Quotex Review 2026: Is this Forex Broker Legit or a Scam?

Executive Summary (TL;DR): Quotex is an unregulated trading platform blacklisted by multiple government authorities. With user reports of blocked withdrawals, missing deposit funds, and a WikiFX score of just 1.53, extreme caution is strongly advised.

Before you find a Forex Quotex broker representative asking you to trust them with your hard-earned money, you need to understand the unfiltered truth. In this Quotex review, we are going to look strictly at the hard facts. Trading online is risky enough without having to worry if your broker will run away with your funds. Right now, Quotex holds a WikiFX Score of 1.53 out of 10. Let's break down exactly why this score is so critically low and what it means for your financial safety.

Question 1: Quotex Regulation & Safety: Is my money safe?

The facts regarding safety are quite stark. Quotex operates out of St. Vincent and the Grenadines and holds exactly zero valid regulatory licenses. Furthermore, multiple official financial watchdogs have sounded the alarm. The CMVM (Portugal), BAPPEBTI (Indonesia), and SCM (Malaysia) have all officially blacklisted Quotex for conducting unauthorized, illegal financial activities.

Because of this alarming Quotex regulation status, we must conclude that your money is entirely unprotected.

Why does a proper Quotex regulation framework matter so much to your everyday trading? When you use a Tier-1 regulated broker (like those overseen by the FCA or ASIC), your money is kept in “Segregated Accounts,” meaning the broker legally cannot use your deposit to pay its own corporate bills. Because Quotex is unregulated, you face massive “Counterparty Risk.” If the company goes bankrupt—or if they simply decide to shutter their website—you have absolutely no legal protection or government safety net to help you recover your funds.

Question 3: What are real traders complaining about?

What happens inside the platform once you deposit? We investigated user complaints spanning India, Argentina, Vietnam, and Malaysia. The stories are highly alarming. Here is a summary of what real traders are experiencing:

• Missing Deposits: Multiple users report that deposits simply vanish. A trader from Vietnam successfully sent a $100 transfer (Deposit #51630131) that left their bank but never arrived in their trading account. They report this is the third time Quotex has done this to them, and customer support has ignored their pleas.
• Account Suspensions After Profits: A trader from India noted that Quotex happily allowed them to lose $18,000. However, when the trader deposited more and grew their balance to $43,000, Quotex suspended their account entirely right when they tried to withdraw.

• The “Tax” Scam: An investor in Argentina grew their balance significantly but was blocked from withdrawing. The support team demanded that they deposit more money to pay an imaginary “tax” before their funds could be released.

Pro Tip: A broker allowing you to lose money freely but blocking your account the second you generate a profit is a glaring red flag of a fraudulent “B-Book” operation where the broker profits directly from your losses. Additionally, a legitimate broker will never ask you to deposit more money to cover a “withdrawal tax.” That is a classic advance-fee scam.

Question 4: What software will I use?

Based on CoFTRA (BAPPEBTI) disclosures, Quotex operates its own proprietary web and mobile platform heavily focused on binary options-style trading. You are not using industry-standard, neutral software like MetaTrader 4 (MT4) or MetaTrader 5 (MT5).

Using proprietary apps hosted by unregulated brokers poses a severe security and fairness risk. Why? Because the broker entirely controls the back-end price feeds. Without third-party oversight, they can easily manipulate the charts by a fraction of a pip to make sure your trades hit a loss right before the countdown timer expires.

Furthermore, you must be hyper-vigilant about your security. Always ensure you check the credibility of the platform before typing in your Quotex login details to avoid phishing scams. If an unregulated platform suddenly decides to lock your Quotex login credentials (as seen in the $43,000 suspended account complaint), you are permanently locked out of your funds with no customer service desk to appeal to.

Final Verdict: Should I open an account?

Plainly speaking, no. With a critically low WikiFX score of 1.53, entirely nonexistent regulatory oversight, official warnings from three different national regulators, and a mountain of detailed user complaints about stolen deposits and banned accounts, Quotex presents an incredibly high risk to your capital. You should keep your money far away from this platform.

Status changes daily. Before depositing, check the WikiFX App for the latest real-time certificate to ensure you are trading with a safe and verified partner!