Quotex Review 2024

Last updated Feb 26, 2024
Логотип Quotex
3.6/5
№5 in the brokers' listTrading CFDs carries high risks. You may lose all invested funds
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

In today's world of financial instruments, where new platforms and services emerge daily, choosing a reliable broker becomes an increasingly complex task. Quotex is one broker that captures traders' attention with its terms and tools. But how good is it?

This article will comprehensively review the Quotex broker, examining its features, trading conditions, customer support quality, and more. We will also investigate customer reviews to determine whether this platform can be trusted for trading binary options.

Quotex Broker Overview

Foundation Year2018
Official Websitehttps://qxbroker.com
Regulated in Countries
Minimum Deposit
  • 10 USD
Spreadfrom 0 points
Max Leverage1:1
Trading Assets
  • Forex
  • Stocks
  • Precious Metals
  • Energy Carriers
  • Indices
Trading Platforms
  • Quadcode
Email Support
    Hotline Phones
    Social Media

    Founded in 2019, the Quotex trading platform quickly made its mark in the binary options and other financial instruments market. Since its inception, the company has been actively developing, drawing the attention of both novices and experienced traders alike.

    The Quotex team comprises highly qualified professionals with over 200 years of combined experience in development and finance. This expertise has enabled them to create a product that meets the demands of the modern trader and offers a range of unique opportunities.

    The company's primary mission is to make financial instruments accessible to the broadest possible audience. The platform offers over 400 free trading tools, including currency pairs, stocks, metals, oil, gas, and even cryptocurrencies.

    Quotex Review Summary

    In our review, we apply a rigorous and reasoned evaluation methodology to provide you with the most accurate and objective portrayal of the Quotex broker's operations. This methodology analyzes various aspects such as platform functionality, customer support quality, trading conditions, transparency, and many other criteria.

    You can familiarize yourself with our broker evaluation methodology to understand how we conduct our assessment and what criteria we consider.

    We aim to deliver a comprehensive and detailed analysis so you can make an informed choice. We aim to provide you with all the necessary information for thriving and secure trading.

    Now that you know how we evaluate brokers, we invite you to read our review further. Discover all the details about Quotex and determine whether this broker is the right choice for you.

    Reliability and Regulation

    Rating:2/5
    Legal EntityRegulator
    -
    -

    One of the most crucial factors when choosing a broker is its regulation and reliability. In the case of Quotex, there is a lack of information regarding regulation, which is a red flag for potential investors. Furthermore, different owning companies are listed on the official Quotex website and in the client agreement, which adds uncertainty regarding legal accountability and the platform's reliability.

    These factors significantly diminish the level of trust in the broker and increase risks for traders. If you are considering working with this broker, we recommend you exercise particular caution and thoroughly investigate all available information.

    Account Opening

    Rating:5/5

    The account opening process on the Quotex platform is one of the simplest and quickest in the market. Registration takes a minimum of time and requires only a small amount of personal information.

    Registration

    To open a trading account, you need to fill out a registration form that requires:

    1. to specify your email,
    2. to create a password,
    3. to select the currency of the trading account,
    4. confirm that you are over 18 years old and have read the client agreement.
    Quotex Registration form
    Quotex Registration form

    For user convenience, registration is also possible through Facebook or Google accounts, which speeds up the process and makes it even more user-friendly.

    It is important to note that Quotex services are not available to residents of several countries, including the USA, Canada, Hong Kong, countries of the European Economic Area, and Russia. Also, registration is prohibited for individuals under the age of 18.

    Trading Account Currencies

    Quotex offers a wide selection of currencies for your trading account. This provides flexibility for traders from different countries. After registration, the account currency can be changed.

    Currency NameTicker
    US DollarUSD
    EuroEUR
    British PoundGBP
    Brazilian RealBRL
    Indonesian RupiahIDR
    Malaysian RinggitMYR
    Indian RupeeINR
    Kazakhstani TengeKZT
    Russian RubleRUB
    Thai BahtTHB
    Ukrainian HryvniaUAH
    Vietnamese DongVND
    Nigerian NairaNGN
    Egyptian PoundEGP
    Mexican PesoMXN
    Japanese YenJPY
    Bangladeshi TakaBDT

    Verification

    After registering on the Quotex platform, you will need to complete your profile by providing the following personal information:

    • First Name
    • Last Name
    • Date of Birth
    • Country
    • Address

    You will receive an email notification and SMS alert if necessary for verification. The company will use only your contact details (email address and phone number) at registration. Therefore, it is essential to provide only accurate and current information.

