QUOTEX Nigeria - Is it a good broker in 2024?
QUOTEX Nigeria is a popular online trading platform that offers traders access to a wide range of underlying assets, including securities, Forex, commodities, and indices.
In this article, the experts at TU present a detailed review of QUOTEX as a brokerage organization in Nigeria, focusing on its services, fees, and trading conditions, as well as its regulatory framework. The analysis is based on factual and up-to-date information, collected and analyzed to provide readers with an objective and informative assessment of the broker. By examining the key features and benefits of QUOTEX's services, as well as any potential drawbacks or limitations, they aim to assist traders in making an informed decision when selecting a broker. Lastly, this review also considers the regulatory environment in Nigeria, highlighting the level of protection provided for clients' investments and funds.
Key points from the article
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QUOTEX is an online trading platform that offers binary options trading on over 410 instruments including FX pairs, cryptocurrencies, commodities, and indices.
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It has a low minimum deposit of $10 and no fees for deposits, withdrawals, or trades. Mobile trading is also available.
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Pros include a large number of assets, customizable expiry times, educational resources, and no fees. Cons include lack of regulation and leverage.
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Trading with QUOTEX is legal in Nigeria but traders must follow CBN rules like limits on deposits/withdrawals over $10,000.
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QUOTEX is based in Seychelles and regulated by IFMRRC, not in Nigeria. Client funds have some protection but are not segregated.
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It offers a variety of payment options for deposits including cards, e-wallets, and cryptocurrencies. No fees for deposits or withdrawals.
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The platform provides charts, technical tools, and changeable expiration times to help traders analyze the market.
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Overall QUOTEX provides a low cost way for Nigerian traders to speculate on price movements of different assets, but there are also risks given the lack of regulation.
QUOTEX Nigeria - General information
| 💻 Trading platform: | Proprietary web platform and mobile application |
|---|---|
| 📊 Account types: | Demo, Live |
| 💰 Account currency: | USD, EUR, GBP, BRL, IDR, MYR, INR, KZT, RUB, THB, UAH, VND |
| 💵 Replenishment / Withdrawal: | Visa/Mastercard cards, Perfect Money, Piastrix, FK Wallet, cryptocurrencies Bitcoin Cash, BTC, LTC, ETH, Coinbase, Dai, Binance Coin, Paxos Standard |
| 🚀 Minimum deposit: | USD 10 |
| 📈️ Min Order: | USD 1 |
| 🔧 Instruments: | Currency pairs, commodities, cryptocurrencies, indices |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| ⭐ Trading features: | Leveraged trading is not available, shares are not available |
| 🎁 Contests and bonuses: | Deposit bonus, risk-free trade, promo codes |
QUOTEX is a comprehensive online trading platform that offers over 410 instruments for digital options trading. These assets consist of 27 Forex pairs, various cryptocurrencies such as Litecoin, Bitcoin, Ripple, and Ethereum, 15 leading indices including the FTSE 100 and Dow Jones, and popular commodities such as gold, silver, and oil. The platform allows traders to choose from a variety of expiry periods, ranging from one minute to a month or more, and the payout percentage for each asset is influenced by factors such as the asset type, trade timeframe, and the number of traders speculating in the same direction. To facilitate a better understanding of the platform, QUOTEX provides users with educational resources such as instructional videos and market news updates, and a free demo account to practice trading.
QUOTEX Nigeria pros and cons
| Pros of QUOTEX | Cons of QUOTEX |
|---|---|
| Allows traders to start trading with a low minimum deposit of $10 | Minimal live support is available for traders |
| Customizable options expiry provides greater flexibility and control over trades | The broker is not regulated, and client funds are not kept separate from QUOTEX's funds |
| A high rating of 4.8 on Trustpilot indicates a large number of satisfied customers | The deposit bonus offered by QUOTEX cannot be withdrawn |
| Built-in trade signals provide a steady stream of trade recommendations based on technical analysis | |
| No deposit, withdrawal, trading, or account fees, making it a cost-effective choice for traders looking to maximize their profits | |
| Numerous asset choices available for traders to engage in, including binary options on stocks, currencies, and commodities, providing ample opportunities to diversify their portfolios |
QUOTEX Nigeria review
QUOTEX Nigeria offers a variety of trading opportunities for clients, including Forex, cryptocurrencies, commodities, and indices.
The platform uses binary options to speculate on the price movement of an underlying asset, predicting whether the price will rise or fall within a set timeframe.
It also enables access to a wide array of trading tools, such as trading alerts, various technical indicators, and rapid processing capabilities.
QUOTEX also has a mobile app for Android devices, which provides clients with the ability to trade on-the-go with a simple and user-friendly interface.
