Quotex is a financial trading app that has a large following among Asian users, who make up just over half of its demographic. While it is a touch controversial in some areas (and we’ll go into that shortly), it also has some eye-catching features, and they make exploring what Quotex has to offer appealing. While it is a smaller-scale brand compared to some of its counterparts, it’s user-friendly and available in multiple languages and over several platforms. Join us as we showcase everything else you need to know about the broker in our Quotex review.
About Quotex
Quotex first appeared in 2019, and it is operated by On Spot LLC. Unlike many of its rival trading platforms, Quotex is based out of St. Kitts and Nevis. It was formed by experienced developers and traders with over 200+ years of combined experience. While many trading platforms seem to be carbon copies of their counterparts, Quotex aims to go down a different route with its services.
For starters, Quotex features trading indicators, which showcase various trading styles, giving you an idea of the strategy you may wish to take when processing trades. You’ll also have access to financial instruments that include but aren’t limited to asset quotes, real-time market positions and revenue percentages, all of which can help you make informed trading decisions.
Quotex features three different types of accounts (which we’ll cover shortly), and it is not available for users in Canada, the EEA, Hong Kong, Israel, Russia, or the United States. It provides 24/7 support and is home to an informative blog that provides a consistent stream of information on the various features supported at Quotex.
Quotex has a demo that you don’t necessarily need an account to use. However, some of its features are hidden behind registration, so it’s worth creating an account even if you only intend to use its demo. The demo mode allows you to practice using most of Quotex’s assets, and you’ll get $10,000 in virtual currency to start trading with.
Assets
Quotex has around a hundred assets for you to start trading with as a beginner. However, as you progress and reach new membership levels, the number of tradable assets gradually increases to around four hundred in all. Quotex makes it simple for you to close deals at any time, and you can rely on trader ratings to watch and follow what others do, just in case you want to follow suit.
Of course, trading assets is the primary reason you’d choose to join Quotex, and they have currency pair trading, stocks, commodities, securities, indices and cryptocurrency trading options supported. We’ve highlighted the main ones for you below, which include:
· FOREX Currencies: Over twenty currency pairs can be traded at Quotex. The mainstream options include EUR/USD, GBP/USD and USD/JPY. Others such as BRL, IDR, INR, MYR, NGN, RUB, THB, UAH and VND are possibilities. FOREX trading is popular for those seeing high liquidity with fast price movements.
· Stocks and Securities: Trading shares in world companies is another popular option at Quotex. The trading platform supports CF trading on stocks in some of the most recognisable and biggest companies in the world, enabling you to speculate on price movements and make a buck or two.
· Commodities: Raw materials, precious metals, and other commodities represent another way to go. Gold, silver, crude oil, and gas are the mainstream options. These assets are most likely going to appeal to traders seeking to take advantage of sudden price fluctuations caused by global economic factors.
· Indices: The world’s leading stock exchanges are represented at Quotex. Amongst the index trading assets supported are the Dollar, Index, FTSE100 and S&500, alongside the ASX, Borse Italiania, CAC40, Euronext, Hang Seng, Hong Kong Stock Exchange, IBEX35, Japan Exchange Group and the NASDAQ, with over fifteen indices supported in all.
· Cryptocurrencies: Finally, you can trade crypto assets on the platform. Ideal for those wishing to capitalise on the excessively high volatility of cryptocurrencies, primary options include Bitcoin, Ethereum, Litecoin and Ripple.
Asset trading with Quotex also allows you to use integrated signals, giving you indicators and alerts about when the best time to buy and sell specific assets. This is an invaluable tool for beginners, but its accuracy rate is only 87%, a figure that more serious investors would likely want to be higher.
Promotions Available
Quotex doesn’t support quite as many promotions and bonuses as some of its counterparts. Moreover, some of the terms associated with them are a little on the high side. Allow us to explain as we look at its welcome bonus:
· First Deposit Bonus: Make your first Quotex deposit of $100 or more to claim a 30% First Deposit Bonus. Surprisingly, this offer features somewhat high turnover rates. You’ll need to spend whatever bonus you receive (thankfully, not the deposit, too) at least a hundred times (100x) before funds become available for withdrawals. That’s quite a steep set of turnover requirements.
Alongside the opening offer, Quotex supports tournaments and giveaways, although their availability may depend on your current account status. There are three different tiers (which you can upgrade by depositing and trading), and each level brings its own benefits, as explained next.
· Standard Account: Ideal for beginners, the standard account requires a minimum Quotex deposit of $10 and offers access to the most commonly traded assets at Quotex.
· Pro Account: Pro accounts are geared towards those with some experience in trading. These accounts come with a few bespoke perks, including access to a larger selection of assets and new instruments to help you. However, you’ll need to deposit $5,000 to reach this tier.