    The verification process takes no more than 5 working days from the receipt of the requested documents. This is a standard term; in most cases, verification proceeds quickly and without problems.

    Minimum Deposit

    The minimum deposit on the platform is only $10. This amount is among the lowest in the market, allowing beginners and experienced traders with limited budgets to enter trading quickly.

    Account Types

    Rating:4/5

    The broker offers a high maximum profit percentage and flexible trade limits, but a limited expiration time range may not meet the needs of all traders. Some binary options brokers provide longer expiration terms, up to the end of the day or even up to 3 months.

    These factors make Quotex a competitive solution in the binary options market for short-term trading but may limit its appeal for those seeking longer investment horizons.

    Binary Options

    Binary options are derivative financial contracts based on various underlying assets, such as currency pairs, stocks, or commodities. Quotex also offers digital options, a non-standard option allowing traders to profit from asset price movements.

    Quotex allows you to trade digital options under the following conditions:

    ParameterConditions
    Expiration TimeFrom 1 minute to 4 hours
    Minimum Investment$1
    Maximum Investment$1000
    Investment Increment$1
    Available AssetsForex, stocks, commodities
    YieldFrom 20% to 91%

    The option's expiration time can be set to a specific time - in increments of 1 minute and up to 4 hours from the current time or set the duration of the trade (from 1 minute to 4 hours).

    In the event of a successful trade, the payout is permanently fixed. The risks are limited only to the amount invested in the option, making this instrument relatively safe for traders.

    Demo Account

    The Quotex demo account provides a unique opportunity for traders to familiarize themselves with the trading platform's functionality without the risk of losing real funds. This account is entirely free and designed to demonstrate all the possibilities offered by the platform.

    Quotex, a digital options broker, provides $10,000 for practice on the demo account. The demo account can be replenished at any time.

    Quotex Demo Account
    Quotex Demo Account

    Account Levels

    Quotex offers various account levels, each offering unique benefits and conditions for traders.

    Account LevelAccessYield PercentageExtras
    StandardImmediately after registrationBasic percentage +2%-
    PROBalance from $3,000Enhanced percentage +4%Promo codes from Market in newsletters and promotions
    VIPBalance from $5,000Enhanced percentage +4%Promo codes from Market in newsletters and promotions

    An account level depends on your experience, balance, and trading needs. Each level offers benefits, from increased yield percentages to exclusive promo codes.

    Tournaments

    Quotex trading platform tournaments offer a unique opportunity for traders to compete against each other and win valuable prizes. In a tournament, each participant is provided with a particular tournament account with an equal amount of conditional units. The goal of each participant is to increase this balance by trading within the tournament.

    • Each tournament may have its entry fee, which directly affects the size of the final prize pool. There are also tournaments with free participation on the platform sometimes.

    • Prize funds are credited to the participant's account within a day after the tournament ends.

    • The winner is the participant who has the most significant amount on the tournament account at the end of the tournament.

    Tournaments on Quotex offer an excellent opportunity to test your trading skills in a competitive environment and win valuable prizes. This adds an element of excitement to the trading process, making it even more attractive.

    Quotex Tournaments
    Quotex Tournaments

    Quotex Market and Bonuses

    The Quotex market offers various promo codes and bonuses that can significantly enhance your trading experience and increase your earning potential. Here are some of them:

    • Trade Cancelation. The promo code allows you to cancel a losing trade. Only unhedged trades whose amount does not exceed the maximum for your promo code can be canceled.

    • Cashback. Compensation of a certain percentage of the loss. Valid during the promo code term.

    • Deposit Bonus. Additional funds on deposit. The bonus size depends on the promo code and can be 10% to 80%.

    • Turnover Percentage. A return of a certain percentage of funds for each opened trade.

    • Balance Bonus. The ability to instantly transfer bonus funds to the balance.

    • Cancellation in X points. Automatic cancellation of losing trades with a difference of a few points. Your promo code determines the number of points.

    Quotex Market
    Quotex Market

    Commissions

    Rating:5/5

    Quotex offers excellent conditions for traders, charging no trade commissions or spreads. This significantly reduces trading costs and increases potential profit. Moreover, there are no fees for depositing or withdrawing funds, which makes financial operations on the platform even more attractive.

    No Trading Commissions

    Unlike most Forex brokers, Quotex does not charge trade commissions or spreads. This means that traders can save considerable funds, increasing their potential profit.

