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Quotex Review | A Modern Binary Option or a SCAM?

by Kevin Berry
Rating: 
  1/5   Reviews: 3
Quotex - logo

Quotex provides access to a modern binary options trading platform. The company opened recently, in 2019. However, it ambitiously declares that it has already become an industry leader. However, many customers already call it a scam in their reviews. Let’s see how true the broker’s words are.

Highlights

🏛️ Country St. Vincent and Grenadines
⚠️ Regulation
🖥️ Website https://quotex.com/
🎲 Demo Account Yes
⏳ Start Time 2019
💲 Minimum Trade Amount $1
⚖️ Payout Up to 98%
⚙️ Expiry Time
📨 E-mail support@quotex.io
📞 Phone

First Impression of Quotex.com

“An innovative platform for smart investments”. With such similar statements, almost every broker begins to get acquainted with traders. Quotex is not exception. However, there is nothing innovative on the site. It looks pretty minimalistic. There is not enough useful information here. The FAQ section looks pathetic. In short, nothing on the site hints that we will work with a good and reliable broker.

Quotex - website

Partnership and Bonuses

Quotex does not write anything about the affiliate program. However, we know for sure that the broker has it. In fact, it has networks of introducing brokers, which attract newcomers by referral links. Perhaps to get more clarification, you need to contact support on this issue.

Additionally, you can get a bonus of up to 30% for the first deposit. We warn you; you will not be able to get this money just like that. You will have to work it out on certain conditions of the broker.

Account Opening on Quotex.com

Registration is very simple. You will need to specify an email, password, and currency. Then, in your Client Portal, you can choose between a demo or a real account.

Registration

Here you can also fill out a more complete form with personal data about yourself. Also, you can pass verification, fund your account, or withdraw money.

Verification

The broker requires verification, but does not say when you’ll have to pass it. You will be able to fund your account without identification. Whether you will be able to withdraw money later is a big question. So it’s better to pass the verification immediately. It’s standard here. You will need to send scans of your identity documents. However, there is also a disappointing fact. Quotex requires verification of a credit or debit card.

Pros
  • Convenient form for uploading documents.
Cons
  • Verification takes 5 days.
  • The broker requires verification of credit and debit cards.

Trading Software

Quotex provides a platform, its own development. It doesn’t look that first-class. But at least it works pretty fast. Nothing else good can be said about it.

Features Quotex Binary.com Binomo
Demo Account ✔️️ ✔️ ✔️
Mobile App ✔️
Own Development ✔️ ✔️ ✔️

How Can I Trade With Quotex?

The broker provides an opportunity to train for virtual money through a demo account. It is available for free and without time limits. Investors can try a service for copying transactions, where it is enough to connect to the manager to receive passive income.

Additionally, the broker gives trading signals for transactions. Their reliability, according to Quotex itself, is 87%.

All Info About Accounts

Quotex provides a single account. You can top it up with at least $10. The amount of payments depends entirely on the instrument. Loud statements about 98% profit in practice are not confirmed. Traders say that the maximum return is 95% and then in very rare cases.

Pros
  • Low minimum deposit.
  • Demo account.
Cons
  • Inconvenient platform.
  • The payments are actually less than the stated ones.

Market Analysis and Education With Quotex.com

Quotex offers an auxiliary service for clients. You can use built-in trading signals for trades. Also, you can copy actions and orders of other traders on the platform. Besides, there are indicators for technical analysis, and training together with experienced traders.

Deposit, Withdrawal, and Fees

A variety of ways of depositing will not please you. You can fund your account only with a credit or debit card, and cryptocurrency. Quotex supports a lot of tokens. The same methods are used for withdrawing. Requests are processed within 1-2 days. Besides, the broker promises not to take off commissions.

Features Quotex Binary.com ExpertOption
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee

How Can I Contact It?

Support is available via email, and on social networks. There is no phone number.

Pros
  • Quotex has active social networks.
Cons
  • Contact details are not fully provided
  • Support takes a long time to respond.

Is Quotex Dangerous?

Binary options trading is a dangerous idea for your deposit. Therefore, you need to choose a broker carefully. Unfortunately, Quotex is hardly suitable for this role.

How Long Does The Broker Work?

At first glance, the domain name inspires confidence. It was created back in 2003. At the same time, the last update was carried out on October 29, 2020. According to the Web Archive, the site has been empty for the last few years. Only 580 people from Indonesia, Russia and to a lesser extent Turkey visit the site every day.

Web archive

How Is Quotex Regulated?

The company is moving from offshore to offshore. In 2020, Quotex wrote that it was registered in the Seychelles. Today, the place of registration is Saint Vincent and the Grenadines already. By the way, such a legal entity appeared in the register only in 2021. Unfortunately, the regulator of this offshore zone does not control brokers in any way. So this company does not have a license. Moreover, it is very difficult to get such a document for binary options trading, but it is still possible. There are few organizations in the world that have not banned the trade in this instrument. However, it seems that Quotex is not even going to get a license.

Features Quotex Binary.com Pocket Option
European Zone
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

How to Trade With Quotex?

Register on the website, open a real account, top up your account, and start trading.

Is Quotex Legit?

This company is registered offshore and has not received a license for its work. Additionally, it should be noted that binary options are considered illegal in many countries.

How Risky Is It?

Working with an offshore broker without a license is always a big risk. It is even worse if such a broker offers to trade binary options. The probability that you will lose your deposit here is very high.
Kevin Berry
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Expert Opinion

I have to admit that HYIPs as a kind of investment have the right to exist, but this is clearly not about Coinkirk Capital. It is not managed by a legal entity and does not have a reliable legend. As a bottom line, it seems to me that it was made on a website builder, so there are hundreds and hundreds of such one-time projects on the net. This is definitely not the place you want to send money.

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Quotex rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about Quotex

Maximilian November 13, 2022 - 22:25
Don't trade with Quotex
The level of trust
Efficiency of technical support

The broker has a huge number of disadvantages. Among the advantages, I would only highlight the presence of a demo account. However, to get access to it, you need to leave the contact details by which these scammers will call you. Well, these pros cannot be put on a par with the following disadvantages. I mean, the lack of normal regulation, a proven reputation among real traders, a long period of work in this market.

Reply
Kenneth November 25, 2022 - 01:08
I will never trade here
The level of trust
Efficiency of technical support

I will never deposit in a company that has been operating for a couple of years. Also, which works without a license, and about which there is an abundance of negative reviews on the Internet. Because such companies, with a guaranteed probability, are fraudulent, and scams. Why spend on them, firstly, your money, and secondly, precious time?? It is possible to trade with trusted brokerage firms, not with this fraud.

Reply
Donald December 7, 2022 - 14:22
Quotex just lying about itself
The level of trust
Quick withdrawal of funds
Efficiency of technical support

If you really trade in this market of deception and scams, then definitely do not do this through this company. I’ve been trading here, and what they write on their website is complete nonsense. The yield of 98% has never been achieved. 1 time I saw that the yield was 95% on the EUR/USD pair. However, it was during the news, where it is impossible to do the analysis correctly. What about copying deals? It is also a scam casino. I connected to one trader who was successful before my connection. Every month that man made +50% to the deposit steadily. After my connection, a 60% drawdown occurred. I immediately disconnected from him. I don’t need such pseudo-professionals at all. The broker is not at all what it says about itself.

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