Quotex Review – Scam or Legit? Honest Opinion 2022

What you need to know about Quotex

Quotex.io (Quotex) is one of the new brokers in the binary options industry that was founded in 2020 by Maxbit LLC based in First Floor, First St Vincent Bank LTD Building, James Street, Kingstown, St. Vincent and Grenadines. Below is a quick summary of the review in case you do not want to read the entire article. You can find the most important information below. If you are interested in more details, I encourage you to read the entire review.

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A few words about Quotex

It is a typical binary options broker that does not have European regulations, and the entire management and seat of the company is located in tax havens. This is a completely normal procedure that companies offering binary options use – thanks to the fact that the broker has no regulations and is based in tax havens, Quotex can provide its services to clients from all over the world.

At first glance, the platform looks very good. It is modern and has a base of 400 assets. Binary options brokers very rarely offer so many trading instruments. I really like the high return on investment, which at the moment is on average 85%. Remember that the higher the returns, the smaller the advantage of the broker over the client. Binary options brokers work like a casino and make money on probability.

Note that ROIs are always below 100%. A client who has no knowledge or advantage over the market will always have an efficiency of 50%. With such efficiency, it is simply impossible to earn. Therefore, the higher the average returns, the easier it is to develop the effectiveness that will allow you to earn money on binary options.

Registration address	First Floor, First St Vincent Bank LTD Building, James Street, Kingstown, St. Vincent and Grenadines
Regulation	None
Official site	Quotex.io
Contacts	Support Website: https://quotex.io/contacts/

Trading Platform of the Quotex.io

We pass to the most important part of the program, i.e. the trading platform of the Quotex broker. After logging in to the platform, you will see the view shown in the attached picture. On the left side there are tabs for managing our account, such as:

Account – a place where you can verify the account mentioned above and complete your personal data such as name, surname, date of birth, home address and many others. This data will be needed for verification.

Analytics – you will find here a summary of all your trades on nice-looking charts that will clearly show how your learning process is proceeding on binary options

TOP – this is a ranking showing the most profitable traders. However, there is a slight catch here because according to the broker’s description, the ranking only shows the sum of the winning trades, but not the losers. So you can only see the sum of what the customers won, but you don’t see how much they lost. I think this is misleading

Signals – as the name suggests, these are trading signals showing in what direction and on what asset to invest. The problem is that in the additional information, Quotex informs that this is not an investment advice, but only an analytical tool that should be used as an add-on. Very interesting.

Market – here you can buy bonuses to your account for real money or with a promotional code. This is very similar to the Pocket Option solution where you can buy Risk Free Trades, Cashbacks, deposit bonus, Turnover percentage, Balance bonus. The same is found with the Quotex broker.

I have to admit that I don’t like how the broker advertises certain features and then adds hidden information that the feature is not what it is being advertised. An example here are signals that on the home page are described as a specific signal with an 87% probability of success. And in the “Signals” tab, the broker denies and says that it is only a tool that is used for analysis and is not any kind of trading advice.

Let them decide what it is in the end. I also really dislike the ranking where only profitable trades are taken into account. In my opinion, this misleads people who do not pay attention to the descriptions.Let’s go back to the description of the platform – on the right side there is a transaction management panel:

Time – this function allows you to choose what expiry time we need. We have a wide selection ranging from 1 minute up to 4 hours. Such a wide selection is very pleasing.

Investment – the amount you want to spend on one transaction

Up / Down Buttons – the direction you want to open a position

In the meantime, I must praise the operation of the platform and its speed. Order execution is instant and there are no delays. The only problem I had was running smoothly on the Google Chrome browser. The platform itself worked fast, but there were a lot of minor animation cuts. This is not a big problem, but it is worth taking note of. If animation cropping is a problem for you, use a different browser. The last part of the platform, its heart, remains to be discussed.

Asset Selector – in the upper left corner of the screen you can choose which asset you want to invest on. The broker boasts that it has over 400 different instruments, but there are around 50 active at a time. You can choose whether you want to trade currency pairs, Crypto, Commodities or Indices. You can sort the table by the name of the asset or the amount of return on investment. It is worth noting that there are also OTC pairs on the platform. These are assets that are 100% generated on the broker’s platform and do not rely on real price rates.

