IS QUOTEX A SCAM?? READ THIS BEFORE TRYING THE BROKER IN 2022Verified broker

Min. deposit
10$
Min. trade price
1$
Website address
www.quotex.io
Demo account
Yes
Supported languages
Eng Rus
Active
Yes
* The amount that will be credited to the account in the case of a successful deal
Quotex Screenshot
General Risk Warning: Your capital might be at risk

Trustpilot Real Time Reviews

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The Trustpilot rating is 4.7,
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4.5 Stars
Milma Joseph
Milma Joseph
stars
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I have done trading using many other sites like binomo, IQ and etc..., but for me quotex is the best as it has a beautiful interface, good customer support and easy deposit and withdraw

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Nada asharaf
Nada asharaf
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Quotex the best and faster platform for binary i make profit evry day 🔥🔥😎

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Aneeta Dwivedi
Aneeta Dwivedi
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Nice platform i love trading on it. Every one should trade here.

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Ramkumar Kashyap
Ramkumar Kashyap
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Best Binary trading platform

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ig_H_o_P_e_
ig_H_o_P_e_
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in
The best trading app i used so far. Found it very easy to use and convenient thanks so much quotex team for creating such an awesome app❣️

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Ansar Mahmood
Ansar Mahmood
stars
gb
Quatex is the best earning platform in the world,I am very happy as a part of quotax family

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Whether it’s a forex or a binary broker, I tend to explore a lot.

Quotex popped up on my screen three months ago, and so far, so good.

That’s why I want to present a review of the broker, so you can get where it stands.

So, put on your swimwear, and let’s dive in.

HOW DOES QUOTEX STAND OUT?

  • Built-in signals: The built-in signals allow you to copy trades of pros.
  • Convenient trading interface: The native platform has a user-friendly interface that focuses only on trading.
  • Trading analytics: The platform comes with in-depth analytics that captures everything.
  • Pending trade: Like forex, there’s an option of placing pending orders on the platform.
  • Trading advantages: You can find many promo codes, which you can use for trading advantages.

BREAKING DOWN QUOTEX

Ok, so before we go into details, I want to present an overall picture.

The infographic below explains everything about the broker.

It sort of gives you a summary of the broker.

I’m sure many of you folks look for a quick review, so this explains everything.

All about Quotex

INTRODUCTION: WHAT IS QUOTEX BROKER?

First things first, what is Quotex?

Some of you are probably hearing it for the first time.

Some of you may not know anything about binary options brokers.

So, to make things easier, I’m starting from the basics.

Quotex is a digital trading broker that provides digital options trading.

The broker has been in the trading game since 2020.

It has its headquarters in Seychelles and has regulations from IFMRCC.

You can trade plenty of assets like forex, stocks, metals, and others.

Here’s a list of assets available on the platform:

Forex pairs
1. EUR/USD

2. GBP/USD

3. USD/JPY

4. USD/CHF

5. AUD/USD

6. NZD/USD

7. USD/CAD

8. EUR/GBP

9. EUR/CHF

10. EUR/CAD

11. EUR/JPY

12. EUR/AUD

13. EUR/NZD

14. EUR/RUB (OTC)

15. GBP/CAD

16. GBP/JPY

17. GBP/AUD

18. GBP/CHF

19. AUD/CAD

20. AUD/NZD

21. AUD/JPY

22. AUD/CHF

23. USD/RUB (OTC)

24. CAD/JPY

25. CAD/CHF

26. NZD/CAD

27. NZD/JPY

28. NZD/CHF

Commodities
1. Gold (OTC)

2. Silver (OTC)

3. UKBrent (OTC)

4. USCrude (OTC)

Crypto 
1. Bitcoin

2. Ethereum

Indices
1. S&P/ASX 200

2. DJI30

3. CAC 40

4. FTSE 100

5. DAX

6. Italy 40

7. Nikkei 225

8. NASDAQ 100

9. S&P500

10. EURO STOXX 50

Notice I have mentioned OTC in front of some assets.

They are over-the-counter assets.

I’ll explain OTC later in the guide.

The brokerage firm gives you 90% of the profit and provides good trading conditions.

Quotex homepage

Quotex homepage

Some of you are wondering, “What the hell is 90% profit?”

It is basically what you make on each trade.

The broker gives you 90% of your trading profits.

For instance, if you get $100, you’ll receive $90 in profits.

It’s pretty much the same as binary options but with a few exceptions.

