Abstract：Quotex is an online trading platform specializing in digital options, offering access to various assets, including currencies, commodities, and cryptocurrencies. It operates with a proprietary web-based platform. The platform's user interface, while basic, is generally functional, and the availability of numerous short-term trading options may appeal to those seeking rapid trading opportunities. While it presents a user-friendly interface and a low minimum deposit, it's important to note that the regulatory landscape surrounding Quotex involves offshore registration, which may present different levels of investor protection compared to more strictly regulated financial jurisdictions.
About Quotex
Quotex is an online trading platform specializing in digital options, offering access to various assets, including currencies, commodities, and cryptocurrencies. It operates with a proprietary web-based platform. The platform's user interface, while basic, is generally functional, and the availability of numerous short-term trading options may appeal to those seeking rapid trading opportunities. While it presents a user-friendly interface and a low minimum deposit, it's important to note that the regulatory landscape surrounding Quotex involves offshore registration, which may present different levels of investor protection compared to more strictly regulated financial jurisdictions.
✔Where Quotex Shines:
- Low minimum deposit required, friendly to beginners
- Free demo account, coupled with simple account opening process
- User-friendly trading interface
- Generous deposit bonus offered
- No deposit or withdrawal fees
❌Where Quotex Falls Short:
- Offshore registration and weak regulation
- Frequent withdrawal problems, and Quotex needs to enhance this part
- Limited choices of tradable assets
- No tiered account options
Is Quotex Legit?
Currently, Quotex operates under no regulation, and it can pose traders at some risks.
Established in 2020, Quotex is an online broker owned and operated by the company Maxbit LLC, which was registered in Saint Vincent and the Grenadines, a shady spot with booming unregulated brokers.
In 2021, Quotex claims that it is regulated by the FSA in St.Vincent and the Grenadines. However, WikiFX found it operates without any regulation after verification. And SVG FSA does not regulate forex trading related services. Thus, this broker was classified as “Unregulated” broker on the WikiFX site.
On 19 May 2021, Quotex changed its domain to qxbroker.com to qxbroker.com and www.quotex.io, citing technical issues as the reason.
On 16 December 2021, CONSOB issued a warning risk on its website to state that Maxbit LLC, is not unauthorized to provide investment service to the Italian public.
On 3 January 2023, the Securities Market Commission (CNMV) ( Spinsh regulator) issued a risk warning that Maxbit LLC, and its websites: https:// QUOTEX .com/pt/, https://qxbroker.com/pt/, https:// QUOTEX -trade.io/pt/, https:// QUOTEX .io/pt, https:// QUOTEX brokera.com/ and https://partner. QUOTEX .io/pt, Facebook page https://www.facebook.com/ QUOTEX io/, and Instagram account https://www.instagram.com/ QUOTEX _io/ is not authorized or registered with CMVM to carry out any financial trading services. You can check the link here: https://www.wikifx.com/en/regulator/disclosures/202403120825423321.html
Setting Up Your Quotex Demo Account: A Step-by-Step Guide
Getting started with a Quotex demo account is straightforward:
Step 1: Visit the official Quotex website (https://qxbroker.com/en) and click the “Try Demo” button.
Step 2: Complete the registration form with your information, including a valid email address and password. You may also have the option to sign up using Google and Facebook accounts.
Step 3: After account registration, choose between a live account and a demo account. Select the “demo” option to begin your risk-free trading. Your demo account will be funded with $10,000 in virtual currency, though a limited amount, but can give you enough room to practice your skills.
Step 5: Take time to explore the platform interface, including various tools, charts, and asset options.
Remember, you can switch between demo and live trading at any time, so there's no pressure to immediately start trading with real funds.
Quotex Accounts
Quotex Minimum Deposit
Quotex's $10 minimum deposit lowers the barrier to entry for retail traders, making the platform accessible to those with limited capital. While this affordability can be advantageous for beginners, it also presents potential drawbacks. For inexperienced traders, the low deposit threshold encourages overtrading, increasing the risk of rapid losses. Conversely, more experienced traders might find that the small initial investment limits their ability to execute effective, larger-scale strategies thus hindering their overall trading efficiency.
Quotex Account Types
Quotex provides three account tiers—Standard, Pro, and VIP—designedto cater to varying client profiles. Notably, the platform operates without charging direct commissions on trades. Instead, Quotex generates revenue through the spread.
Standard Account
The Standard account is the entry-level real money account, and it is suitable for most investors, especially beginners.
- Minimum deposit: $10
- Access to 400+ assets
- Payout rates: Up to 98%
- Basic educational resources
Pro Account
The Pro account is designed for more experienced traders, and these account holders can get superior customer support.
- Minimum deposit: $1,000
- Payout rates: Up to 100%
- Advanced trading tools and indicators
- Priority customer support
- Access to exclusive webinars
VIP Account
The VIP account offers enhanced features for high-volume traders, and traders who hold this account can access a personal account manager, customized trading conditions, and invitations to VIP events.
- Minimum deposit: $5,000
- Payout rates: Up to 102%
- Personal account manager
- Customized trading conditions
- Invitations to VIP events
Quotex Deposit Bonus
Quotex employs a tiered bonus structure to incentivize larger deposits. This system offers progressively higher bonuses based on the deposited amount. For instance, deposits exceeding $60 qualify for a 20% bonus, while deposits above $100 receive a 25% bonus. The bonus increases to 30% for deposits surpassing $150 and reaches 35% for deposits exceeding $300.
