QUOTEX Philippines is a popular online trading platform that offers traders access to a wide range of underlying assets, including securities, Forex, commodities, and indices.
QUOTEX Philippines - Is it a good broker in 2024?
Updated: April 29, 2024
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In this article, the experts at TU will dive into all the important details about how QUOTEX works in the Philippines, the services it offers, and the trading conditions and fees you can expect as a local client.
QUOTEX Philippines - 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 an online platform that allows users to trade digital options on a variety of underlying assets, such as stocks, foreign exchange, commodities, and indices like the S&P 500. Digital options trading is based on simple price movements, and traders can choose from a diverse range of expiry periods, from one minute to a month or more. The payout percentage of each asset is influenced by a variety of factors, including the asset itself, the timeframe of the trade, and the number of traders who are speculating in the same direction.
To help users better understand the platform, QUOTEX offers a range of educational resources, such as instructional videos and market news updates. Users can also make use of a demo account to practice trading, which is provided free of charge.
QUOTEX Philippines pros and cons
| Pros of QUOTEX | Cons of QUOTEX |
|---|---|
| Low initial deposit of $10 makes trading accessible | No leveraged investing available, which may restrict market access |
| Small trade size of $1 allows for risk management | No dedicated iOS app available, but the website is mobile-friendly |
| High potential gain of up to 95% per successful trade | |
| Unlimited use of demo account for practice | |
| Deposit bonuses ranging from 20% to 35% incentivize trading activity | |
| No withdrawal fees, and fast withdrawal processing |
QUOTEX Philippines review
If you're considering using QUOTEX as your online broker, there are a few things you should know. QUOTEX offers a variety of trading opportunities for Filipino clients, including Forex, cryptocurrencies, commodities, and indices. The platform allows traders to use binary options to speculate on the price movement of an underlying asset, predicting whether the price will rise or fall within a set timeframe.
Additionally, to assist traders in making informed decisions, QUOTEX offers a range of trading tools, including a web-based platform, trading signals, indicators, and rapid processing speeds. The platform 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.
For the regulatory aspect, QUOTEX is regulated by the International Financial Market Relations Regulation Center (IFMRRC), which provides clients with the assurance that the platform operates in a trustworthy and legitimate manner. However, it’s important to note that trading always involves risk, and there is no guarantee of profits.
With QUOTEX, 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. Lastly, it’s also important to note that QUOTEX does not offer leverage.
When it comes to trading assets, QUOTEX provides 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. Trading these assets can potentially lead to up to 95% in profit if the trade is successful. So, you can potentially trade in Bitcoin, Ethereum, Litecoin, gold, and other precious metals, energies, and other commodities.
Is QUOTEX legal in Philippines? Is it safe?
Trading binary options with QUOTEX is legal in the Philippines. QUOTEX is based in Seychelles and is regulated by the International Financial Market Relations Regulation Center (IFMRRC). The license number for QUOTEX is TSRF RU 0395 AA V0161, and the official company number is 226716.
The broker takes the safety and security of its users' funds seriously. Their platform uses SSL encryption to protect user data and offers 2-factor authentication to ensure secure logins. It also provides regulated payment methods, ensuring that users' funds are safe and secure. Additionally, the platform offers negative balance protection, which ensures that users' account balances never go into negative territory, even in the event of significant losses.
Is QUOTEX a Philippines company?
If you're wondering whether QUOTEX is a Philippine company, the answer is no. QUOTEX is actually a brand name of Awesomo Ltd, a company based in the Seychelles. Despite not being a Philippine company, QUOTEX is available to clients in the Philippines, providing them with a range of trading opportunities through its web-based platform and mobile trading app.
Is QUOTEX registered in Philippines?
As QUOTEX is not a Philippine company, it is not registered with the Securities and Exchange Commission of the Philippines. However, it is important to note that the platform is regulated by the International Financial Market Relations Regulation Center (IFMRRC), which provides clients with the assurance that the platform operates in a legitimate and trustworthy manner. The regulation by the IFMRRC ensures that QUOTEX adheres to certain guidelines and standards, which are designed to protect the interests of traders.
QUOTEX Philippines - fees
When it comes to QUOTEX Philippines fees, experts suggest considering the following key points:
QUOTEX charges no deposit, withdrawal, or transaction fees. Additionally, there is no inactivity fee for users who don't trade frequently.
The only fee that QUOTEX charges is the spread fee, which is the difference between the bid price and the ask price for an asset. The spread fee varies based on the asset being traded and the time frame selected. It is typically higher for assets that are less frequently traded or for trades that are held for longer time frames.
How do you make a deposit in Philippines? – payment methods
To deposit funds into a QUOTEX account in the Philippines, users have several payment methods available. Firstly, the broker accepts local payment methods, including various banks such as RCBC Online Banking, Maybank, Unionbank, BPI, PSBank, and e-wallets such as GCash, GrabPay, and Coins.ph. Additionally, the broker accepts bank cards and cryptocurrencies as deposit methods.
QUOTEX makes depositing funds simple and convenient for traders, with a range of options available to suit their preferences. If any issues are encountered during the deposit process, the QUOTEX support team is also available to assist and provide solutions.
FAQs
Is QUOTEX a trusted broker?
Yes, QUOTEX is a trusted broker that is regulated by the International Financial Market Relations Regulation Center (IFMRRC). It offers a range of trading opportunities and has a good reputation among traders.
Can I use QUOTEX in the Philippines?
Yes, QUOTEX accepts traders from the Philippines and provides trading opportunities for Filipino clients.
Which country is the owner of QUOTEX?
QUOTEX is owned by Awesomo Ltd, a company based in the Seychelles.
Which is better QUOTEX or Binomo?
Both QUOTEX and Binomo are legitimate brokers that offer a range of trading opportunities. The better option depends on individual trading preferences and needs. It is recommended to research and compare the features and services of each platform before making a decision.
Team that worked on the article
Chinmay Soni
Contributor
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
Author and editor at Traders Union
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.