Quotex

Quotex is an online binary options trading platform. The broker provides trading signals and a free demo trading account, alongside a range of assets. In this 2024 review, we explore the trading platform, minimum deposit amount and any associated fees. Potential Quotex clients can then compare the brokerage vs competitors like IQ Option, Binomo or Pocket Option.

What Is Quotex?

Launched in 2019, Quotex is an international broker which aims to make binary options trading straightforward for all.

The majority owners are US-based computing and technology firm, Maxbit, although the broker is officially based in St. Vincent and Grenadines. The brand is regulated by the International Financial Market Relations Regulation Center (IFMRRC).

Like all binary options providers, Quotex operates as an OTC (over-the-counter) broker. This means that traders buy derivatives directly from the company, who are betting against client predictions. Traders can also access built-in signals software on the proprietary web trading platform.

Quotex is a global broker, offering services to traders in the UK and Europe. Clients can also login and trade from many Asian countries including Malaysia and Indonesia. With that said, traders from the USA, Canada, Hong Kong, Germany and Spain cannot trade with Quotex due to local regulations.

Markets

The financial assets that can be traded via binary options are split into four categories:

• Forex – Sixteen currency pairs are listed, including all major and commodity currency pairs. Alternative forex markets include AUD/JPY and GBP/AUD.
• Commodities – Quotex supports oil markets in the form of both Brent and Crude futures, as well as precious metals markets on gold and silver.
• Indices – Fourteen major global indices are available for online trading. These include the S&P 500, Dow Jones, FTSE 100 and DAX.
• Cryptos – Quotex supports both Ethereum and Bitcoin options trading.

Quotex Contracts

Whilst many modern binary options brokers have adopted variants such as ladder and boundary trades, Quotex keeps things simple by favouring basic up/down contracts. By offering this single instrument, the broker restricts trading strategies but also avoids overwhelming new traders.

With payouts of up to 98% per trade for investors who speculate correctly, Quotex binary options have the potential to be lucrative. Expiry times for binary options range from one minute to four hours. Traders also have the option of cashing out contracts early, which is not offered by all binary options brands.

Trading Platform

Quotex offers a straightforward and user-friendly proprietary trading platform. The terminal is decidedly more simple to navigate and use than the industry-standard MT4 and MT5 platforms. Trading charts are easy to read and customise, with a range of technical tools accessible for market analysis.

The broker login page navigates straight to the web platform, from which traders can control their account settings, test strategies in the demo account or trade on asset charts. The trading signals service is built into every chart, showing either a buy or sell movement and the strength of its judgement.

For trading itself, Quotex customers need only set an expiry time and pick ‘up’ or ‘down’ from the current trading price. Wagering amounts can be as little as $1 or £1, and percentage payouts are displayed clearly for each respective asset and expiry time. The broker offers a ‘cash out’ feature for contracts up to 30 seconds from expiry, but often these amounts won’t cover the cost of the trade.

There is no windows application for PC available to download, so any alleged Quotex APK solutions for PC should be approached with caution.

Mobile Trading

The Quotex mobile application is only available to download on Android devices. This is rather unusual, as most competitors offer their mobile solution for iOS users also. Nonetheless, the app does offer a selection of chart tools and indicators, a range of markets for binary options, plus a demo account. The application is also available in 14 languages.

Trading Accounts

Quotex offers three levels of trading accounts: a standard account, a pro account and a VIP account.

The standard trading account is available to all clients, with no account minimums or deposit requirements. Traders receive a basic level of odds on all markets.

With the pro account, traders benefit from increased payouts of up to 2% on all markets. Quotex also offers users exclusive promos, which can include deposit bonus codes or even risk-free promo codes. To qualify for a pro account, clients must maintain a balance of over $1,000 (or £1,000 in the UK).

The Quotex VIP account provides more lucrative bonuses on its platform with 4% extra profitability on all instruments as well as more exclusive promo codes. Traders must maintain an account balance of over $5,000 or £5,000 to take advantage of these benefits.

Live accounts are available to traders from around the globe including the UK, Malaysia, Indonesia and India. Whilst Quotex does not offer an Islamic account, there are no interest fees with binary options.

Demo Account

As binary options may be unfamiliar to some traders, Quotex provides a demo account to allow clients to login and practice on real trading markets risk-free. Aspiring investors are provided with 10,000 of their local currency and a selection of real financial markets on which to speculate.

Fees

Quotex, as with many OTC brokers, charges no trading fees. There are also no account fees such as inactivity or minimum account level penalties. The brand is also fee-free when it comes to payments, with no deposit or withdrawal charges on their platform. With that said, some payment providers may levy transaction fees or exchange charges which the broker may not always cover.

Payments

Deposits

Quotex offers only two e-payment deposit methods but an impressive eight cryptocurrency funding options. A Quotex deposit can also often be boosted with a promo code, and a range of deposit bonuses are listed for adding a set amount of capital. Minimum deposit amounts are $10 or equivalent.