    No Fees for Deposits and Withdrawals

    The company also does not charge fees for account deposits or withdrawals, making the process even more economically advantageous for clients. However, it should be remembered that payment systems may set their fees and use an internal currency conversion rate.

    Quotex Earning Model

    Many may wonder, "How then does Quotex earn money?". The answer is simple: the primary income for Quotex is the trading outcomes of its clients. If traders' deals are unsuccessful, the funds go to the broker.

    Despite this, Quotex prioritizes the success of its clients, offering quality service, educational materials, and other services to attract and retain customers.

    Risks

    It is important to remember that trading binary options is always associated with risks. Every trader should know these risks before starting to trade on the platform.

    Deposit and Withdrawal

    Rating:4/5

    Quotex offers many methods for depositing and withdrawing funds, including bank cards, cryptocurrencies, and electronic payments. However, the inability to use bank transfers may be a significant drawback for some traders who prefer this method for more considerable sums.

    The minimum amount for deposits and withdrawals is only $10, and the company charges no fees. The processing time for withdrawal requests is also quite reasonable, ranging from 1 to 5 business days.

    How to deposit funds?

    1. Open the trade execution window and click the “Deposit” button.

    2. Choose the deposit method that is convenient for you.

    3. Specify the account currency and deposit amount.

    4. Fill in the payment details and make the payment.

    How to deposit to Quotex
    How to deposit to Quotex

    Deposit Methods

    Payment SystemCurrenciesDeposit FeeOperation Limit
    FKWalletFKWallet
    USD
    0%
    from 10 to 149 USD
    YooMoneyYooMoney
    RUB
    0%
    from 20 to 499 USD
    Perfect MoneyPerfect Money
    USD
    0%
    from 10 USD
    Binance PayBinance Pay
    USD
    0%
    from 10 to 52626 USD
    VisaVisa
    USD
    0%
    from 20 to 599 USD
    MastercardMastercard
    USD
    0%
    from 20 to 599 USD
    CryptocurrencyBlockchainDeposit FeeOperation Limit
    Логотип TetherUSDT (Tether)ERC20
    0%
    from 10 USD
    Логотип TetherUSDT (Tether)TRC20
    0%
    from 10 USD
    Логотип TetherUSDT (Tether)BEP20
    0%
    from 10 USD
    Логотип TetherUSDT (Tether)Polygon
    0%
    from 10 USD
    Логотип USD CoinUSDC (USD Coin)ERC20
    0%
    from 10 USD
    Логотип USD CoinUSDC (USD Coin)TRC20
    0%
    from 10 USD
    Логотип USD CoinUSDC (USD Coin)BEP20
    0%
    from 10 USD
    Логотип BitcoinBTC (Bitcoin)BTC
    0%
    from 50 USD
    Логотип EthereumETH (Ethereum)ERC20
    0%
    from 50 USD
    Логотип Binance CoinBNB (Binance Coin)BEP20
    0%
    from 10 USD
    Логотип LitecoinLTC (Litecoin)LTC
    0%
    from 10 USD
    Логотип Bitcoin CashBCH (Bitcoin Cash)BCH
    0%
    from 10 USD
    Логотип TRONTRX (TRON)TRC20
    0%
    from 10 USD
    Логотип DashDASH (Dash)DASH
    0%
    from 10 USD
    Логотип PolygonMATIC (Polygon)Polygon
    0%
    from 10 USD
    Логотип DogecoinDOGE (Dogecoin)DOGE
    0%
    from 10 USD
    Логотип RippleXRP (Ripple)XRP
    0%
    from 10 USD
    Логотип DaiDAI (Dai)ERC20
    0%
    from 10 USD
    Логотип Shiba InuSHIB (Shiba Inu)ERC20
    0%
    from 10 USD
    Логотип UniswapUNI (Uniswap)ERC20
    0%
    from 10 USD
    Логотип Avalanche AVAX (Avalanche )Avalanche
    0%
    from 10 USD
    Логотип ApeCoinAPE (ApeCoin)ERC20
    0%
    from 10 USD
    Логотип ToncoinTON (Toncoin)TON
    0%
    from 10 USD
    Логотип ZcashZEC (Zcash)ZEC
    0%
    from 10 USD
    Логотип PolkadotDOT (Polkadot)DOT
    0%
    from 10 USD

    How to withdraw funds

    Withdrawals are made through the personal cabinet. The method of withdrawal should match the method of deposit. The processing time for withdrawal requests varies from 1 to 5 working days. For cryptocurrencies, the minimum withdrawal amount starts from $50.

