Regulation and Trust
- Quotex is regulated by the International Financial Market Relations Regulation Centre (IFMRRC), but concerns have been raised about its regulatory status. It’s important to note that the IFMRRC is not as widely recognized as other major financial regulatory authorities like the SEC or FCA.
- The company behind Quotex, Awesomo Ltd, is based in Seychelles, and there is no regulatory oversight from top-tier jurisdictions like the US, EU, or UK.
- Some European financial regulators have issued warnings that Quotex is not authorized to offer financial services in their regions.
Trading Platform and User Experience
- Quotex offers a proprietary web platform, which has been described as user-friendly and suitable for both beginners and professionals.
- The platform features include a variety of trading options, with assets like currencies, cryptocurrencies, indices, and commodities. The minimum trading size is only one dollar.
- Quotex provides a free demo account for practice, which is a useful feature for beginners.
Deposits, Withdrawals, and Accounts
- The minimum deposit at Quotex is $10, which is relatively low and accessible for new traders.
- The broker offers various payment methods, including credit/debit cards, e-wallets, and cryptocurrencies.
- Quotex has a single live account type, simplifying the choice for users but limiting options for different trading needs.
Pros and Cons
- High average profitability for currency pairs in binary options.
- No commissions on deposits and withdrawals.
- The possibility to trade 24/7.
- Copy trading function is available.
- Limited deposit and withdrawal methods in some countries.
- Does not accept traders from certain regions including the United States and parts of Europe.
- User reviews suggest some difficulties in withdrawing funds and issues with price discrepancies and chart manipulations.
- Quotex is appealing due to its low entry barriers into the trading world and user-friendly platform. However, its regulatory status and limited oversight raise concerns about its safety and reliability as a trading broker.
- The platform’s lack of regulation in major financial markets and the warnings from European financial regulators suggest that investors should exercise caution.
Given the mixed reviews and regulatory concerns, it’s important for potential traders to thoroughly research and consider their options before trading with Quotex. While the platform may offer attractive features, the lack of robust regulation could pose risks to investors.