QUOTEX is regulated by the International Financial Market Relations Regulation Center (IFMRRC), providing clients with the assurance that the platform operates in a trustworthy and legitimate manner.
Clients can take advantage of a $10 minimum deposit and a joining bonus, as well as a free demo account with $10,000 in virtual funds. The minimum trade amount starts at $1, and clients can choose from a variety of payment methods, including credit cards, cryptocurrencies, e-wallets, and bank transfers.
When it comes to trading assets, QUOTEX offers a range of popular options, including major Forex pairs, such as EUR/USD and USD/JPY, commodities like gold and oil, and a variety of cryptocurrencies.
The platform provides easily analyzed charts and graphs, technical tools, and effective indicators that help traders understand the market condition and make informed decisions.
The platform also offers changeable frames and a diverse range of indicators to help traders analyze market risks.
Lastly, QUOTEX operates with incredible speed and provides 24/7 customer support, which can be accessed through live chat, email, or by raising a ticket on the platform.
With everything being said, it's important to note that QUOTEX does not offer leverage, and while it is regulated by IFMRRC, trading always involves risk, and there is no guarantee of profits. Additionally, it's important to exercise caution when trading online, as fraud and scams are fairly common in binary options trading.
Is QUOTEX legal in Nigeria? Is it safe?
Nigerian citizens can trade stocks and foreign currencies as long as they follow the rules and regulations set by the Central Bank of Nigeria. Moreover, Forex trading is not as strictly regulated in Nigeria compared to many other countries. So, trading binary options with QUOTEX and other brokers is considered legal in Nigeria, although traders need to adhere to local tax regulations when profiting from Forex and binary options trading. The Central Bank of Nigeria has implemented financial constraints to protect the domestic currency, requiring traders to stay informed about various trading and transaction expenses. For instance, traders cannot deposit over $10,000 in a single trade, and withdrawals surpassing $10,000 could be flagged and held by local banks until adequate evidence regarding the origin of the funds is submitted.
With respect to safety concerns regarding QUOTEX, the broker is based in Seychelles and is regulated by the International Financial Market Relations Regulation Center (IFMRRC). QUOTEX takes the safety and security of its users' funds seriously, offering SSL encryption, 2-factor authentication, regulated payment methods, and negative balance protection.
Is QUOTEX a Nigerian company?
QUOTEX is not a Nigerian company but is a brand name of Awesomo Ltd based in Seychelles.
Is QUOTEX registered in Nigeria?
QUOTEX is not a Nigerian company, and therefore, it is not registered with the Securities and Exchange Commission of Nigeria. However, the platform is regulated by the International Financial Market Relations Regulation Center (IFMRRC), ensuring that QUOTEX adheres to specific guidelines and standards designed to protect traders' interests.
QUOTEX Nigeria - fees
| Fees | Details |
|---|---|
| Deposit Fee | None |
| Withdrawal Fee | None |
| Transaction Fee | None |
| Inactivity Fee | None |
| Spread Fee | The difference between the bid price and the ask price for an asset. The fee varies based on the asset and the time frame selected. It's typically higher for less frequently traded assets or trades held for longer time frames. |
| Minimum Deposit | $10 |
| Lowest Trade Amount | $1 |
| Highest Trade Amount | $1,000 |
| Yield | Up to 95% depending on the asset type and market conditions |
| Standard Account EURUSD Average Spread | Varies based on market conditions and the specific asset being traded |
How do you make a deposit in Nigeria? – payment methods
In Nigeria, binary options traders can utilize credit or debit cards issued by local banks featuring token security for depositing and withdrawing funds. Regrettably, cards denominated in local currency cannot be employed for online transactions on binary options platforms.
Deposits are executed instantly, while withdrawals might require up to two days for processing. Traders have the option to use e-wallets like Skrill, Neteller, and Payza, albeit with certain restrictions. Withdrawals through Skrill need to be processed in local currency and linked to a local bank account, while only Euros can be withdrawn from an international Skrill account and transferred into a domestic bank account. Bank transfers from local accounts also serve as an available payment method for Nigerian binary options traders.
FAQs
Is QUOTEX a trusted broker?
Yes, QUOTEX is a trusted broker that is regulated by the International Financial Market Relations Regulation Center (IFMRRC) and has a good reputation among traders.
Which country is the owner of QUOTEX?
QUOTEX is owned by Awesomo Ltd, a company based in the Seychelles.
Is QUOTEX registered in Nigeria?
QUOTEX is not registered in Nigeria, but it accepts traders from Nigeria and provides trading opportunities for Nigerian clients.
Can I withdraw from QUOTEX?
Yes, you can withdraw funds from your QUOTEX account through various payment methods, such as bank transfer, e-wallets, and cryptocurrencies. However, you may need to complete the account verification process before making a withdrawal.
Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).