Quotex is an unregulated offshore binary options platform that allows you to trade over 200 assets across a variety of financial instruments, including commodities, cryptocurrencies, stocks, and currency pairs.
This broker is aimed at beginners and claims to be a revolutionary platform for smart investing, promising to make online trading comfortable and safe. It has a 4.7 rating on Trustpilot.
Quotex Account Types
Quotex offers two account types: a live account for real money traders and a free $10,000 demo account to try out the platform and practice your trading strategies. Here is an overview of each account type:
Live Account
A live account gives you access to all the features of the Quotex trading platform and allows you to make real trades using real money to generate profits.
Live accounts are divided into three levels, which are determined by the balance you maintain.
Standard: Beginner level, which does not require you to maintain a balance.
Pro: Regular trader level, which requires a balance of at least 4,000 GBP, 4,700 EUR or 5,000 USD. The Pro level offers a +2% profit increase, along with more market promotions than the Standard tier.
VIP: Professional trader level, which requires a balance of at least 8,000 GBP, 9,400 EUR or 10,000 USD. The VIP level offers a +4% profit increase, along with the best market promotions and overall benefits.
Demo Account
The Quotex demo account allows you to test binary options trading without risking real money. This allows you to see the tools available and practice whether your strategy works on Quotex.
The demo account provides you with virtual money for practice, and you can use the same indicators and other charting tools as on the live account.
However, the tournament feature is not available on the demo, so you must use your own money to participate in these events.
Quotex Deposit and Withdrawal of Funds
Quotex offers a variety of deposit and withdrawal methods, including credit cards (Visa and Mastercard), cryptocurrencies (e.g. Bitcoin, Ethereum, Solana, etc.), e-wallets (e.g. Perfect Money), and local payment options in emerging countries.
The minimum deposit at Quotex is $10 for most countries and payment methods (like most binary options brokers) and the broker does not charge any deposit or withdrawal fees.
Quotex App
Quotex only offers an official Android app for mobile traders, but it does face technical issues, especially when it comes to depositing funds.
Quotex does not have an iOS app, desktop app, or an official APK version available for download.
So if you really want to trade on Quotex, it is better to use the official web platform instead of downloading unverified or buggy apps. It is technically safe, and reliable, and provides a user-friendly trading environment.
Quotex Customer Support
Quotex offers comprehensive customer service 24/7 in multiple languages, including English, Hindi, Spanish, and French.
Traders can opt for email and ticket support in case they have any questions or issues. Traders can also contact Quotex by writing to Telegram.
Unfortunately, Quotex does not offer phone support, but clients can conveniently contact the broker via live chat and ticket support (email).
Quotex Financial Assets
Quotex stands out in the binary options trading space by offering a wide and diverse range of financial assets, allowing traders to explore and take advantage of a variety of global markets.
Within its asset catalog, Quotex includes a wide range of options, from traditional and popular options to less common but exotic ones, such as specific currency pairs.
Currency Pairs
Forex trading is a core component of Quotex, allowing users to trade major, minor and exotic currency pairs. Particularly attractive in this area are currency pairs that include currencies from emerging markets, such as the Mexican Peso (MXN) or the Indian Rupee (INR).
These alternatives allow traders to diversify their trading strategies and take advantage of economic volatility and unique trends outside of the traditional forex circuit.
Stocks and CFDs
In addition to currency pairs, Quotex also offers CFD trading on stocks of some of the world’s largest and most well-known companies.
This allows investors to speculate on stock price movements without owning the underlying assets, giving them the flexibility to bet on both ups and downs in the market.
Indices and Commodities
For those interested in the indices and commodities markets, Quotex also caters to these needs.
Traders can operate with indices that represent a group of stocks in a particular market and the performance of classic commodities such as gold, silver, and oil.
These assets provide an alternative for those looking to hedge their portfolios or speculate on global economic events and market trends.
Cryptocurrencies
With the growing demand and interest in the cryptocurrency market, Quotex has added the option to trade the market’s leading cryptocurrencies to its range of assets.
This opens up a number of possibilities for traders exploring this dynamic and volatile sector.
Security for Investors
Quotex, a Maxbit LLC brand, is proudly registered in Saint Vincent and the Grenadines and operates in full compliance with the relevant laws.
The company is committed to providing the highest level of security to its customers and uses only innovative technologies to ensure that your data remains safe.
They also have a strict policy to prevent third parties from accessing your personal information and all confidential information is kept strictly within the organization.
Additionally, 2-step authentication is available as an additional layer of protection for traders who decide to open a live account with Quotex.
Payments are protected with the highest level of security, including SSL encryption and 3D secure code authentication when using Mastercard. Be assured that your financial information is safe at every step!
FAQs
Is Quotex legal?
Quotex is not legal in most countries such as the USA, India, Pakistan, Singapore, Philippines, or the European Economic Area. This is because the broker is not registered with a local regulator.
Quotex is not technically illegal and is not explicitly banned in South Africa, but it is not regulated by the Financial Sector Conduct Authority (FSCA), so if you are a South African trader, your capital will not be protected.
According to the FSCA, offshore brokers such as Quotex do not need a license to accommodate South African traders as long as they are authorized and licensed in their respective home countries.
However, just because Quotex is not illegal, we still consider it a very risky platform to avoid.
Can Quotex make you rich?
No, it is very unlikely that Quotex will make you rich, so we advise against treating it as a passive source of income.
While you can make money on Quotex in the short term, most traders lose their deposits over time due to the nature of binary options trading and the unfair terms offered by the broker.
How does Quotex make money?
Quotex offers its own proprietary trading programs and services that can generate profits. It also offers commission-free trading opportunities and low spreads, giving traders the potential for profit.
Is Quotex regulated in the US?
No, Quotex is not regulated by any of the top regulatory bodies in the US.
Is Quotex halal or haram?
Quotex is generally considered haram for the following reasons:
Quotex only offers binary options trading, which is often considered a form of gambling (maysir) that is clearly haram (forbidden) in Islam.
Binary options involve a high level of uncertainty and speculation, which is prohibited under Sharia law.
Quotex does not offer Islamic accounts that comply with Sharia principles, eliminating elements such as interest (riba) and excessive uncertainty (gharar).
Is Quotex gambling?
Whether Quotex is gambling or not largely depends on your level of trading experience.
Quotex is a binary options platform, and for most Quotex users, trading on the platform is very similar to gambling, as they bet on short-term price movements with limited financial knowledge and either receive a high fixed payout or lose all their bets, just like in a casino.
However, asset price movements are not random and can be predicted to some extent by experienced traders, making Quotex similar to trading other financial derivatives.
Also read: Is Forex Trading Legal in Saudi Arabia?