    Additional documents for fund withdrawal are usually not required. However, in case of doubt, the company may request personal data verification.

    Withdrawal methods

    Payment SystemCurrenciesWithdrawal FeeOperation Limit
    FKWalletFKWallet
    USD
    0%
    from 10 USD
    YooMoneyYooMoney
    RUB
    0%
    from 10 USD
    Perfect MoneyPerfect Money
    USD
    0%
    from 10 USD
    Binance PayBinance Pay
    USD
    0%
    from 10 USD
    VisaVisa
    USD
    0%
    from 20 USD
    MastercardMastercard
    USD
    0%
    from 20 USD
    CryptocurrencyBlockchainWithdrawal FeeOperation Limit
    Логотип TetherUSDT (Tether)ERC20
    0%
    from 50 USD
    Логотип TetherUSDT (Tether)TRC20
    0%
    from 50 USD
    Логотип TetherUSDT (Tether)BEP20
    0%
    from 50 USD
    Логотип TetherUSDT (Tether)Polygon
    0%
    from 50 USD
    Логотип USD CoinUSDC (USD Coin)ERC20
    0%
    from 50 USD
    Логотип USD CoinUSDC (USD Coin)TRC20
    0%
    from 50 USD
    Логотип USD CoinUSDC (USD Coin)BEP20
    0%
    from 50 USD
    Логотип BitcoinBTC (Bitcoin)BTC
    0%
    from 50 USD
    Логотип EthereumETH (Ethereum)ERC20
    0%
    from 50 USD
    Логотип Binance CoinBNB (Binance Coin)BEP20
    0%
    from 50 USD
    Логотип LitecoinLTC (Litecoin)LTC
    0%
    from 50 USD
    Логотип Bitcoin CashBCH (Bitcoin Cash)BCH
    0%
    from 50 USD
    Логотип TRONTRX (TRON)TRC20
    0%
    from 50 USD
    Логотип DashDASH (Dash)DASH
    0%
    from 50 USD
    Логотип PolygonMATIC (Polygon)Polygon
    0%
    from 50 USD
    Логотип DogecoinDOGE (Dogecoin)DOGE
    0%
    from 50 USD
    Логотип DaiDAI (Dai)ERC20
    0%
    from 50 USD
    Логотип Shiba InuSHIB (Shiba Inu)ERC20
    0%
    from 50 USD
    Логотип ApeCoinAPE (ApeCoin)ERC20
    0%
    from 50 USD
    Логотип ToncoinTON (Toncoin)TON
    0%
    from 50 USD
    Логотип Avalanche AVAX (Avalanche )Avalanche
    0%
    from 50 USD
    Логотип UniswapUNI (Uniswap)ERC20
    0%
    from 50 USD
    Логотип RippleXRP (Ripple)XRP
    0%
    from 50 USD
    Логотип ZcashZEC (Zcash)ZEC
    0%
    from 50 USD
    Логотип PolkadotDOT (Polkadot)DOT
    0%
    from 50 USD

    Markets and Products

    Rating:3/5

    Compared to its competitors, Quotex offers less variety in terms of trading instruments. This could diminish the interest of potential clients seeking broader options for diversifying their investment portfolio.

    What markets are available?

    The platform for trading digital options offers various assets, although the selection is somewhat lacking. For instance, there are 24 currency pairs available, most of which are oddly marked as "OTC" (Over The Counter), raising questions, especially considering that the review is conducted during Forex trading hours.

    As for commodities, it is possible to trade gold, silver, and two types of oil: Brent and WTI. However, all these assets are also marked as OTC, which might be inconvenient for some traders.

    The "Stocks" section features 8 major American stocks and 13 stock indices, which may interest those looking to diversify their portfolio.

    However, it should be noted that the "Cryptocurrencies" tab on the platform is empty, limiting opportunities for trading in this popular segment.

    Trading Platforms

    Rating:3/5

    The Quotex web platform is quite functional and user-friendly, offering various technical analysis and trading tools. However, the limitation to only a web version reduces the overall rating. The absence of desktop and mobile versions can be a significant disadvantage for traders who prefer various options for accessing the trading platform.

    Quotex Platform

    The Quotex web platform has several advantages, making trading and technical analysis convenient. To the left of the chart is a sentiment scale, which can be helpful when making trading decisions. The trading terminal has intuitive buttons on the right for selecting the trade direction (up or down), expiration time, and investment amount.

