single account and there is a hedging option.
See the trading platform comparison table below:
Note: It's important to remember that brokers may offer different trading platforms in different regions, and this information may be subject to change.
Deposits & Withdrawals
From the logos shown at the foot of the home page on QUOTEXs official website, we found that this broker seems to accept deposits and withdrawals with Visa, MasterCard, advcash and Perfect Money. The method that you have chosen to deposit the account is also a method of withdrawing funds.
The minimum deposit requirement is said to be $10 and the minimum withdrawal amount is $10 for most payment systems, while for cryptocurrencies this amount starts from $50 and may be higher for certain currencies such as Bitcoin.
QUOTEX minimum deposit vs other brokers
The firm does not charge fees for deposits or withdrawals. However, note that payment systems can charge their fee and use the internal currency conversion rate. As for the processing time of withdrawal requests, the withdrawals usually take 1-5 days.
When it comes to the withdrawal of a sufficiently large amount, the Company may request verification. Usually, additional documents to withdraw funds are not needed . But the Company at its discretion may ask you to confirm your personal data by requesting certain documents.
QUOTEX Money Deposit
To deposit funds into your QUOTEX account, you need to follow these steps. The procedure will take a couple of minutes.
Step 1: Open the trade execution window and click on the green “Deposit” button in the upper right corner of the tab.
You can also deposit the account through your Personal Account by clicking the “Deposit” button in the account profile.
Step 2: After it is necessary to choose a method of depositing the account.
Step 3: Next, indicate the currency in which the account will be deposited, and accordingly the currency of the account itself.
Step 4: Enter the amount of the deposit.
Step 5: Fill out the form by entering the requested payment details.
Step 6: Make a payment.
Fees
QUOTEX doesnt openly reveal any information about their trading conditions. We have no way to know their spreads and commissions. They also do not mention any specific inactivity fee. The only available information is that they charge no fees for deposits and withdrawals. Traders should review the fee schedule on QUOTEX's website carefully before opening an account to ensure they understand the potential costs involved in trading with this broker.
See the fee comparison table below:
Customer Service
QUOTEX‘s customer support can be reached by email: support@quotex.io. Besides, you can also follow this broker on some social media platforms like Facebook, Twitter, Telegram and Instagram. Company address: First Floor, First St Vincent Bank LTD Building, James Street, Kingstown, St. Vincent and Grenadines. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most brokers offer.
Note: These pros and cons are subjective and may vary depending on the individual's experience with QUOTEX's customer service.
User Exposure on WikiFX
On our website, you can see that some users have reported that QUOTEX is a scam company. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Conclusion
Overall, QUOTEX appears to be an unregulated and potentially fraudulent broker with many red flags, such as a lack of regulation, numerous negative reviews, and suspicious business practices. Additionally, the broker's fee structure is not transparent, and there is limited information about its trading conditions. Overall, it is not recommended to trade with QUOTEX, and traders should consider other regulated and reputable brokers instead.
Frequently Asked Questions (FAQs)
2024-08-03 13:14
2024-07-30 17:29
