Is Quotex a safe broker? Honest review
QUOTEX is a binary options broker that has gained popularity among traders globally. However, with the unregulated nature of the binary options industry, it is important to thoroughly research any broker before depositing money and trading. This review aims to shed light on QUOTEX's legitimacy by analyzing key aspects like regulation, trading conditions, security measures and real user reviews.
Key points from the article
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QUOTEX is owned by Awesomo LTD based in Seychelles and is a member of IFMRRC, providing some reassurance despite lack of direct regulation.
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Minimum deposit is only $10 with no fees, and an attractive 30% bonus is offered on initial deposits.
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Traders can access over 300 trading assets including currencies, commodities, stocks and cryptocurrencies through the web and mobile apps.
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User reviews have been largely positive about the ease of use of QUOTEX's platforms and customer support.
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Overall it seems reasonably safe for traders, though full regulation would definitely be preferable.
Is Quotex a safe broker?
While the internet has made it easier for investors to check the credibility of online brokers, the unfortunate truth is that several fraudsters still exist out there ready to prey on unsuspecting investors. There are several ways to check if your broker of choice is safe.
The easiest, most direct way to check if a broker is safe is if they are licensed by a financial institution. You could also check out their ratings and reviews from other users.
The company that owns and operates, QUOTEX, Awesomo LTD is a member of the IFMRRC (International Financial Market Relations Regulation Centre). QUOTEX averages a 4.5/5 rating from its users and is mentioned in reviews as being “reliable and trustworthy” among others. Their app is also described as being “quick, responsive and user-friendly.”
At the same time, it should be understood that QUOTEX is not regulated at the state level. In this regard, in some countries its activities may be limited or banned.
Does Anyone Make Money with Binary Options?Is QUOTEX legit?
QUOTEX’s legitimacy can be attributed to the fact that the company that operates it, Awesomo LTD is registered in the Seychelles and is also a member (membership number TSRF RU 0395 AA V0161) of the IFMRRC. The international online broker has a stable track record evidenced by the reviews published on several industry websites like www.binaryoptions.net.
Is QUOTEX legit in my Country?
Traders from all over the world are welcome to become clients of QUOTEX. You can trade from anywhere in the world through their online platform using your computer or smartphone. However, though no country or territory has officially banned QUOTEX from operating, the website is not functional in the following places:
Canada
The European Union
Indonesia
Russia
USA
Is QUOTEX regulated by governments?
Quotex is not regulated in any country.
Is QUOTEX a Scam or Safe?
The QUOTEX website has in place a number of security measures to ensure that as a trader your private data and your money is secure. SSL encryption is used to secure data moving between dealers and the platform. QUOTEX’s mother company Awesomo Ltd, is a member of the IFMRRC which also acts as a third party conflict resolution body. IFMRRC protects traders' funds by ensuring that they are not held back in the unfortunate case that QUOTEX suffers a major financial setback.
QUOTEX Pros and Cons
The QUOTEX experience offers quite a number of advantages and a few disadvantages. The advantages and prospective gains hold up well against the possible downsides of the disadvantages.
Following is a summary of QUOTEX Pros and Cons:
👍 QUOTEX Pros:
• The minimum deposit is $10. No extra fees are charged for deposits. This amount can be in Dollars, Euros, Pounds or Bitcoins. Deposit can be made by various methods like credit card, eWallet or cryptocurrency.
• The QUOTEX bonus is an attractive bonus on deposits of about 30%
• Multi-options in assets like the top global currencies, commodities like metals and oils, stocks and cryptocurrency are offered.
•User-friendly web interface that allows traders from across the globe to trade using their computers and smartphones. The smartphone app offers all the functionality of the web version. After creating an e-mail ID and password, you can start your online trading.
• A free demo account grants access to the trader app. $10,000 is made available for you to practise trading and learn markets play. A guidance video is also available.
• Personal and payment information is protected by SSL encryption.
👎 QUOTEX Cons:
• Those looking for leveraged investments will be disappointed as QUOTEX does not offer any.
• The deposit bonuses offered cannot be withdrawn.
• It’s not regulated on the state level.
Team that worked on the article
Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.
He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
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).