Drawing Tools – There are a few icons in the lower left corner of the screen. The first icon from the top is the drawing tools on the chart. Here you have a very wide selection of tools that you can use to draw trends, calculate Fibonacci levels or check price movement range. I really like the number of tools.

Interval – The icon below is the interval selector. We have a choice from 5 seconds to even 1 day.

Chart Type – this function allows you to change the chart type to one of the following: area, candles, heiken ashi or bars.

Indicators – there is of course also a very rich base of indicators. At the moment, over 30 unique and fully customizable indicators are available on the platform

Deposit and withdrawals at Quotex

If you have opened a demo account and you like trading on binary options, you will definitely want to try your hand at the real market and make your first deposit. If you use one of our registration buttons you will receive a 30% deposit bonus free of charge. If you have a verified account, you can pay the deposit with a credit card.

However, it is worth remembering that the bank may charge the appropriate currency conversion commission, so make sure that you are depositing in the same currency as your Quotex account. Otherwise, the bank will charge 2% to 6% commission. It does not matter much with smaller deposits, but if you decide to deposit more, it is worth paying attention to. Below is a list of all the available deposit and withdrawal methods:

E-Wallets

• Perfect Money
• Piastrix

Crypto

• Coinbase
• Bitcoin
• Bitcoin Cash
• USD Tether
• Binance Coin
• Etherium
• Litecoin
• Dash
• Dogecoin
• Solana
• Moreno
• ZCash
• Shiba Inu

Commissions & Fees

Luckily, there are no commission fees on deposits, transactions or withdrawals. The only commission may be the currency conversion charged by the bank. In this case, the commission may range from 2% to even 6%. Deposit larger amounts with cryptocurrencies and smaller ones with a card. This is the fastest and cheapest method.

Quotex.io Bonuses

Brokers based in tax havens are very happy to give out bonuses to clients. All you have to do is select the appropriate option when making a deposit and you will receive a bonus of up to 30%. Many brokers mislead the client in this way because they do not make it clear that withdrawing money involves making the right trade. Fortunately, Quotex is honest about the subject and informs you of the need to make the required turnover (x100), and even allows you to cancel the bonus at any time and withdraw your funds. I consider this a very honest approach to the client. I recommend taking a bonus to people who are just starting their adventure with binary options and need more capital to learn to trade. Remember that you can cancel the bonus at any time so you don’t risk anything.

I will now explain how the required turnover is calculated. Let’s say you want to make your first deposit of $ 100. If you want, you will receive a 30% bonus, which is $ 30. The required wager is x100 so you need to multiply the bonus amount you got by 100. In this case the wager required is $ 3000. So you need to open a total of $3000 trades. Simple isn’t it?

Here is my tip: use a pyramid to make a turn faster. The pyramid is based on the fact that with each successive win, you increase the stake by the amount won. Thanks to this, after several wins in a row, you will very quickly increase your stake and make your turn faster. Let me show you an example. Suppose the return on investment is $90 and we start investing from $10

First Win: $ 10 (base) + $ 9 (Profit)
Second Win: $ 19 + $ 17 (Profit)
Third Win: $ 36 + $ 32

In this case, three trades would be $ 65 ($ 10 + $ 19 + $ 36). In the event of a loss, you simply go back to where you started and only lose your initial $ 10. It is a very easy and safe method of capital management that will allow you to quickly achieve the required turnover and withdraw money. Please note that you will need to verify your account before making a withdrawal, but I’ll tell you about that later.

Registration and verification

Opening an account with a Quotex broker is very simple. The whole process is exactly the same as for opening a demo account. Go to Quotex.io> Click “register” and enter your data and choose the currency you want to use for trading. You can also use one of the green buttons found in this review. By using our registration link you will receive an additional 30% bonus on your first deposit.

When you open an account you can make a deposit. However, if you want to withdraw money, verification will be necessary. Verification is required at every broker because it protects against potential money laundering. The idea is that someone who has made money from illegal activities cannot declare that money as profit from binary options.

So everyone who wants to withdraw money must pass the verification. For verification, you will need confirmation of your identity and confirmation of your address. If you want to pay with the card, you will also need to verify the card. Below are examples of the necessary documents

As proof of identity, you can use documents such as:

• ID Card
• Driving License
• Passport

However, if you want to confirm your address, you must send one of the following documents:

• Bankt Statement
• Utility Bill
• Confirmation of bank payment

Verification may take up to 7 days, but usually up to 3 business days. I recommend that you verify your account before trading to make sure everything goes as planned. Completing the verification positively allows the user to make deposits and withdrawals with a credit card. Remember that you can withdraw no more than you have deposited on your credit card. You can only withdraw the entire surplus to online or crypto wallets.