Hey, we’re looking forward to fast expiration times and high payouts when we talk trading.

And that’s exactly what the broker is all about.

As we move further with our Quotex review, I’m sure things will become much clearer.

WHAT IS QUOTEX TRADING PLATFORM?

We all know the importance of a good trading platform.

Quotex offers its native trading platform.

Like most native platforms, it has all the features you need.

So, let’s find out more about them.

You can get the platform on the demo and the live account.

Once you get the account, you can select any asset and start trading.

You can check the data in several graphs with time frames ranging from five seconds to a day.

The Quotex platform has nine indications that may be fine-tuned to suit your needs.

Quotex platform

Quotex platform

I’ll dig into indicators in a moment.

There are additional 15 sketching tools accessible to assist with predictions.

There’s also an option for copying other traders.

Copy trading allows you to copy the methods of successful traders with a single click.

A scoreboard with the top 20 earnings for that day is also shown on the platform interface.

WHAT INDICATORS ARE AVAILABLE AT THE QUOTEX?

As I said about the Quotex platform, multiple indicators are available.

There are some standard ones, and then there are some fancy ones.

I trade with Moving Averages, Bollinger Bands, and RSI.

But you have so many other choices also.

In total, there are 29 indicators. Here’s a complete list of them:

  • Accelerator Oscillator
  • ADX
  • Arron
  • Average True Range
  • Awesome Oscillator
  • Bears Power
  • Bollinger Bands
  • Bollinger Bands Width
  • Bulls Power
  • CCI
  • Donchian Channels
  • DeMarker
  • Envelopes
  • Fractal
  • Ichimoku Kinko Hyo
  • Keltner Channel
  • MACD
  • Momentum
  • Moving Average
  • OsMA
  • Parabolic SAR
  • Rate of Change
  • Schaff Trend Cycle
  • Stochastic Oscillator
  • SuperTrend
  • Vortex
  • Williams%R
  • Zig Zag

You have to go to the platform’s chart analysis icon to navigate indicators.

Clicking on it will bring an indicator option.

From there, you can select any indicator you want.

You can hide the indicator without losing their mark-up on charts to keep the chart tidy.

IS QUOTEX A SCAM?

Before we go any further, I have to talk about something important.

Many people think that binary options brokers are not legit.

I can understand where they are coming from, but not every apple is rotten.

Let’s see how Quotex performs on the scam test.

Is quotexs a scam

I have been using Quotex for the better part of three months now.

And I will say that I’ve never had any issues during this time.

Whether for trading or withdrawals, so far, so good for me.

I think it is one of the reasons for its popularity.

Also, I love to use it so many times, lol!

As I mentioned already, the broker has regulations from IFMRCC.

These regulations help traders like you and me trade in a safe environment.

Another great quality about the firm is that they are available for many countries.

I think it’s a big plus because many brokers are available in specific countries.

So, it proves legitimacy.

IS QUOTEX LEGIT?

Also, the broker has regulations from IFMRRC.

It stands for International Financial Market Relations Regulation Center.

It’s a regulatory body of the UK and monitors various other brokers.

The regulation from the IFMRRC proves the legitimacy of Quotex.

IS QUOTEX LEGAL IN THE US?

Now a curious question is, “Is Quotex legal in the US”?

Well, if you scroll to the bottom of the broker’s homepage, you’ll see that the service isn’t available in the US.

Here’s a screenshot of it:

Quotex in the US

Quotex in the US 

The legal age for opening an account is 18 in all countries.

HOW DOES QUOTEX WORK?

You can make money on Quotex, but how does the firm work?

How does it generate some cool bucks?

Is there some sort of money tree or something?

So, let’s see!

Quotex functions like a normal broker and makes cool bucks when a trader loses a trade.

You lose all of your money if you put a bid and don’t forecast it, for example.

Instead, your broker receives that money.

A spread is another source of income for the firm.

I enjoy chocolate spreads, but this one is different.

The difference between the buy and sell prices is known as the spread.

Your broker gives you a buy price that is more than the current market price.

It also offers a sale price that is lower than the market price.

The firm makes a fixed-price offer to sell assets (the asking price).

And place a bid to purchase securities at a specific price (the bid price).

The firm makes money by having traders purchase and sell at their offer and bid daily.

Quotex logo

Quotex logo

Did you know that you can open an account for as little as $10?

Yes, anyone with a balance of $10 can open an account.

