Quotex Review 2022: Is It A Scam Or Legit? Unbiased Review

Quotex Review 2022: Is It A Scam Or Legit

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With the growing popularity of financial assets, investors are either planning or have already invested in them, whether it’s Forex, Cryptocurrencies or Indices. Therefore, choosing a good online trading platform is crucial to becoming a successful trader regardless of the market you trade. 

In this fast-changing world, many new binary options brokers have entered the industry recently, offering great trading conditions. One of the top binary options brokers is Quotex

The broker claims to offer the best services, but is it true? So, to help you out deciding whether this broker is a good fit for you or not, here is a detailed Quotex review. 

This fact-based and in-depth review will assist you in understanding the broker more precisely, including its fees, deposits & withdrawals, customer support and details related to Quotex login. 

What Is Quotex?

It is a new digital binary options broker established in 2020. The broker’s platform operated under the brand name Maxbit LLC, a company incorporated in St. Vincent and Grenadines

The company’s headquarters is situated on First Floor, First St Vincent Bank LTD Building, James Street, Kingstown, St. Vincent and Grenadines.

Typically, it is an offshore broker that accepts clients from several countries across the globe. The broker offer trading in indices, binary options, tokens – popular digital currency quotes, currency pairs, and raw materials (metals, oil, gas).

Quick Overview:

Trading PlatformsWeb-based and Quotex Trading App
Available Account TypesQuotex Demo Account and Real Account
Forex CurrencyUSD, EUR, GBP, BRL, IDR, MYR, INR, KZT, RUB, THB, UAH, VND
Minimum Deposit$10
Minimum Order$1
Tradable AssetsCurrency pairs, Commodities, Cryptocurrencies, Stock, Indices
Affiliate Programs and BonusesYes

Is Quotex Legit?

Despite being an offshore broker, Quotex holds a license from the International Financial Market Relations Regulation Center (IFMRRC)

Furthermore, the broker is also a member of Investors Compensation Funds (ICF). The platform has good reviews from existing customers, mostly related to ease in Quotex login.

Henceforth, it is clear that the broker is legit and hasn’t indulged in any scam since its inception. 

Pros and Cons

Before trading with a brokerage platform, it is crucial to know its advantages and limitations to make a more informed decision. So take a closer look at the pros and cons with this detailed Quotex Review: 

ProsCons
Low Minimum Deposit RequirementsLeverage Trading Not Available
Zero Commission and Trading FeesNo Educational Content
Simplified Trading PlatformsOffshore Broker
Generous Bonuses and Offers 
Professional Customer Support 
Copy Trading Available 
Unlimited Trading Signals 
Hassle-free Quotex Login Process 
Easy Quotex App Download Process 
Quotex Demo Account for Practising 

Available Trading Markets & Assets: 

When a trader decides to trade with a QX broker, they can have over 400+ assets to choose from 4 major financial markets, including Forex, Cryptocurrencies, Raw materials and Indices. 

Each of these markets offers a large number of assets to trade in. Here’s a list of major assets available on the platform:

  • Forex Trading: The platform allows you to trade in 40+ currency pairs, including USD/EUR, EUR/GBP and USD/JPY. 
  • Cryptocurrencies: The major crypto coins available include Bitcoin, Litecoin, Ethereum, and Dogecoin. 
  • Indices: Available indexes include Dow Jones, SP500 and other leading exchanges.
  • Raw Material: Trade commodities and precious metals such as Gold, Silver and Bronze. 

Trading Platforms: 

The broker offers a well-structured, user-friendly and responsive user interface, making the Quatex login and trading process more convenient. 

The available platforms include web-based and Quatex Trading App. Take a closer look at the features of each platform.

Web-based Platform:

The quotex web trading platform is clean and easily understood. Users will not need to install or download any additional software. 

Once signed up through the Quotex login portals, users can immediately start trading in the financial market. Here are some of the features:

Quotex App:

The Quotex trading app is designed especially for traders who enjoy trading on the go. The platform’s user-friendly interface makes it easy for traders to trade the market more efficiently. 

Additionally, the Quotex app offers a wide range of advanced trading tools and a free Quotex demo account with $10,000 virtual currencies for practising

Top Features:

  • Unlimited Market Signals
  • Available for Android Devices
  • Live Price Chart
  • Multiple Timeframes
  • Delivers Incredible Speed
  • Advanced Technical Indicators
  • Copy Trading Available

How Many Account Types Does Quotex Offer? 

A trading account is a gateway between the traders and the financial market. In simple terms, no one can trade without a trading account. 

The brokerage platform offers two types of accounts for trading: Quotex Demo and Real Account. Each account type has its features. So, to simplify things, take a quick overview of each account type with our detailed Quotex Review. 

Real Account:

The real or live trading accounts offered by the brokerage platform is designed keeping in mind both beginners and professional traders. 

Furthermore, the minimum deposit for opening an account on the platform is $10, which is comparatively lower than other brokerage platforms.

Top Features: 

  • Zero Fees on Trading
  • No Commission
  • Low Deposit Requirement
  • Technical support
  • Most useful trading indicators
  • 24/7 Customer Support

Quotex Demo Account:

Quotex broker offers free demo trading accounts with a virtual fund of $10,000 for practising and testifying new trading strategies.

The account allows full access to all trading features except news and trading tips. 

Top Features: 

  • Virtual Funds for Practising
  • Access to All Trading Features
  • Risk-free Trading
  • No Need to Complete Quotex Log-in Process

How to Open An Account with Quotex?