· VIP Account: Best-suited for seasoned traders and veterans, this final tier requires a deposit of $10,000. VIP perks include the inclusion of promo codes, offering you additional deals. You’ll qualify for a 4% boost in profitability, access to every type of asset, instrument and tool carried at Quotex, access to priority support, cashback and other rewards.
Payments
Quotex accepts most mainstream banking options, including both international payment methods and local options. Around fifteen cryptocurrencies are supported, including mainstream options such as Bitcoin and Ethereum, as well as stablecoins like Tether and others on the BEP20, ERC20, and TRC20 networks. You can use credit (alternatively debit) cards such as VISA and MasterCard. A few e-wallet payment options may be available based on your locale, while bank transfers are sometimes supported. Again, much of this is going to depend on where you sign up from.
Deposits must be worth a minimum of $10 and are instantaneous. Minimum and maximum trade limits stretch from $1 up to $1,000. There doesn’t seem to be any wiggle room with those caps, even for VIPs.
Withdrawal limits start at $10 for most payment options, but cryptocurrencies begin at $50. In the case of some options, such as Bitcoin, minimum withdrawal limits may be even higher. It isn’t always necessary to clear the KYC process at Quotext. However, you may be asked to do so by the platform. Withdrawals are generally processed within one to five days, but a lot of that hinges on the volume of withdrawals at the time you process your request.
Fees
Here’s the good news – there are no deposit or withdrawal fees associated with processing payments at Quotex. That said, there is nothing to stop third-party payment providers from implementing their own fees or currency conversion charges. As we’ve said, though, Quotex doesn’t engage in that behaviour. It’s also worth pointing out that there is no commission on any trades you make. This gives Quotex an edge over some of the other brands we’ve reviewed, which aren’t always free from commissions. We’ll give it a thumbs up for that.
Platforms
Quotex is optimised for browser-based trading. This naturally makes it suitable for iOS, Android and Windows traders alike. The design and interface are streamlined and straightforward enough to make this work. That said, there are mobile options for those who prefer an app-based experience.
At present, only Android users can download Quotex’s app, which is available from the Google Play Store. iOS users are going to have to wait a little while longer. There is no app currently available, but Quotex has told us that they intend to launch on the App Store in the near future. In the meantime, iOS users can still use Quotex easily enough via their device’s web browser.
Regulation
Thus far, it’s been pretty straight sailing for Quotex. This is where things come unstuck, albeit just a touch. Quotex is run by the On Spot LLC group, based in Charlestown in St. Kitts and Nevis. The brand is licensed by the International Financial Market Relations Centre, based out of the Seychelles. Admittedly, it isn’t FCA or SEC-regulated. The IFMRRC isn’t the world’s greatest or strongest regulator, but it’s still something.
There is a lack of regulatory support for traders. If the trading platform goes bankrupt, there are no protections in place – you’d lose your funds. This is something that has struck European financial regulators’ nerves and caused them to issue warnings about joining Quotex. Naturally, it also explains why Quotex isn’t active in that market.
There aren’t many criticisms from Nigeria, Asia or Brazil, where Quotex is heavily involved as a trading platform. While none of the mainstream, heavy regulators will authorise Quotex, you’ll always have a concern. Our advice is to be cautious and take things slow. Just because a trading platform doesn’t feature isn’t up to the lofty standards of some regulators doesn’t necessarily make it unsafe. Explore it for yourself via its demo before you come to a decision about whether it is right for you.
Pros & Cons
Pros
· Signals and indicators help guide smart trades
· The brand is particularly popular in Asia
· VIP members are rewarded with increasingly impressive perks
· Supports 15 indices and up to 400 assets
Cons
· Playthrough rates on the bonus are 100x
· Quotex has received some negative press in Europe
FAQ
Is Quotex legit?
Yes. While Quotex doesn’t meet the requirements set by European or North American regulators, we didn’t find anything to suggest that Quotex wasn’t a legitimate trading platform.
What is the bonus for Quotex?
Quotex offers new traders a 30% bonus on deposits of $100 or more. Just watch out for its 100x rollover rates, though, which can sting.
Can I trust Quotex?
For the most part, we’d say yes. We didn’t find anything untoward, but the lack of trader protections and the high rollover rate on the bonus did catch our attention.
How does Quotex’s demo work?
You can use the demo at Quotex without signing up, and you’ll get $10,000 in virtual currency to invest. If you want to use all its features, though, you’ll want to create an account.
Is Quotex ideal for beginners?
Yes. There are entry-level options and guides, even blogs to help beginners, not to mention the demo mode. Experienced traders will find things that are exclusive to them, too, though.