Quotex is an offshore, high-risk platform and is not regulated by Canadian authorities (e.g., CIRO/provincial regulators). In addition, binary options are prohibited for retail investors in Canada, so using such platforms may expose you to legal and financial risks with limited local protection.
Safer alternatives to Quotex for Canadians 2026
If you want regulated options, consider licensed Forex/CFD brokers available to Canadian residents:
RegisterTrading binary options carries high risks. You may lose all invested funds
Profitabilityup to 91%
Minimum Deposit$10
Countries of registration:
Regulators:
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compare Quotex options types
Quotex is an exciting choice for traders seeking a simple and functional web platform without additional commissions. The broker is especially suitable for beginner traders, thanks to the availability of a demo account and 24/7 technical support. These are good starting conditions to start trading.
Pros and Cons of Quotex
Pros
No trading fees.
Good selection of deposit and withdrawal methods.
A convenient and functional web platform with various tools for technical analysis.
24/7 support with a quick response time.
The opportunity to participate in tournaments with a prize pool.
Cons
Lack of regulation.
No desktop and iOS platforms.
Sparse analytics.
Quotex Reviews
4.29 out of 5
Based on 35 reviews
What traders write about in reviews of Quotex?
All TopicsWithdrawal of Funds (11)Account Funding (10)Support Service (8)Verification (8)Trading Platform (7)Order Execution (7)Mobile Application (6)Demo Account (6)Personal Area (5)Quote Pricing (5)Analytics (5)Regulation (5)Trading Assets (5)Security and Privacy (4)General Impression (4)Education (2)Signals (2)Spread and Commission (2)Trading Accounts and Conditions (1)Bonuses (1)
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4.29 из 5
На основе 35 отзывов
О чем пишут трейдеры в отзывах о Quotex?
All TopicsWithdrawal of Funds (11)Account Funding (10)Support Service (8)Verification (8)Trading Platform (7)Order Execution (7)Mobile Application (6)Demo Account (6)Personal Area (5)Quote Pricing (5)Analytics (5)Regulation (5)Trading Assets (5)Security and Privacy (4)General Impression (4)Education (2)Signals (2)Spread and Commission (2)Trading Accounts and Conditions (1)Bonuses (1)
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B
Bilal Pakistan
"Mobile app is decent, demo helped a lot"On Android the Quotex mobile app is surprisingly stable. I used the demo account for a week to get used to the timer-based interface and payouts, then switched to real with a small USDT BEP20 deposit. Switching between demo/real is one tap, charts sync with web, and notifications for closed trades are accurate. Only issue: after an update it logged me out and I had to re-enter 2FA, which was annoying.
Mobile ApplicationDemo AccountSecurity and Privacy
NFC
Nusrat from Chittagong Bangladesh
"Support fixed a missing deposit quickly"I had a Mastercard deposit that didn’t show up right away in the balance. Support chat replied in about 10 minutes, asked for the transaction ID, and the funds appeared after another 20 minutes. In the personal area, the deposit/withdrawal pages are easy to read and the status labels (pending/approved) are clear. KYC feels a bit repetitive though—after I changed my phone number they requested a fresh selfie again.
Support ServicePersonal AreaVerification
HR
Hassan R. Pakistan
"Fast crypto cashflow, just mind the approval time"Deposited $50 via Binance Pay and it hit the balance instantly. The deposit screen shows $10 minimum for USDT, which is handy when I’m testing a new setup. First withdrawal was USDT TRC20 (min $50) and it got approved in about 24 hours, then the blockchain transfer was quick. Support asked for the TX hash when I panicked about “processing”, but they replied within 10 minutes and clarified it’s a 1–5 day approval window.
Account FundingWithdrawal of FundsSupport Service
R
Rafiq Bangladesh
"Crypto funding worked better than cards"Started small with $20 via Visa, but the 2.5% card fee stung, so I switched to USDT TRC20 (0% fee on their side and credited in a couple minutes). Verification was ID + selfie and got approved the same evening. I withdrew $80 in USDT and it sat on approved for about 2 days before hitting my wallet. Crypto deposit min is $10 and minimum crypto withdrawal is $50, so plan for that.
Account FundingVerificationWithdrawal of Funds
F
fx_matt Pakistan
"Clean web terminal and mostly solid pricing"Web platform is clean and doesn’t lag even on a slow connection. I mostly trade major FX pairs and BTC; order placement for 1–5 min trades feels instant, no weird requotes. Quotes can be a hair off vs TradingView during fast moves, but it’s consistent and I can plan around it. I’d like more chart tools and the keyboard shortcuts are limited, yet for quick binary entries it works.
Trading PlatformOrder ExecutionQuote Pricing
T
trader_imran Bangladesh
"Demo is solid, learning material is not"Quotex demo is actually useful: you can reset the balance any time and switch to real with one tap, so I practiced 1–5 minute setups without risking cash. The downside is the education section is thin—mostly short articles and a couple videos, nothing structured. I ended up learning more by replaying my demo history and noting which sessions were too choppy at local evening hours.
Demo AccountEducationAnalytics
NFT
Nadia from Tampines Singapore
"Signals are okay as a second opinion"I tried the built-in signals for a week and treated them as ideas, not entries. Some were in the right direction, but timing was off for short expiries, so I only use them alongside my own levels. The analytics section is pretty lightweight (mostly recent movers and simple trend hints), nothing like a full calendar. Personal area is clean though: trade history exports fine, and deposit/withdrawal status updates are easy to track. Overall reliable enough for small sizing.
SignalsAnalyticsPersonal Area
SFL
Sana from Lahore Pakistan
"Works for short-term trades, but I stay cautious"I treat Quotex as a high-risk tool because I couldn’t find a clear, top-tier regulator behind it, so I keep balances small and withdraw often. Asset list is decent: lots of forex pairs, some indices, a few stocks, plus crypto like BTC and ETH. The platform doesn’t charge a visible commission per trade; you’re basically paying through the payout percentage, so check it before entering. Reliability has been fine for me so far, but I wouldn’t park long-term money here.
RegulationTrading AssetsTrading Accounts and Conditions
NFAD
Nadia from Abu Dhabi United Arab Emirates
"Works, but I keep my balance small"My biggest issue with Quotex is transparency. I couldn’t find strong regulation info, so I treat it as a high-risk venue and only keep small amounts. The personal area is straightforward for setting wallet addresses and tracking withdrawal requests, which helps. I also wish they offered clearer security controls beyond the usual password/email checks. Verification was required before I could withdraw, so it’s better to do KYC early than get stuck later.
RegulationPersonal AreaSecurity and PrivacyVerification
AK
Ayesha Khan Pakistan
"Do verification early if you want smooth withdrawals"Verification took me one evening: uploaded CNIC photo + a utility bill, and it was marked verified the next morning. Before KYC my Mastercard deposit went through, but withdrawals were locked, so do the paperwork early. After verification, I withdrew to Visa once; the broker side didn’t add extra fees, but my bank’s FX conversion rate was painful. The personal area shows each step clearly and emailed me as soon as docs were accepted.
VerificationAccount FundingWithdrawal of FundsPersonal Area
SH
Samira Hossain Bangladesh
"Fast clicks, occasional lag on news"The Quotex web platform feels like a clean terminal, not overloaded. Charts have basic indicators and switching assets is quick. On my internet in Dhaka, most orders execute in under a second, but during big USD news I’ve seen a 1–2 sec delay and the price refresh jumps. The mobile app on Android mirrors the web well; push notifications for closed trades work, but it eats battery if left open.
Trading PlatformOrder ExecutionMobile Application
AAM
Ahmed Al Mansoori United Arab Emirates
"Works day to day, but regulation clarity is weak"Quotex has been stable for me in terms of logging in, placing trades, and seeing results update on time. I use it with small amounts because I can’t find clear, convincing regulation details the way you’d see with a traditional forex broker. That doesn’t automatically mean you can’t trade, but it changes how much risk I’m willing to keep on the account.
On the security/privacy side, they did ask for documents when I wanted to withdraw, so be ready to share ID/selfie. I only uploaded what they requested and avoided storing card details since I mostly use crypto deposits anyway.
General impression: fine for quick binary-style trading practice, but I treat it as a high-risk venue and don’t park long-term funds there.
RegulationSecurity and PrivacyGeneral Impression
SK
Suman K. Nepal
"USDT funding was easiest"Started with USDT TRC20 (min $10) and it credited in under a minute. Later I tried a Visa top‑up and my bank added about a 2.5% fee plus a small FX conversion, so crypto is cheaper. Withdrawal to USDT also has a $50 minimum; mine was approved the next day and hit my wallet a few minutes after approval. No drama, just plan around the limits.
Account FundingWithdrawal of Funds
KL
Kai L. Singapore
"Crypto in, crypto out without drama"Started with a small deposit in USDT (TRC20) and it showed up in my balance in a couple of minutes. Card top-ups worked too, but my bank showed about a 2.6% card fee. Orders are usually placed instantly, yet around the US session open I had a few entries that felt 1-2 seconds late. First withdrawal was $120 back to USDT; status stayed "processing" for about a day and landed the next morning. No broker fee on crypto, but network fees still apply.
Account FundingOrder ExecutionWithdrawal of Funds
HM
Hassan M. United Arab Emirates
"Crypto cash-in/out worked as expected"Trading from Dubai. Deposited 200 USDT via TRC20 and it credited in about 3 minutes (no broker fee, just the network). Min deposit on USDT is $10, and withdrawal minimum is $50. First withdrawal was 120 USDT; status sat on “processing” for a day and then landed in my wallet the next morning. KYC was basic: selfie + ID, approved the same evening. The only annoyance is card top-ups show a provider fee around 2.5%, so I stick to crypto.
Account FundingWithdrawal of FundsVerification
RL
Ritesh Lama Nepal
"KYC + support were okay"Verification was smoother than I expected: uploaded passport + selfie and got the “verified” status in the same evening (around 6 hours). One Mastercard deposit failed, and support chat answered in ~10 minutes and explained the card limits ($20–$599) and suggested trying a smaller amount. The reply wasn’t scripted and they followed up with a ticket number. KYC is a bit annoying, but at least withdrawals weren’t blocked after that.
VerificationSupport ServiceAccount Funding
RFM
Riya from Mumbai India
"Mobile app is stable, support is hit-or-miss"Most of my trades on Quotex are from the mobile app during breaks. The app loads fast, charts don’t freeze, and placing a trade is basically two taps. I like that the history is easy to read on a small screen, and the personal area shows deposits/withdrawals with statuses so I’m not guessing.
Support experience has been mixed. One time I asked about a pending withdrawal status and got a reply in chat within ~15 minutes, which was helpful. Another time, the first agent just sent a generic copy-paste and I had to re-explain the issue to get a real answer.
If you rely on mobile, it’s good enough for quick setups, but I still double-check everything on the web version when the market is moving fast.
Mobile ApplicationSupport ServicePersonal Area
AFK
Anna from Kathmandu Nepal
"Clean platform, decent mobile app"Quotex web platform is simple but not toy-like: candlesticks, a handful of indicators, and I can switch timeframes quickly for 1–5 min setups. On my Android phone the mobile app mirrors the web layout and loads charts fast on Wi‑Fi. Execution is mostly instant; I only noticed a slight delay during a choppy crypto move when my connection was weak. I’d like more chart tools, but it’s stable for day-to-day trades.
Trading PlatformMobile ApplicationOrder Execution
N
Nafisa Bangladesh
"Decent demo and enough instruments to practice"I started on Quotex because the demo account is actually usable, not just a teaser. It gives you a virtual balance right away and you can switch between demo and real without logging out, which helped me test the same setup in both modes.
For assets, it’s not endless, but it covers what I trade: a bunch of forex pairs, a couple of metals (gold/silver), some indices, and a small list of US stocks. That’s plenty for learning price action.
Analytics/tools are basic but functional: trend lines, simple indicators, and quick timeframe changes. Don’t expect deep research or news feeds inside the platform, but for practicing entries and timing it does the job.
If you’re new, spend time in demo first because the short expiry style punishes mistakes fast.
Demo AccountTrading AssetsAnalytics
AK
Arif K. Bangladesh
"Good quotes and asset choice, regulation is unclear"For a binary platform, the quote feed is decent. I compared EUR/USD and gold prices with TradingView and the difference was usually tiny, though crypto can get jumpy on weekends. Asset list is wide enough for me: lots of forex pairs, several indices, oil, a couple metals, plus a handful of stocks and coins. What I still don’t love is the regulatory transparency—I couldn’t find a clear top-tier license—so I keep my trade sizes small.
Quote PricingTrading AssetsRegulation
AH
Arif H. Bangladesh
"Fast platform, but watch the quotes"I’ve been using Quotex mostly for short binary trades on FX and gold. The web platform is clean and doesn’t feel heavy even on a mid laptop; switching timeframes and adding basic indicators is quick. Execution is usually instant for me: the order pops in without that “loading” delay, and I rarely get a rejection.
What I do keep an eye on is quote pricing. On EUR/USD and XAU/USD I sometimes see the candle close a touch different from what I’m watching on TradingView (small, but enough to matter on 30–60 sec trades). It’s not every session, but it happens more around news.
Overall reliability is decent and I haven’t had random logouts. For serious sizing I still compare prices before clicking.
Trading PlatformOrder ExecutionQuote Pricing
AT
Aisha Tan Singapore
"Decent mobile app, basic charting"I trade mostly on the phone (Android). The Quotex app loads fast even on my commute, and the chart doesn't freeze when you swap timeframes, but indicators are limited. Demo account is useful for testing 1-5 minute setups; you can reset it quickly so you don't end up with a weird balance. Live orders usually trigger immediately, although I noticed an occasional delay when switching from demo to real too quickly. I'd like push alerts for price levels.
Mobile ApplicationDemo AccountOrder Execution
L
Liam United Arab Emirates
"Good platform, but avoid big news spikes"I use Quotex mostly for quick EUR/USD and gold sessions. The web platform is clean: 1-click trades, expiry chooser, and enough indicators for basic levels. Execution is usually instant, but during US news I’ve seen the entry price differ by a couple of points from the chart tick, so don’t trade huge size then. Quotes feel stable in normal hours and payouts on majors hover around the high-80s/low-90s on my screen.
Trading PlatformOrder ExecutionQuote Pricing
F
fx_matt Singapore
"KYC was quick, support was responsive"Verification was smoother than I expected: uploaded ID + selfie and got approved the same afternoon. Login sends an email code when I switch devices, which is reassuring, but I still wish they had clearer wording on where the company is based/regulation. I contacted support on live chat about a failed Visa deposit (bank declined it) and they replied in ~15 minutes with a checklist and suggested trying crypto instead. Not perfect, but they didn't ghost me.
VerificationSecurity and PrivacySupport Service
F
Faisal Pakistan
"Crypto deposits are smooth, withdrawals need patience"Funding my Quotex account was straightforward with USDT TRC20. The minimum was low enough to test (I started with $20), and it showed up in my balance pretty fast after the network confirmation. Card deposits (Visa/Mastercard) worked too, but my bank side fees made it less attractive.
Withdrawal is where you should plan ahead. The first time I cashed out, I went for USDT again and it took a couple of days before it was actually processed. Also note the minimum withdrawal is higher than the deposit side, so don’t leave tiny leftovers.
Verification was required before my first withdrawal. I uploaded my ID and a selfie, and it got approved the same day. After that, the account area showed the status changes clearly.
Account FundingWithdrawal of FundsVerification
SAN
Sara Al N. United Arab Emirates
"Android app is smooth, support actually answered"The mobile app is what keeps me on Quotex. On Android it loads fast even on 4G and the chart doesn’t freeze when switching timeframes. Push notifications for closed trades actually arrive on time. I had one login issue after an update; support chat replied in about 10 minutes, asked for my email and cleared the session from their side. I’d like a few more dark-mode options, but overall it’s been reliable for day-to-day trading.
Mobile ApplicationSupport Service
F
fx_matt Nepal
"Demo helps, education is basic"I keep a demo account on Quotex for testing new timing rules. Resetting the virtual balance is one click, so it’s easy to practice 60‑second trades without feeling rushed. Their education section is pretty light (basic articles, no deep strategy), but the built‑in analytics like recent payout/asset stats help me pick quieter pairs. Good for learning the interface, not a full trading course.
Demo AccountEducationAnalytics
F
fx_matt United Arab Emirates
"Demo is solid, signals not so much"I started on the demo to test strategies and it’s genuinely useful: you can reset the balance and try setups without pressure. The analytics section is basic, but I still check the trend widgets and the economic calendar before placing binaries on indices. I mostly ignore the “signals” tab because it feels random, but the built-in indicators (RSI, MA, Bollinger) are fine for quick confirmation and timing.
Demo AccountAnalyticsSignals
E
Elena Nepal
"Good variety, but keep risk small"As a binary-style platform, Quotex is fine if you treat it as high risk. Asset list is decent for my routine: major FX pairs, some indices, metals, and a bunch of crypto coins. I don’t see classic “spreads/swaps” like on MT4; the cost is basically in the payout you get. Regulation-wise it doesn’t feel like a top-tier licensed broker, so I keep position sizes small and withdraw profits regularly. Overall reliable so far.
Trading AssetsRegulationGeneral Impression
LN
Leonard Ng Singapore
"Watch the quotes during news"Asset list is decent for a binary-style platform: I mainly use major FX pairs and sometimes gold and the US index. Quotes are okay most of the time, but during CPI I saw the on-screen price lag TradingView by a couple of pips and that can flip a 1-minute trade. Payout % also changes a lot (I've seen 70% to 90% on EUR/USD), so I always check before clicking. No separate commission per trade; the 'cost' is basically the payout.
Trading AssetsQuote PricingSpread and Commission
R
Rakesh India
"Good Platform, But Bonus Policy Needs Clarity"The interface is clean and withdrawals work fine, yet my deposit bonus vanished with zero explanation. Still usable, just don’t rely on promos.
Trading PlatformWithdrawal of FundsBonuses
R
Rao India
"Two Years, Zero Withdrawal Drama"I opened my account in 2023 and haven’t seen a single hiccup since. Every payout is prompt, and the support team actually listens. After two solid years, I’m confident raising my stake.
General ImpressionWithdrawal of FundsSupport Service
SS
Sohel S. India
"Lightning-Fast UPI Payouts"Three withdrawals this week - each landed in my Indian bank in under two minutes. Deposits are just as smooth, and live chat solves issues on the first try. Quotex has become my ‘instant-cash’ tool of choice.
Withdrawal of FundsAccount FundingSupport Service
A
Arjun India
"Low $10 Entry & No Hidden Fees"Jumping in took just ten dollars, and I’ve never been surprised by fees. Tight spreads and quick chart tools make short-term trades painless. A great starting point for new binary-options traders.
Spread and CommissionTrading PlatformGeneral Impression
P
Priya India
"All the Indian Payment Rails I Need"UPI, Paytm, even crypto - the platform lets me fund and cash-out in whatever way suits the day. Most withdrawals clear in 1–5 business days, which beats many competitors.
Account FundingWithdrawal of Funds
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Can Canadian Traders Use Quotex for Binary Options Trading?
Quotex explicitly mentions on its platform that it does not offer its services to individuals residing in certain jurisdictions, including the United States, Canada, the European Economic Area (EEA), Hong Kong, Israel, and Russia. It's important to highlight that in Canada, the trading of binary options is strictly prohibited. This ban implies that while Canadian residents might find ways to access international trading platforms like Quotex, such activities fall outside the oversight of Canadian financial authorities. Consequently, Canadians engaging in binary trading through international platforms are exposed to potential risks without the safeguard of local compliance frameworks.
Are Binary Options Legal in Canada?
Binary options in Canada are subject to stringent oversight due to concerns over investor protection. The Canadian Securities Administrators (CSA), representing the securities regulators of Canada's provinces and territories, have taken a firm stance against binary options. As per the latest updates, trading binary options is illegal across Canada. This prohibition includes trading, advertising, offering, or selling binary options for less than 30 days to individual investors within the country.
The decision to outlaw binary options was driven by the inherently high risks associated with these financial products and the prevalence of fraudulent schemes within the binary options market. The CSA's prohibition is designed to safeguard Canadian investors from the potential for significant financial harm and to combat the proliferation of binary options scams.
While the ban is in place, Canadian individuals might still encounter opportunities to engage in binary trading through platforms operated by international brokers. It's important to note that such activities fall into a gray zone and carry substantial risks. Canadian financial authorities do not regulate offshore online brokers, leaving Canadian investors with limited protection and options for recourse in disputes, fraud, or financial losses.
Risks of Using the Quotex Trading Platform
Regulatory Uncertainty. Quotex operates in a grey area that lacks oversight from well-known financial bodies such as the United States's SEC and the United Kingdom's FCA. This absence of stringent regulation raises questions about the platform's commitment to protecting its users' interests and maintaining a fair trading environment.
Difficulty in Dispute Resolution. Without the backing of a strict legal framework, traders using Quotex may encounter challenges in resolving disputes. The lack of established channels for addressing grievances leaves traders in a precarious position when disputes arise, potentially without a clear path to resolution.
Exposure to Market Fluctuations. Trading on the Quotex platform exposes traders to the inherent risks of market volatility. The speculative nature of these investments means there's a significant risk of financial loss alongside the prospects of substantial gains. Traders must be vigilant and prepared for rapid market changes that could adversely affect their investments.
Risk of Emotional Trading. The allure of quick profits on Quotex can lead traders to make hasty, emotion-driven decisions. This tendency towards emotional trading can detrimentally affect trading strategies and financial outcomes, undermining long-term trading success and financial health.
Alternatives to Binary Trading in Canada
Given the regulatory restrictions on binary options trading in Canada, traders can explore a range of licensed and regulated alternatives to diversify their investment strategies and access global markets:
Forex Trading: The expansive global foreign exchange market offers numerous opportunities for currency trading, and many traders participate in Forex trading in Canada through regulated brokers and compliant trading environments.
CFDs (Contracts for Difference): CFD trading provides the flexibility to speculate on price movements across assets such as stocks, commodities, indices, and currencies without owning the underlying instruments, making CFD trading in Canada a commonly used alternative among experienced traders.
Stock Trading: Direct investment in company shares through Canadian and international exchanges remains a traditional and reliable approach for building diversified investment portfolios.
These alternatives offer practical options for Canadian traders seeking compliant ways to participate in financial markets beyond binary options.
FAQ
What Are the Risks of Trading Binary Options?
Trading involves significant risk, including the potential for complete financial loss. The market's volatility can result in rapid gains or losses. Additionally, the sector is notorious for scams and fraudulent platforms, making it crucial for traders to exercise caution and conduct thorough research before investing.
Can Canadians Legally Use Offshore Brokers?
While Canadian law does not prohibit individuals from trading with offshore brokers, it operates in a grey area. Canadians using international brokers for trading do so at their own risk, as Canadian authorities do not regulate these platforms. This potentially leaves traders with limited recourse in case of disputes or fraud.
What Regulatory Bodies Oversee Binary Options in Canada?
Binary options trading in Canada falls under the jurisdiction of the Canadian Securities Administrators (CSA), an umbrella organization of Canada's provincial and territorial securities regulators. The CSA has taken a firm stance against binary options, issuing warnings and implementing regulations to protect Canadians from related scams.
Are There Any Legal Alternatives to Quotex for Canadians?
Given Canada's strict regulations against binary options, finding legal alternatives within the country is challenging. Canadians interested in similar trading activities should consider other investment forms regulated and recognized by Canadian authorities, such as forex trading or stock trading through licensed brokers. Check out our list of the best Canadian Forex brokers.
What to Know Before Trading Binary Options?
Before trading, it's essential to understand these products' high-risk nature and the industry's prevalence of fraud. Traders should thoroughly research brokers, verify their legal status, and know the strategies and risks of binary trading.
How to Identify Legitimate Binary Options Brokers?
Reputable financial authorities typically regulate legitimate binary options brokers. Look for brokers with transparency in trading conditions, clear information about their legal status, positive reviews from reliable sources, and robust customer support. Avoid brokers with unrealistic promises of high returns or those that pressure you to make large deposits.
What Are the Consequences of Using Unregulated Platforms?
Using unregulated platforms exposes traders to numerous risks, including financial protection, the potential for fraud, and no recourse in disputes. Unregulated platforms may also engage in unethical practices, such as manipulating trading outcomes to their advantage. Traders risk losing their investment and may have little legal protection to recover their funds.
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.
4.29 out of 5
4.29 из 5
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