The account opening process is quite hassle-free and only takes a few minutes. To create an account, follow these simple steps:

  • First, visit the official Quotex website and click on the “Sign Up” icon. 
  • Now, enter the requested details, such as your name and email address & create a strong password. 
  • Following that, select your preferred account currency. 
  • Read the user agreement and tick the check box. 
  • Now, click on the “Confirm Account Creation” Icon. You have successfully created the account. Complete the verification process. After that, you can start trading by entering your Quotex log-in details. 

Fees & Commission:

In this section of our detailed Quotex Review, we will discuss the fee structure and the commission charged by the broker. 

After analysing this binary broker, we found the platform doesn’t charge any fee or commission on trading, which is good news for traders. Furthermore, the platform also doesn’t charge a currency conversion fee & deposit and withdrawal fees.

Deposit and Withdrawal Process: 

The QX broker offers different payment methods for deposits and withdrawals. The deposit requirement for a Quotex Trade account is $10. There are no deposit fees. Additionally, there is no fee for withdrawing money. However, different payment systems may charge their fees.

Here’s a list of available payment methods: 

  • Credit card
  • Mastercard
  • Coinbase
  • Bitcoin Cash
  • Ripple
  • Dash
  • Piastrix
  • Perfect Money
  • E-wallets
  • Other

Note: Users can withdraw funds through these same payment methods.

How to Deposit Funds on Quotex Trade Account?

In order to make deposits on the platform, one must follow these simple steps: 

  • Firstly, click the ‘Deposit’ button in the transaction execution window. 
  • Choose your preferred payment method and currency. 
  • Enter the amount you want to deposit in your account. 

(Note: The payment method restrictions may affect the US, Canada, Hong Kong and Germany traders; however, they can still deposit using cryptocurrency.)

Comparison of Quotex with Other Brokers

 QuotexInvestByPocketOption
Trading PlatformsProprietary Web platform and Quotex AppMT4 and Mobile AppMT5, Web & Mobile
Minimum Deposit$10$250$50
Tradable AssetsForex, Indices, Cryptocurrencies, CommoditiesForex, Indices, Cryptocurrencies, Commodities, StocksForex
LeverageN/AUp to 1:5001:100
Educational & Research SupportN/AArticles, E-books, Economic Calendar, Push Notifications, Market AlertsN/A
RegulationIFMRRCNBRBIFMRRC
CommissionZeroZeroZero
Demo AccountAvailableAvailableAvailable
Customer SupportEmail, Live ChatEmail, Phone and Live ChatPhone and Email support

Bonus & Deals: 

This binary option broker offers multi-tiered deposit bonuses depending on the capital you deposited. Here’s a quick overview of bonuses: 

Up to $10 20%
Up to $100 25%
Up to $150 30%
Above $30035%

Customer Support

The QX broker offers good customer support service in multiple languages, including English, French, Spanish and Hindi. 

The users can contact support team via live chat, email and support ticket. However, the unavailability of phone support remains its biggest drawback. 

Here are the contact details of the customer service team:

Conclusion

As we’ve seen from our detailed Quotex Review, we can say that despite being new in the financial industry, the broker has onboarded millions of users and has emerged as the best trading platform

And unlike many other brokers offering trading services, it offers one of the lowest deposit requirements. Moreover, the broker’s bonus policy is lucrative, ranging up to 35% depending on the deposited amount. 

The company’s customer service is efficient and available 24/7. However, the unavailability of phone support and an advanced MT4 platform is still a major disadvantage for the broker. 

So, if good customer service and an advanced trading platform are your top concern, this brokerage platform may not be the best one for you. Instead, you should go to another reliable broker such as InvestFW.

Risk Warning: Trading CFDs or any other financial instruments involves significant risk and can result in the loss of your invested capital.

FAQs

Is Quotex Platform Available In The US?

Yes, the broker is available for traders in the US. However, there are some restrictions related to deposits and withdrawals.

Is Quotex A Legit Broker?

The broker is legit as it is well regulated by the International Financial Market Relations Regulation Center (IFMRRC). 

What Is Quotex?

Quotex is the best platform for trading digital options on a wide range of underlying assets. It also offers a free demo account.

Which Is Best Quotex or Binomo? 

While both the brokers are good, Quotex is a better trading platform than Binomo as it offers extra features such as copy trading, multiple trading assets like cryptocurrency, commodities, indices, and Trade signals. With these features, you can build a good trading strategy.

What Are Available Quotex Trade Accounts?

The broker offers two account types: Real and broker’s demo trading accounts.

What Is The Minimum Deposit For Quotex?

The minimum deposit required for trading binary options is $10. 

What Is Quotex Minimum Withdrawal Amount?

The minimum withdraw amount is set at $10, but for Bitcoin, it’s $50. The time withdrawal procedure takes depends only on the volume of simultaneously processed requests.

Should I Invest Money With Quotex?

Yes, you should trade and invest with the broker as it is well regulated, and the markets Quotex offers are over 400. Quotex is also the best trading app for traders.

What Is Quotex Login Process? 

Users can easily sign in to their accounts using the Quotex login details. 

Does Quotex Have An App?

Yes, the broker offers a Quotex trading app for on-the-go and experienced traders. Users can sign in to the account using the same Quotex login credentials. It is really a good platform with most modern technology.

What Does Binary Trading Trading Mean?

Digital option or binary options trading refers to trades based on rising and declining price movement with predetermined costs and fixed outcomes.

How Long Does It Take The Withdrawal Process To Complete?

Quotex withdrawal process completes in 3-5 business days.

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