Quotex Review 2023
Quotex is a digital options broker, which offers market signals and copy trading services on its proprietary web platform. This review covers the account registration process, deposit and withdrawals fees, regulatory status and available assets. Find out whether you should start trading with Quotex.io today.
Established in 2020, Quotex is an off-shore broker and a trademark of Awesomo Ltd. The company is based in the Seychelles and is regulated by the International Financial Markets Regulatory Center (IFMRRC). The Quotex team has 200+ years of experience and is dedicated to creating a modern trading platform.
Unfortunately, Quotex is not regulated by the FCA and does not have offices in the UK. Nonetheless, British traders can still open a live trading account.
Quotex offers an easy to use proprietary web-based trading platform. The broker’s main goal is to make trading as simple and straightforward as possible. Traders can view data on multiple graphs and time frames from 5 seconds to 1 day. Other features include 9 indicators, 15 drawing tools, copy trading and market signals. Placing trades can be easily done through ordering screens on the terminal.
Navigating the platform and executing trades is simple:
- Choose an asset on the top left of the screen
- Select an expiration date between 1 minute and 1 month
- Enter the amount you wish to invest in the market position
- Predict where the asset price will move by the expiration date. You have the choice to ‘Go Up’, ‘Go Down’, ‘Sell Now’ or ‘Sell Later’
Quotex offers digital options trading on 410+ assets, including 27 major, minor and exotic currency pairs, top cryptos like Bitcoin and Ethereum, plus over a dozen major stock exchanges i.e. the FTSE 100 and Dow Jones. Clients can also trade digital options on gold, silver, oil, energies and metals. The range of products is decent compared to other binary options brokers.
The broker does not list any spreads or commission rates on the Quotex.io website. However, the profit percentage available on each instrument is set by the broker. This varies by factors such as liquidity, time of the trade, tariffs and economic events. According to the Quotex, profit potential could be up to 98% of the amount invested.
To determine the profit percentage, the platform will automatically display a figure after you set an expiration date on your trade. This means you can be certain of the profit potential you can earn before placing a trade. Should you make the correct prediction, your earnings will automatically be added to your balance.
The broker does not currently offer a mobile app. However, their web-based platform can be accessed using any browser on any mobile phone. So, monitoring markets and executing trades can be done anywhere. Quotex is also looking to launch a mobile app in the future.
Deposits & Withdrawals
You can start trading on Quotex with a minimum deposit of £10. This can be done through your personal account or in the trade execution window. Deposit methods include credit/debit cards, cryptocurrencies and e-payment systems such as Skrill and Neteller. Quotex does not charge any fees on deposit or withdrawals. GBP is also accepted so UK traders won’t have to pay currency conversion fees.
Withdrawals have to be made with the same method chosen for deposits. For example, if you deposited your account with a credit/debit card, you would also have to withdraw using the same card.
Additional documents are not usually required to withdraw funds. However, when withdrawing a large amount, it is under the broker’s discretion to request documents. Withdrawal times can take between 1 to 5 days but Quotex endeavours to make payments on the same day the request was submitted.
Demo Account Review
Quotex offers a demo account free of charge, which is automatically funded with 10,000 units. The demo account simulates a live trading environment, with access to analysis tools, signals and indicators. However, the demo account offers a limited range of assets. The trial account is a great way for beginners and professional traders to practice their strategies.
Bonuses & Promos
At the time of writing, Quotex is offering a 30% bonus on first deposits. Historically, Quotex has offered various deals and promotions. For example, the broker offered an 80% welcome bonus on first deposits up to $100. These deals are a great way to increase original trading capital. Check the company website for the latest promotions and always read terms and conditions before accepting a bonus.
Awesomo Limited is regulated by the International Financial Market Relations Regulation Centre (IFMRRC) under license number TSRF RU 0395 AA V0161. The regulatory body offers a compensation fund, where customers can be reimbursed should the brokerage violate their license or fail to pay.
However, traders should be aware that IFMRRC is a self-issuing body rather than an established agency like the FCA, FSA, or CySEC. As a result, it does not hold any legal authority to regulate brokers.
Note that since April 2019, the FCA has prohibited investment firms from selling binary options in the UK. British consumers have been advised to only deal with financial services firms authorised by the FCA. While UK traders can still open an account with an offshore digital options broker, you should do so at your own discretion.
Quotex Live Account
Quotex recently introduced three account levels that provide different trading advantages. Access depends on your account balance:
- Standard – This level is automatically applied after registration. The Standard level offers basic percentages of profitability for all instruments.
- Pro – This level is only available for accounts with a balance of £1,000. A 2% increase in profitability percentages is applied on all instruments and promotional codes are offered via e-mail.
- VIP – This level is available after an account balance of £5,000 is met. A 4% increase in profitability percentages is applied on all instruments and promotional codes are offered via e-mail.
To open a live account, you need to fill out a questionnaire and some personal details. Occasionally, new traders may need to go through an additional account verification process, where Quotex will request some documents. The verification process can take up to 5 days. Once your account has been verified, you can simply log in via the Quotex.io website.
- Copy trading & market signal services
- Low minimum deposit requirement
- Proprietary web trading platform
- No deposit or withdrawal fees
- Deposit bonus promotions
- Free demo account
- Easy login
- No educational tools
- No leverage offered
- No FCA regulation
- No mobile app
Quotex customers can trade on the platform at any time, though specific opening and closing hours depend on the instrument traded. For example, cryptocurrency is available 24/7 while the forex market is open Monday to Friday. You can find more details on Quotex’s trading terminal.
Traders can contact customer support on the trading terminal through the live chat bot. You can also submit a message on the website under ‘Contacts’. For financial issues, you can email email@example.com or for technical support, you can email firstname.lastname@example.org.
Safety & Privacy
Quotex states that they use specialised technologies and high-security standards to maintain client confidentiality and third party protection. However, the broker does not outline what type of encryption software is used or its security procedures. Additionally, Quotex runs on a proprietary platform, which is not as secure as MT4 and MT5.
Should You Trade With Quotex?
Quotex may seem like an unusual digital options broker. Nonetheless, it offers an easy to use trading platform with copy trading and a market signals service. The brokerage also has competitive fees, a low minimum deposit and a wide asset range. The only major drawback for UK traders is the lack of FCA regulation.
Is Quotex.io A Regulated Broker?
Yes. Quotex is regulated by the International Financial Market Relations Regulation Centre (IFMRRC) under license number TSRF RU 0395 AA V0161. However, traders should be aware that the IFMRRC is a self-authorised body rather than a legal fiscal body with official authority to regulate brokers.
Does Quotex Offer A Demo Account?
Quotex offers a free demo account, which is automatically funded with £10,000. You can update your account without any limit and learn to trade without risking real money. However, there is a limited number of assets available on the demo account.
How Much Capital Do I Need To Start Trading With Quotex?
You don’t need large capital to start trading with Quotex. The minimum deposit requirement is £10. Deposits can be made in GBP/pound sterling, so UK traders won’t have to pay currency conversion fees.
Is Quotex A Scam?
Quotex claims it uses specialised technologies to maintain client confidentiality. Furthermore, it is regulated by the IFMRRC. However, the broker does not outline what its security processes are or what technologies it uses. Therefore, we can’t be certain of the broker’s legitimacy.
How Can I Make Money On Quotex?
Before making a trade on an instrument, a profit percentage is outlined. Traders can earn up to 98%, though these figures are at Quotex’s discretion. You will then predict the direction of the asset and set the expiration date. Should you make the right forecast, the agreed profit percentage will be automatically credited to your account.
Compare Quotex with Other Brokers
These brokers are the most similar to Quotex:
- Avatrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available, alongside a comprehensive education center and multilingual customer support.
- XTB - XTB is one of the largest stock exchange-listed forex and CFD brokers in the world, offering access to over 5800 instruments on their xStation platform. They boast 700,000 active traders, 20 years experience and authorization from tier-one regulators, including the UK's FCA.
- CMC Markets - CMC Markets is a trustworthy brand authorized by tier-one regulators including the FCA and ASIC. Advanced trading tools, excellent market research and low fees help the broker stand out from rivals. The no minimum deposit, free demo account and social trading service have also made CMC Markets popular with aspiring traders.
Quotex Feature Comparison
|Markets||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities|
|Minimum Trade||$1||0.01 Lots||0.01 Lots||0.01 Lots|
|Regulators||-||ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA||FCA, CySEC, IFSC, KNF, DFSA||FCA, ASIC, MAS, CIRO|
|Leverage||-||1:30 (Retail) 1:400 (Pro)||1:30||1:30 (Retail), 1:500 (Pro)|
Trading Instruments Comparison
Quotex vs Other Brokers
Compare Quotex with any other broker by selecting the other broker below.
|Quotex is a binary options broker founded in 2019 and based offshore in St. Vincent and Grenadines. Over 400 digital options are available covering currencies, commodities, stocks and crypto. Binary contracts span 5 seconds to 4 hours with high payouts of 95%+ depending on market conditions.|