Free Demo account on Quotex.io

These days, virtually every binary options broker has a demo account. It’s very hard to convince a user to make a first deposit without an encouraging demo account. Quotex, just like all its competitors, has a very functional demo account that does not expire and you can return to it at any time. There is a virtual $ 10,000 in the demo account that you can top up again in case of a loss. If you come up with a new idea for a strategy or you want to test the capital management system, you can easily switch to a demo account at any time.

In my opinion, you have to be very careful with demo accounts offered by binary options brokers. There have been occasions in the binary options industry where brokers have manipulated the demo rates just to make the client believe that he has a streak of life. This was obviously a scam and the only point was to encourage the customer to pay as much deposit as possible. That is why I recommend using the demo account only for introductory purposes – to find out how the platform works, what are the delays and how the process of opening a position works.

Test your strategies on a real market using a real account. Therefore, the sooner you make a small deposit and start playing with small amounts, the sooner you will understand how the market really works and you will learn to earn faster. Quotex offers to trade binary options with a minimum deposit of $ 5 and a minimum stake of $ 1. At the moment, no other broker offers such a low amount of entry.

To open a demo account, go to Quotex.io and press the big green button with the word “register” in the top right corner of the screen. You will be taken to the registration form, in which you must enter your email address, password and choose your preferred currency. The currencies currently available are:

• USD
• EUR
• GBP
• BRL
• IDR
• MYR
• INR
• KZT
• RUB
• THB
• UAH
• VND

Quotex Regulations

Unfortunately, the Quotex broker does not have any regulations. Of course, this does not mean that the broker is a scam. It is simply a platform that has no headquarters or headquarters in countries that require an appropriate license. The law in the European Union is such that if the broker is based in third countries and has no relationship with the European Union, it can provide services to clients from Europe.

If you are not sure whether investing in binary options is legal in your country, try to open a free demo account. If your country is on the list of prohibited countries, you will receive an appropriate message.

The lack of regulation means that there is nothing you can do about fraud. The broker can theoretically disappear with your money and you don’t have any institution to appeal to. Therefore, always choose brokers proven with a large base of clients who regularly use its services. The more positive content about the broker on the Internet, the more reliable the platform is.

The lack of regulations is also associated with positives – having an appropriate license often limits brokers territorially, and this hinders the provision of certain services. Due to the fact that Quotex does not have any regulations, it can provide binary options services practically all over the world. There are only exceptions that I mentioned at the very beginning. Below is a list of the world’s most trusted regulators.

If your broker is regulated by one of the entities from the list below, you can be sure that you will get back your lost money in the event of fraud. Unfortunately, at the moment no binary options broker has such a license – this is due to the fact that trading binary options is legal in countries where such licenses are not simply required.

• ASIC – Australian Securities and Investments Commission
• BaFIN – The Bundesanstalt für Finanzdienstleistungsaufsicht (Germany)
• CFTC – Commodities and Futures Trading Commission (United States)
• CySec – Cyprus Securities and Exchange Commission
• FCA – Financial Conduct Authority (United Kingdom)
• FFMS – Federal Financial Markets Service
• FINMA – Swiss Financial Market Supervisory Authority
• FMA – Financial Market Authority (Austria)
• FSA – Financial Services Agency
• FSB – Financial Services Board (South Africa)
• Financial Services Commission – BVI
• Financial Services Commission (FSC) – Mauritius
• IFSC – International Financial Services Commission
• FSP NZ – New Zealand Financial Service Provider
• ISA – Israel Securities Authority
• MFSA – Malta Financial Services Authority
• SEBI – Securities and Exchange Board of India
• VFSC – Vanuatu Financial Services Commission
• UAE – Abu Dhabi Central Bank

Then confirm that you are 18 years old and register. If the currency that you operate on a daily basis is on the list, choose it. Thanks to this, you will save a lot of money on fees that the bank charges for currency conversion. Usually, banks charge a commission from 2% to even 6%. Most binary options brokers only have a default currency, so I’m glad that Quotex lets you configure what currency you want to use. If you want, you can use your Google, Facebook or VK account to create an account. If you open an account using the button below you will receive a 30% bonus on your first deposit. We encourage you to take advantage of this offer!

