Quotex Review - Is it Safe and Legit or a Scam? [2024]

Quotex is an unregulated, offshore binary options platform that lets you trade over 200 assets across various financial instruments, including commodities, crypto, stocks, and currency pairs. The broker is focusing on beginner traders and claims to be an “Innovative platform for smart investments” with the promise of easy profits, while “making online trading comfortable and safe”.

But as we show you in this review, Quotex is not innovative, it is not easy to make money on their platform and it is definitely not safe. Let's see why.

Quick Facts about Quotex

To get a better idea about Quotex, here are some important facts and figures about the broker, based on their official website:

Based on the above facts, you could think that Quotex is an established broker, but before you open an account with them, let's analyse how safe the broker is.

1. Not regulated at all

Quotex is based in St. Kitts and Nevis where there is no regulatory framework for online trading brokers. This means that Quotex is not licenced and overseen by any financial authorities and does not offer any form of investor protection, such as compensation funds, negative balance protections, and client fund segregation.

Quotex is included in the scam warning lists of several regulatory authorities like the International Financial Commission, Reserve Bank of India (RBI), the Portuguese Securities Market Commission (CMVM) and the Italian CONSOB.

2. It's easy to lose money while trading at Quotex

Quotex exclusively offers binary options trading (fixed time trading as they call it), a high-risk high-reward trading type that makes trading very exciting, but also very risky. It's very hard to be profitable at binary options trading, even for experienced traders, because assets price movements are almost unpredictable in such short timeframes.

Quotex does not offer other trading instruments, such as CFDs or traditional stocks, where traders could open longer trades, choose leverage levels, and set stop-loss and take-profit levels according to their personal risk tolerance.

3. Misleading marketing tactics and trading tools

Quotex uses misleading marketing tactics and questionable trading practices that make potential traders believe that they can make easy and guaranteed money on their platform. Here are a few examples we found of such unethical business practices:

Trading signals with 87% accuracy

Quotex advertises that it provides trading signals with an 87% accuracy rate, which is very unrealistic, especially in fixed time trading. The broker does not provide any explanation of how these signals are generated or verified.

Quotex suggests that traders can make easy profits by following these signals, but it's doubtful that these signals result from actual advanced technical analysis and not just generated randomly. 

When we tested the signals of Quotex, we had a 45% success rate, which means that we lost money by following the signals.

Shady Deposit Bonus Terms

Quotex offers deposit bonuses to new traders, but hides important conditions from them. According to the Quotex service agreement, "these bonuses are subject to specific terms and conditions" and "funds credited as bonuses are not directly withdrawable. When a client performs trading operations, the funds they deposited are used first, and only after these are exhausted can the bonus funds be utilized for further operations."  

Brokers often use such terms to prevent withdrawals and lock traders' funds in the platform.

Quotex "guaranteed winning" strategies

Quotex mainly became famous because of the hundreds of YouTube videos discussing "secret trading tricks", "always winning strategies", and "guaranteed profits", created by Quotex affiliates.

We understand that these claims are coming from Quotex affiliates and not from the broker directly, but as we explained in our Quotex affiliate program overview article, the broker does not control or sanction misleading promises. We think that a responsible trading platform should punish affiliates who use such scammy promotional methods, just like Olymp Trade or IQ Option are doing.

4. Bad reputation, many negative user reviews

Quotex receives many negative reviews about the difficulty in money withdrawals and bad customer service from its users complaining on Reddit, Trustpilot, and other credible review platforms. 

Here are Quotex ratings across scam detection, investing-related review platforms:

• Trustpilot: 4.3/5 Trustscore with 505 reviews
• Google Play Store: 3.2/5 with 26.9k reviews
• Traders Union: 4.32/10 on regulation and safety

Here is an actual review from Sumit Kr Jha, a verified trader from Trustpilot:

Is Quotex legal?

Quotex is not legal in most countries like the USA, India, Pakistan, Singapore, Philippines or the European Economic Area, because the broker is not registered with the local regulatory organizations.

