QUOTEX South Africa - Is it a good broker in 2024?
QUOTEX is an online trading platform that allows South African traders to invest in binary options on forex, crypto, commodities and indices. Regulated by IFMRRC, it offers over 400 assets with low fees and no deposit or withdrawal charges.
As the world of trading continues to expand and evolve, it's important to know which brokerage companies can offer reliable and trustworthy services to traders. In this article, the experts at TU will provide you with an in-depth analysis of QUOTEX, including its regulatory status in South Africa, the fees it charges, and the trading conditions it provides to its local clients. Their aim is to equip you with all the necessary information to help you make an informed decision about whether QUOTEX is a good broker for you in 2023.
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Is QUOTEX a trusted broker?
QUOTEX is a regulated broker and offers SSL encryption, 2-factor authentication, regulated payment methods, and negative balance protection, ensuring the safety and security of its users' funds.
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How much is the minimum deposit for QUOTEX in South Africa?
The minimum deposit for QUOTEX in South Africa is $10.
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Which country is the owner of QUOTEX?
QUOTEX is owned by Awesomo Ltd, a company registered in Seychelles.
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Is QUOTEX legal in South Africa?
While QUOTEX is not specifically registered in South Africa, offshore brokers like QUOTEX are allowed to offer their services to traders as long as they are certified and licensed in their respective home countries.
QUOTEX South Africa - 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 all-in-one online trading platform that offers a vast array of financial instruments for digital options trading. With over 410 assets, traders can choose from a range of 27 Forex pairs, various cryptocurrencies including Litecoin, Bitcoin, Ripple, and Ethereum, 15 leading indices such as the FTSE 100 and Dow Jones, and popular commodities like gold, silver, and oil. Traders can select from a variety of expiry periods, from one minute to a month or more.
The platform also boasts a range of technical indicators such as Bollinger bands, MACD, and different oscillators, allowing traders to use their preferred technical analysis methods to make informed trading decisions. Additionally, different chart types are available, and traders can choose from a range of time frames to analyze the markets in detail. Lastly, the platform also enables professional charting, making it easier for traders to visualize market trends and identify potential trading opportunities.
QUOTEX South Africa pros and cons
| Pros of QUOTEX | Cons of QUOTEX |
|---|---|
| User-friendly and intuitive trading platform with many features | Lack of regulation, which may be a concern for some traders |
| No minimum deposit or withdrawal fees | Limited customer support with only email and live chat options available |
| Global access in 19 different languages, catering to a diverse audience | No phone support available |
| Access to boundless trading signals and copy trading functions | |
| 40% deposit bonus available with certain terms and conditions | |
| Quick and easy access to a demo account |
QUOTEX South Africa review
QUOTEX is a comprehensive online trading platform that offers a range of trading opportunities to its clients in South Africa. The platform allows clients to trade Forex, cryptocurrencies, commodities, and indices using binary options to speculate on the price movement of underlying assets. A mobile app for Android devices is also available, providing clients with the ability to trade on-the-go with a user-friendly interface.
QUOTEX is regulated by the International Financial Market Relations Regulation Center (IFMRRC), providing clients with assurance that the platform operates in a trustworthy and legitimate manner. Clients can start trading with a minimum deposit of $10 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.
The platform offers a range of popular trading assets, including major Forex pairs like EUR/USD and USD/JPY, commodities like gold and oil, and various cryptocurrencies. It also provides easily analyzed charts and graphs, technical tools, and effective indicators to help traders understand market conditions and make informed decisions. Users can also change frames and access a diverse range of indicators to help traders analyze market risks.
In addition, 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. However, 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. So as a general rule of thumb, it's important to exercise caution when trading online, as fraud and scams are fairly common in binary options trading.
| Trading Opportunities | Key Facts to Consider |
|---|---|
| Forex, cryptocurrencies, commodities, and indices | No leverage offered |
| Binary options trading | Trading always involves risk and no guarantee of profit |
| Mobile trading app for Android devices | Beware of fraud and scams in binary options |
| Free demo account with $10,000 in virtual funds | 24/7 customer support through live chat and email |
| Minimum deposit of $10 with a joining bonus | Variety of payment methods available |
| Minimum trade amount of $1 | Regulated by IFMRRC |
Is QUOTEX legal in South Africa? Is it safe?
QUOTEX is based in Seychelles and is regulated by the International Financial Market Relations Regulation Center (IFMRRC), which is a recognized regulatory body. This provides clients with assurance that the platform operates in a trustworthy and legitimate manner. However, it's important to note that QUOTEX is not regulated in South Africa specifically.
In South Africa, binary options trading is considered as Over Counter (OTC) derivative instruments and is regulated by the Financial Services Board (FSB). While no law makes binary trading illegal in South Africa, the FSB does not currently provide licenses for binary options trading. This means that offshore brokers are allowed to offer their services to South African traders as long as they are certified and licensed in their respective home countries.
When it comes to the safety and security of clients' funds, QUOTEX takes several measures to protect them. These include SSL encryption, 2-factor authentication, regulated payment methods, and negative balance protection.
Is QUOTEX a South African company?
No, QUOTEX is not a South African company. It is a brand name of Awesomo Ltd. based in Seychelles.
Is QUOTEX South Africa in Nigeria?
QUOTEX is not registered in South Africa specifically. However, the platform is regulated by the International Financial Market Relations Regulation Center (IFMRRC) which is a recognized regulatory body. In South Africa, offshore brokers are allowed to offer their services to traders as long as they are certified and licensed in their respective home countries.
QUOTEX South Africa - 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 South Africa? – payment methods
In South Africa, traders can deposit funds using various payment methods such as credit cards, bank transfers, and digital wallets. MasterCard and Visa cards are accepted and deposits are processed instantly, while withdrawals may take up to 24 hours. Standard Bank is a preferred bank for segregating funds, and some local brokers have developed wire transfer systems to help traders with deposits. Popular digital wallets available in South Africa include Skrill, Neteller, WebMoney, and Payza, which offer fast processing times and are considered convenient and secure. Experts suggest that it is important to choose a trusted and regulated broker and consider factors like processing times, fees, and security before selecting a payment method.
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.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
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).