Summary on Quotex.io

In my opinion, this is one of the best brokers in the industry. If you are looking for a platform that has high returns on investment, a wide range of bonuses and a modern trading platform, Quotex is the platform just for you. The only thing I can stick to is the lack of regulations, but unfortunately we have such a reality that in countries where binary options brokers are registered, no regulations or permits are required.

As I mentioned in the review – the lack of regulation has its pros and cons and you have to accept it. If you are interested in this broker, try your hand at a demo account using the link below! And if you are looking for another broker, check out our website, where we regularly publish reviews of binary options and forex brokers.

What users think about Quotex?

Our team has searched the internet for credible opinions about this broker. We checked whether the opinions relate to real functions on the platform and whether they were added by people who really use Quotex services. The Trustpilot website, famous for its trustworthy reviews, does not contain any warnings that the broker could manipulate or buy reviews. Below are some interesting opinions:

Hello everyone…. I am Shahid Hameed…from Pakistan. This is the 👑 king of all binary platforms….You know but why?? Because his graff is work so sommetly…and This platform allow to withdraw all your profit… without any withdraw limit….🥰😊 And then I say He is the 👑 king of Binary…. thanks ( Quotex) 👈👈👈👈

Muhammed Shahid

Quotex provides a modern and transparent trading platform with all tools a ongoing binary options trader needs to be happy! The payouts and deposits are fast and easy, just like the trading procedure! Quotex makes it easy to trade short term binary options as you only need one click to enter a trade. Most other broker require a second click to verify your trade decision This is a great broker I suggest you all to try this.

Samrat Ashek Ullah Faruky

Quotex is a wonderful platform to trade in recent days and also the withdrawl and deposit is also very fast …cx service is owesome..solved every query within a short span of time

Sumita Das

One of the best binary trading platforms available right now. Living in the U.S. can be hard as there are not as many binary trading platforms available to you. However Quotex is one of if not the best platform available to me, as the minimum deposit is only $10 compared to other platforms’ $50 minimum. However you do need quite an amount to withdraw, but as a trader that shouldnt be a problem anyways. All in all great platform and i highly recommend it.

Chris

We found a few negative reviews as well, but most of them looked to be bought by competitors. This behavior is very common in this industry. How do I know some of the negative reviews are false? Because they refer to functions that are not available on the platform. For example, comments appear that Quotex has cheated someone because an investment advisor came to the client who mistakenly predicted what the client should invest in. The problem is that Quotex does not contact its clients for investment advice. This is an ordinary lie.

Traffic Distribution

Our teaOur team conducted a survey and checked which countries mainly clients of the Quotex.io broker come from. This list shows in which countries the broker is most popular. If your country is on this list, there is a good chance that the broker has an offer perfectly tailored to your living conditions. Brokers with country-specific offers have more deposit and withdrawal methods, more instruments or support in your native language. Of course, this is not a complete list of supported countries, but only the 10 most popular countries in which Quotex provides services.

• India – 56%
• Indonesia – 10%
• Malaysia – 7%
• Vietnam – 6%
• United Kingdom– 4%
• Brazil – 4%
• Egypt – 3%
• Israel – 3%
• Ukraine– 2%
• Kenya 2%

The list above has been prepared on the basis of network traffic statistics. Excluded are countries where Quotex.io does not provide its services. The list of countries where the broker is not available is at the beginning of this review. The fact that your country is not included in the list above does not mean that the broker does not provide services in your country. It only means that this broker is less popular than other competing platforms. If you want a broker that has an offer better suited to your country, read our other reviews. Later in this article, I will be comparing Quotex’s functionalities with respect to the competition.

According to statistical data, it can be seen that Quotex.io is becoming a more and more popular binary options company every month. More and more people discover this broker and are convinced of its services. Due to the fact that the broker was established in 2020, the client base cannot compete with more experienced players yet. At the moment, it is estimated that Quotex has approximately 12 million customers.

By comparison, Pocket Option has around 12 million clients, Expert Option has over 40 million clients, and IQ Option, which emerged as one of the first binary options brokers, has over 100 million clients. This data, of course, refers to the total number of accounts opened by users. These data do not show how many active clients there are at the moment.

Video Review

https://youtu.be/gB8CChelV4w