That’s why, in the last year or two, many have popped up.

These brokers only profit when their clients lose money.

So, why do you think it takes months for some of these firms to refund your money?

They profit while their clients lose.

But luckily, the brokerage firm provides faster withdrawals.

So, that’s how Quotex works.

QUOTEX PRICING

When you trade with any firm, pricing always comes up in your mind.

How much does it charge, the spreads, and the leverage?

These are questions that everyone looks for while searching for a broker.

So, where does Quotex stand?

Quotex pricing

Quotex has a minimum deposit of $5 and doesn’t charge a deposit fee.

The same goes for withdrawals also.

You can withdraw as little as $10.

I find that withdrawals are quick, and you can receive them in 2 or 3 days.

So, that’s a pretty cool feature.

The amount of leverage Quotex provides is 1:1.

Ok, I know this doesn’t seem much for some of you, but I think it’s good.

Hey, we are trading digital options; it’s a yes or no situation.

So, I think the leverage ratio is good.

Other than that, the broker has a spread of $1.

Also, the average commission per trade is $1.

WHAT IS THE QUOTEX MINIMUM DEPOSIT?

You have grasped Quotex pricing, but what about a minimum deposit?

The minimum amount you need is $5.

I think this is super flexible, and with a 30% bonus, it can add up.

WHAT ARE QUOTEX DEPOSITS AND WITHDRAWALS METHODS?

I have discussed Quotex’s deposits and withdrawals in the above sections.

Now it’s time to move to what different methods are available.

Quotex provides plenty of options to choose from.

So, let’s see!

Quotex provides plenty of deposit/withdrawals options from Latin America.

Here’s the list of them:

Bank Cards
1. Visa/MasterCard
Cryptocurrencies
1. Bitcoin

2. Coinbase

3. Dai

4. Bitcoin Cash

5. USD Tether (TRC-20)

6. USD Tether (BRP-20)

7. Binance coin

8. Ethereum

9. Litecoin

10. Dogecoin

11. Dash

12. Solana

13. Dogecoin (BEP-20)

14. Monero

15. Zcash

16. Shiba Inu (ERC-20)

17. Shiba Inu (BEP-20)

E-payments
1. Perfect Money

QUOTEX VS. POCKET OPTION

When looking for binary brokers, there’s always a comparison chart.

Which broker is better than the other one?

Here, I’ll present a comparison between Quotex and Pocket Option.

So, let’s begin:

Quotex vs. Pocket Option

QuotexPocket Option
Min. deposit $5Min. deposit $10
30% deposit bonus50% deposit bonus
Free demo accountFree demo account
Over 400 tradable assetsOver 100 tradable assets
Min. Trade $1Min. Trade $1
Mobile appMobile app
No social tradingOffers social trading

WHAT DOES OTC MEAN ON QUOTEX?

I have mentioned OTC in the assets section.

But, Have you heard about it?

If you have a know-how about the markets, I’m sure you must have heard about it.

Let’s explain what OTC is and what OTC means on Quotex.

OTC means over the counter.

It cuts the middle man, and you can do transactions directly.

It’s a decentralized way to do trading.

With Quotex, you have different choices for OTC.

IS QUOTEX WORTH A TRY? WE’LL HELP YOU DECIDE

People usually believe, “Oh yes, I can make some money; it’s super simple.”

However, it doesn’t work like that.

It ultimately boils down to having a favorable trading environment.

So, let’s see if Quotes is a worthwhile investment of your time.

As I said earlier, I’ve been trading on the platform for six months now.

So far, so good, I would say.

Here’s what I found most interesting about the broker:

THE DEMO ACCOUNT IS SUPERB

The Quotex’s demo account is quite useful.

It has all of the characteristics of a real one.

Initially, I used it to evaluate a variety of assets and strategies.

It piqued my interest, and it offers the impression of real money.

The firm provides $10,000 on its demo account.

Also, I made my market, approach, and other decisions without hesitation.

Using a Quotex demo account will boost your confidence.

THE NATIVE TRADING PLATFORM RUNS FAST

The native platform is fantastic.

The trading platform of Quotex is quite fast.

It offers favorable trading conditions and executes trades quickly.

It’s ideal for novices because it doesn’t lag and fixes several bugs.

Quotex platform

Quotex platform

My trading experience using the native platform has been great.

The platform has 29 built-in indicators.

You can also access trading signals and automate the entire process.