    Quotex Platform
    Quotex Platform

    The platform for trading digital options also allows setting pending orders.

    Quotex pending orders
    Quotex pending orders

    There are 23 tools available for drawing, including support and resistance levels, trend lines, Fibonacci levels, Gann angles, and various figures of technical analysis such as triangles, rectangles, double tops, etc.

    Additionally, you can use 11 trend indicators, including the Alligator, Bollinger Bands, and other moving averages, and 18 oscillators: Stochastic, RSI, MACD, and so forth.

    Technical analysis on Quotex platform
    Technical analysis on Quotex platform

    Despite these advantages, the lack of desktop and mobile platform versions can be a limiting factor for some traders.

    Analytics

    Rating:3/5

    The "Analytics" section on the Quotex platform provides essential tools for analyzing one's trading, including statistics on various indicators. This can be useful for traders looking to improve their skills. Nonetheless, analytical materials such as market news or in-depth analysis from experts are lacking. Trading signals are available but serve only as general recommendations and do not substitute for comprehensive analysis.

    Trade Statistics

    In the "Analytics" section on the Quotex platform, traders can find extensive trade statistics. These data include general information about the number of trades, profitable trades, average profit, and other vital indicators. However, it is essential to note that this statistic is only available for the real account; information for the demo account is not provided.

    Quotex Trade Statistics
    Quotex Trade Statistics

    Trading Signals

    Furthermore, the platform is equipped with a trading signals feature. These signals are recommendations from analysts and have a time frame for relevance. They are not direct instructions for trading but can help make trading decisions. Nevertheless, it is essential to remember that signals do not replace independent market analysis and do not guarantee success.

    Quotex Signals
    Quotex Signals

    Education

    Rating:2/5

    The absence of educational resources on the Quotex platform is a significant shortcoming, especially for newcomers to binary options trading. The site has a FAQ section for answering basic questions, but the lack of webinars, video tutorials, and interactive courses limits learning and trader development opportunities. This can slow down the learning process and increase the risks associated with trading, which may lead to potential losses, particularly for those just taking their first steps in this field.

    Customer Support

    Rating:4/5

    The customer support service operates 24/7, as confirmed by positive client reviews. A quick response and effective problem resolution are noted. However, communication channels are limited: there is only a form to create a ticket in the personal cabinet, and detailed contact information is lacking on the website. This could cause certain inconveniences for users who prefer other methods of communication.

    Contact Information

    The "Contacts" section on the official website lacks specific information regarding working hours and contact details, apart from a feedback form. Users can create a ticket to contact the support service in the client area.

    Reviews of Quotex Support

    The technical support on the Quotex platform is noteworthy. According to reviews on TrustPilot, the support service operates around the clock and responds quickly. This is especially valuable for traders who may encounter issues at any time of the day. Clients also note the fast withdrawal process, even on weekends.

    Quotex Pros and Cons

    Quotex Advantages

    1. No commissions. The broker does not charge commissions for trading operations, reducing trading expenses.
    2. Good selection of deposit and withdrawal methods. The minimum deposit and withdrawal amount is only $10, and the process is quick and straightforward.
    3. Web platform. A convenient and functional web platform with various tools for technical analysis.
    4. Technical support. Round-the-clock support with a fast response time.
    5. Demo account. The availability of a demo account allows beginners to practice without risk.
    6. Contests and tournaments. The opportunity to participate in tournaments with a prize pool.

    Quotex Disadvantages

    1. Lack of regulation. The absence of a license or regulation increases risks for traders.
    2. Limited selection of assets. There are relatively few available assets, especially in comparison to competitors.
    3. There are no desktop and mobile versions of the platform, limiting trading flexibility.
    4. Limited analytics. The lack of in-depth analytics and recommendations may hinder decision-making.
    5. No educational materials. Beginners may struggle due to the lack of educational resources.

    Conclusion

    Quotex represents an intriguing choice for traders seeking a simple and functional web platform without additional commissions. The broker is particularly suitable for beginner traders, thanks to the availability of a demo account and 24/7 technical support. However, the lack of regulation, a limited selection of assets, and the absence of educational materials make it less appealing for experienced traders and those looking for a more comprehensive approach to trading and analytics.

    This broker offers good primary trading conditions, but there are several areas where it could improve its services to attract a broader spectrum of traders.

    Visit QuotexTrading CFDs carries high risks. You may lose all invested funds
    Nikolay Zavarov - Author
    Nikolay ZavarovAuthor

    Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

    He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

    Write a review about Quotex:

    Rating: