Quotex Review 2024

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.

Quotex Headlines

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.

Web Platform

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:

1. Choose an asset on the top left of the screen
2. Select an expiration date between 1 minute and 1 month
3. Enter the amount you wish to invest in the market position
4. 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 platform

Products

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.

Pricing

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.

Mobile Trading

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.

How Quotex works

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.

UK Regulation

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.

Pros

• 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

Cons

• No educational tools
• No leverage offered
• No FCA regulation
• No mobile app

Trading Hours

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.

Contact Support

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 finance@quotex.io or for technical support, you can email support@quotex.io.

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.

FAQ

Top 3 Quotex Alternatives

These brokers are the most similar to Quotex:

1. IG Index - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
2. XTB - Founded in 2002 in Poland, XTB now serves more than 1 million clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 6400+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring traders.
3. CMC Markets - Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.

Quotex Feature Comparison

Trading Instruments Comparison

Quotex vs Other Brokers

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