Quotex is technically not illegal and not explicitly banned in South Africa, but it's not regulated by the Financial Sector Conduct Authority (FSCA), so your capital is not protected, if you are a South African trader.

According to the FSCA, offshore brokers, like Quotex, don't need their licence to accept South African traders as long as they are certified and licensed in their respective home countries. But just because Quotex is not illegal, we still think that it's a very risky platform that should be avoided.

Trading Platform Overview

The Quotex trading platform has the usual clean, very intuitive interface optimized for beginner traders, just like the platform of other typical binary option bokers'. Below are some of the main features of their trading platform:

• Quotex offers 5 - 30 second, 1 - 30 minute, and 1- 4 hour trades. The profits that you can earn vary across different securities, ranging from 20% - 93%.
  
• Quotex offers 400+ free trading tools that is sufficient for beginner traders.
• The trading chart is customizable, featuring 20+ drawings like Fibonacci, trend lines, and price range. The chart also features 11 trend indicators and 18 oscillators, such as RSI, Stochastic oscillator, and moving average.
• Quotex hosts tournaments that enable you to earn bonuses and prizes by competing with other traders. All participants are given the same amount of virtual funds that you will use in the event. Winning prizes vary depending on which pool you entered, but Quotex also host events that will let you win up to 3000 - 5000 USD with 1 USD - 10 USD entry fees. 

Assets

Quotex offers over 200 tradable assets (mostly over-the-counters)  including commodities, crypto, stocks, and currency pairs.

Here are the asset classes you can trade with Quotex along with some examples:

• Stocks: Intel (OTC), Microsoft (OTC), Facebook Inc (OTC)
• Indices: NASDAQ 100, Dow Jones
• Currency Pairs: AUD/CAD, EUR/USD (OTC), EUR/JPY (OTC)
• Commodities (OTCs): Silver, UKBrent 
• Cryptocurrencies: Bitcoin (OTC)

Mobile App

The Quotex mobile app is a simplified version of the web-based platform that lets you to trade anywhere and anytime you want. The mobile app offers similar functions to the web-based version, you can access the same amount of trading indicators and customization options.

Integrating your trading account between the mobile and the web-based platforms is seamless because both of them are identical in features and overall user interface. However, the mobile app does not have Tournaments.  

Account opening

The account opening process is very simple at Quotex. If you want to open a trading account with them despite our warning, go to their official website or download their mobile app from the Google Play Store. Then, follow the steps below: 

1. Enter your e-mail address, choose a password.
2. Choose the currency you prefer. Available currencies include USD, EUR, GBP, PHP, and IDR. Your choosen currency affects your deposit options.
3. Confirm that you are 18+ years old and not a US citizen/resident.
4. You can then input your complete name, date of birth, and address on the accounts tab later.

After creating your trading account, we suggest you to set up 2FA and other security measurements to protect your Quotex account and prevent unauthorized people from logging in.

That's it, after these simple steps you can already start trading with a free demo account.

Account types

Quotex offers two account types, a live account for real money traders and a free, $10,000 demo account to try out their platform and practice trading strategies. Here’s an overview of each account type:

Demo account

The Quotex demo account allows you to test out the binary options trading without risking your real money. This allows you to check the tools featured and practice whether your strategies would work with Quotex. The demo account provides you with virtual money for practice, where you can use the same indicators and other charting tools on live accounts. However, the Tournaments feature is not available in the demo, so you would have to use your own money if you want to participate in these events.    

Money Deposit and withdrawal

Quotex offers a wide selection of deposit and withdrawal methods including credit cards (Visa and Mastercard), cryptocurrencies (e.g Bitcoin, Ethereum, Solana, etc), e-wallets (e.g Perfect Money) and local payment options in emerging countries.

The minimum deposit at Quotex is 10 USD for most countries and payment methods (just like at most binary options brokers) and the broker does not charge any deposit or withdrawal fees.

Read more about the different Quotex deposit methods, fees, limits, processing times and common problems.

To withdraw money from your Quotex accont, you have to use the same payment method that you have used to deposit money. Money withdrawal requests are usually processed quickly (typically between 1-5 business days).

Quotex FAQ