IT ALSO HAS A MOBILE APP

Quotex also offers an iPhone and Android app.

It is compatible with both Android and iOS devices.

The mobile app offers an easy-to-use layout that makes browsing a breeze.

In addition, price monitoring and notifications are available.

You will use the mobile app in various languages, a cool feature.

Quotex mobile app

Quotex mobile app

Download the android app you can here: Android.

SEVERAL BONUSES TO OFFER

Quotex provides several bonuses, from deposit bonuses to affiliate programs.

It offers a one-time deposit bonus.

The broker’s affiliate program allows you to earn on every referral.

Not only this, but Quotex also gives promo codes to its active traders.

You have a “Market” in your dashboard, where you can redeem these codes.

HOW QUOTEX PROMO CODE WORKS?

Promos are a cool feature.

What they do is they allow you to get discounts.

Nah, I’m not kidding!

Let’s see if Quotex offers a promo code?

The answer is yes.

It does offer a promo code.

The promo code works like any other promos you get.

You sign up, copy the code, and at the end, enter it.

There are four promos available.

You get like four chances to redeem these codes.

They also have a success rate, so you can easily check which code to copy.

You can get discounts on many stores like Sydney Grace, Vela Scarves, and others.

Here’s a Quotex promo code 2022:

Remember that these codes work depending on your location.

So, if you are from a country that doesn’t have these stores, then it’s possible to redeem.

THE PROS AND CONS OF USING QUOTEX

Now that you know everything about Quotex, it’s time for pros and cons.

My review of Quotex is good, so I think it has more pros than cons.

I like to change some things, though!

Let’s find out!

Pros

  • A robust native trading platform.
  • Provides good trading conditions.
  • Has a minimum deposit/withdrawal of $10.
  • The mobile app seems like a nice option.
  • Offers four asset classes to trade.

Cons

  • Customer support is not active.
  • Don’t offer too much leverage.

FAQs

What are digital options?

Digital options include securities, currencies, raw materials, indices, and commodities. You do not own any assets but you can benefit from the price fluctuations.

How to make money with digital options?

It’s not difficult but it’s not too easy either. You have to learn the basics and create your own trading strategy. Make sure to test your trading strategy on the demo account before going live.

Do I have to download the trading platform to trade?

You do not need to download any software in android or desktop. All you need is to register an account and then login to the website to start trading. It’s quite a user-friendly platform.

How to deposit money on Quotex?

You can deposit through various means like debit/credit cards, Bitcoin, Perfect Money, and advcash. The broker doesn’t charge a deposit fee, and almost every method has an instant deposit.

What to do if I make a mistake in providing data while opening an account?

You should immediately contact the technical support team. You need to provide the correct details and submit a request to modify. You will be notified in 2-3 business days.

How to take money out from Quotex?

You can withdraw through bank transfers, Bitcoin, Perfect Money, and advcash. A key point to add here is you must have $10 in your account to withdraw from the broker.

Do I need a deposit to start trading?

Yes. You have to create an individual trading account to start real trading and making a profit. However, if you want to trade without a deposit, you can avail a demo trading account.

Is Quotex available in the US?

Many reviews suggest that Quotex isn’t available in the US. However, this isn’t the case. The only difference between the US traders and others is payment methods. US traders can only deposit/withdraw through Bitcoin.

What is the expiration period of trade in Quotex?

The expiration term is the time after you complete a trade. For example, when you close a trade on the Quotex platform, you can choose the time for the trade expiration like 1 min, 2 min, 15 min, and more.

How can I calculate my profits on the Quotex platform?

You don’t have to perform the math yourself to figure out how much money you’ll make. A feature is available on the Quotex platform that performs all the profit calculations for you.

Do you need to provide additional docs for withdrawals?

In most cases, extra documentation is not required to withdraw funds. However, Quotex may require that you authenticate your personal data by providing certain documents to avoid unlawful trading.

How do you know if your account passes verification?

After successful verification, you get a notification by e-mail and/or SMS that the verification process for your account has been completed, and you can use Quotex’s trading platform.

Final thoughts

So, there you have it.

I have completed my Quotex review, and I hope everything is clear for you now.

If you want to open an account, consider all the mentioned factors.

Go through this guide again if you have to, and then decide.

For me, Quotex is a good broker, and you shouldn’t find it difficult.

Read our article about leverage trading to learn more.

General Risk Warning: Your capital might be at risk