How to open a live account with Quotex?
The process of opening a live trading account on the Quotex platform is relatively straightforward, involving a sequence of simple steps.
Step 1: Visit the Quotex website: qxbroker.com, and click the “Sign Up” on the homepage.
Upon proceeding, a registration form will appear, prompting users to input personal details such as their Country of Residence, preferred account currency, email address, and desired password.
Step 2: Then you will have to make a choice between the demo account and the live account. Select the “Real Account” option.
Step 3: Continue to make a deposit. Quotex offers numerous payment methods, mostly cryptocurrencies. It should be noted that each payment method has its minimum and maximum deposit amount.
Step 4: After making a deposit, you can start real trading on the Quotex platform. Quotex offers access to major pairs, indices, cryptocurrencies, and commodities.
Quotex Deposit and Withdrawal
Quotex Deposit: Deposit Methods, Fees, and Processing Time
Quotex states that it does not impose fees on deposit or withdrawal transactions. However, users should be aware that payment processors may apply their own internal charges. The platform's minimum deposit requirement is $10.
Quotex Withdrawal: Withdrawal Methods, Fees, and Processing Time
Quotex supports withdrawals through various methods, including bank transfers, credit cards, e-wallets like Skrill and Neteller, and cryptocurrencies. Minimum withdrawal thresholds differ: most e-wallets and some electronic payment systems allow withdrawals from $10, while bank transfers typically require $50, and cryptocurrency withdrawals, such as Bitcoin, have a $120 minimum. The platform allows for substantial withdrawal limits, up to $10,000 per day and $100,000 per month. Quotex does not impose its own withdrawal fees.
Quotex allows many cryptocurrency payments, which makes transactions faster and easier, especially in places where regular banks aren't common. It also lets users stay somewhat anonymous, which some people like. But this way of doing things makes it harder to regulate and increases the chance of illegal money activities.
How to withdraw funds from Quotex?
Step 1: Access your Quotex account using your login credentials. Locate the “Withdrawal” or “Funds Withdrawal” section within the platform's interface. This is usually found in the account management or wallet area.
Step 2: Choose your preferred withdrawal method. Quotex typically offers various options, including bank transfers, credit/debit cards, and cryptocurrencies. Then specify the amount you wish to withdraw, ensuring it meets the platform's minimum and maximum withdrawal limits.
Step 3: Enter the necessary payment details, such as your bank account information, e-wallet address, or cryptocurrency wallet address. Review the withdrawal details and confirm your request.
Typically, withdrawal processing times vary depending on the chosen method. Be aware that processing times can be affected by the companies processing the transactions.
User Reviews on Quotex Withdrawals
While Quotex advertises a swift and secure withdrawal process, user reviews online often contradict these claims, and it suggests the reality for users might not match the marketing claims.
Case 1: Withdrawal pending
“My withdrawal has been pending for more than the regulated five days and still not processed Support are not replying my complaints either....”
Posted in 2024
Quotex withdrawal experience rating: ⭐
The user's experience with Quotex is marked by frustration and concern. He reported a withdrawal request that has remained pending for longer than the platform's stated five-day processing period, indicating a potential breach of promised service. To make matters worse, he claimed that Quotex customer support was unresponsive. This lack of communication paints a picture of unresponsiveness and casts doubt on the platform's ability to handle withdrawal requests and address client issues effectively.
Case 2: I submitted a withdrawal request and then my account was blocked
“I submitted a withdrawal request, and after that my account was banned. And no email came stating that the amount had been returned, and I haven't received $500. This is a clear scam through the company. I hope that a private party enters to resolve this matter as quickly as possible. The platform is not good, and there is no direct support to talk to them about all of this.”
Posted in 2023
Quotex withdrawal experience rating: ⭐
This review details a serious allegation of fraudulent activity against Quotex. The user claims that immediately following his withdrawal request, his account was inexplicably banned. He further stated that he received no notification regarding the status of the $500 withdrawal, nor did he receive the funds. This experience has led him to conclude that Quotex is operating a scam. The victim expresses a desire for external intervention to resolve the issue and criticizes the platform's lack of accessible and responsive customer support, reinforcing their belief that the platform is unreliable.
User reviews consistently point to problems with Quotex withdrawals and customer service. People are reporting long delays, denied withdrawals, and even account closures, often followed by silence from support. Because of this pattern, users are deeply worried about losing money and can't trust Quotex. It really makes you question their reliability and honesty.
Common Quotex Withdrawal Issues
Beyond problems originating with Quotex, traders can take steps to avoid withdrawal issues on their end. Here are some common Quotex withdrawal issues and short tips:
Incorrect Payment Details: Double-check all your payment information before submitting a withdrawal request. A simple typo in your bank account number or e-wallet ID can lead to failed transactions and delays.
Pending Verification: If your account isn't fully verified, your withdrawal may be held up. Ensure you've completed all necessary verification steps and submitted any required documents.
Processing Delays: If your withdrawal is taking longer than expected, first check with your bank or payment provider to rule out any delays on their end. If the issue persists, don't hesitate to contact Quotex support for assistance.
Insufficient Funds: Make sure you have enough available balance in your trading account to cover the withdrawal amount plus any potential fees from your payment provider.