To complete deposits using fiat currency, traders can pick between two e-wallet services; Perfect Money or Piastrix. The former requires traders to create an account and deposit there, or to purchase a prepaid e-voucher. The latter is a Russian exclusive transaction portal; traders from other jurisdictions are not able to use this e-wallet service.

Cryptocurrency deposits are accepted via the Coinbase exchange as well as in the tokens Bitcoin Cash, Litecoin, Tether, Ethereum and Binance Coin. These funds are then converted into your chosen fiat currency ready for trading.

While Quotex also provides Visa and Mastercard as deposit methods, traders must send the broker copies of sensitive personal documents such as passports or ID to enable card payments. Experienced traders may be suspicious of these restrictions, as well as the lack of usual payment methods such as wire transfer and PayPal.

Withdrawals

The Quotex withdrawal section allows traders to review their recent transactions and current balance but doesn’t list withdrawal options. Instead, clients are told that they can withdraw from any method they have already used to deposit.

Withdrawal times can be up to five working days whilst the minimum withdrawal amount is $10 or equivalent, with no maximum withdrawal amount enforced.

Some traders will also need to go through their verification systems to enable withdrawals. This could require sending the broker a scanned photo of your passport or ID, so if you are not comfortable with this, it may be best to look elsewhere.

Quotex Regulation

Often the greatest guarantor of broker safety is the backing of an established and reputable regulator. While Quotex is indeed a regulated broker, the regulatory body is not as prominent as traders may hope for.

The firm is regulated by the IFMRRC, or International Financial Market Relations Regulation Center, which oversees several binary options trading sites. The body seems to have little in the way of powers, and instead markets its status as a regulator more for the implicit legitimacy that it offers.

Security

Before signing up to the Quotex platform, traders will want verification that it is a safe and secure online trading broker.

The Quotex website does not offer traders great confidence on this front, with much of the text often incoherent due to its direct translation from Russian. In addition, their claim to offer over 400 assets is suspiciously untrue, with less than 50 actually available for trading. Add this to their restrictive and unusual payment options, and traders may want to approach Quotex with caution.

While the company has many favourable reviews on sites such as Trustpilot, the broker offers cash rewards to traders who leave positive reviews of their site online. This may potentially skew ratings and misrepresent the legitimacy of the platform.

Educational Content & Analysis

Quotex is one of the few online brokers that offer nothing in the way of dedicated educational content. Traders must therefore devise their own trading strategy using external resources. Alternatively, Quotex does point to their free demo account and trading signals service for clients to learn the ropes through risk-free experience.

Promotions

Quotex is liberal with deposit bonuses and increases the number of promo codes available for more active traders through its pro and VIP accounts. Indeed, the broker runs frequent promotions with 50% or 100% deposit bonus codes and cashback periods for trading losses. This is in addition to the permanent offer of up to a 35% deposit bonus when depositing over a specified amount.

Quotex does not currently run any referral bonuses.

Advantages

Here are some of the pros of partnering with Quotex vs the likes of Olymp Trade:

• Capped Losses – As with all binary options brokers, traders cannot lose more than their initial stake when opening a contract.
• Significant Payouts – With payouts of up to 98% for successful speculation, correct predictions on the financial markets are rewarded well.
• Great Promotions – Quotex stand out from its competitors with generous and frequent bonuses.
• Demo Trading – The inclusion of a free demo account enables users to practice and build an effective trading strategy before wagering real funds.
• Free Trading Signals – Easy-to-read integrated trading signals on all markets are a welcome addition.
• Low Minimum Transaction Limits – Quotex offers minimum deposit and withdrawal amounts of just $10/£10 to traders.

Disadvantages

There are some drawbacks to consider before signing up with Quotex:

• Limited Assets – Despite purporting to support over 400 assets, our broker review could only access around 50 on the platform.
• Meagre Payment Options – Short of signing up to obscure e-wallet services, making complex crypto wallet transfers or submitting sensitive documentation for verification, deposit and withdrawal is difficult.
• Safety Concerns – Weak regulatory oversight and contradictory information on its website may make traders wary.

Trading Hours

While the Quotex platform is available 24/7, some trading assets are restricted by their respective markets. Cryptocurrency, commodities and forex markets run OTC 24/7, but indices trading runs according to local market hours.

Customer Service

For traders who encounter difficulties with Quotex like withdrawal problems or verification issues, there is a solid customer support section. In addition to an FAQ portal, traders can submit tickets to support via the platform or send an email to a dedicated team: support@quotex.io.

Quotex Verdict

Quotex is a little different from most trading platforms in that it offers OTC binary options on popular financial markets. Whilst the broker boasts an easy-to-use online platform and trading app as well as several lucrative bonuses, some questions remain around the lack of assets, deposit methods and how safe this broker is.

FAQ