Independent rating of Forex broker Quotex

About company

Quotex is a binary options broker. It offers its services to clients from all over the world. Quotex was founded in 2019 and was registered in Seychelles. It is regulated by the International Financial Market Relations Regulation Centre (IFMRRC). Curiously enough, it is a non-profit organization working with traders from Russia. Another interesting fact is that the broker’s license is valid until November 9, 2021. The IFMRRC does not have strict conditions for the certification of brokers. That is why professional traders are very skeptical about the organization.

Trading conditions

After registration, clients can take advantage of special bonuses, contact the company's managers, and create tickets. Traders also have access to free trading signals-recommendations and a regularly updated asset rating, which is based on the users' income.

The trading platform was developed by the company. Their website can be accessed using any browser including on a mobile phone and tablets. The user will have access to it after registration and providing proof of identity and residency.

The platform has 4 charts, more than 10 timeframes, and oscillators. It also contains several indices. In addition, clients can view their trading history and up-to-date information on exchange rates and profitability. Special KYC and AML procedures ensure the security of the Quotex trading platform.

The broker offers a demo account to practice using the web platform. There is no need to deposit real money. The trading account should be opened in US dollars. The minimum deposit to open an account is $10. Later, the client can change the account currency. The broker does not charge a commission. The minimum lot size is just $1. Quotex provides access to 27 currency pairs, 4 cryptocurrencies, commodities, precious metals, and 45 types of indices. Notably, demo account holders have access to a small range of assets. To deposit or withdraw funds clients can use both VISA and MasterCard credit and debit cards as well as e-wallets Neteller, Yandex.Money etc. Money transfer or cryptocurrency wallets (LTC, Ripple, etc.) are also available.

In order to withdraw funds, the client needs to send an application through the Client's Personal Account. It will take approximately 7 days to be processed by the managers. Withdrawal times range from 1 to 5 days. Withdrawal of funds is carried out in the same way as the deposit of the account was done.

Bonuses

Customers can use a 40% cashback bonus after depositing more than 5,000 rubles. The broker also has promotions, which allow users to receive cashback of up to 80%. Speculators can use them for further trading or withdrawal.

Support service

You can contact support by using email, the help centre or filling out a special form, as well as via such social networks as Facebook, Twitter, and Instagram.

Feedback

Reviews range from strongly negative to overwhelmingly positive. Traders mostly criticize withdrawal difficulties, the trading platform's poor performance, and clumsy user interface. Many people described Quotex as a fraudulent organization.

Advantages and disadvantages

Among the main advantages, clients can have an opportunity to get bonuses. There is also a wide range of trading assets. If customers have any questions, the support service will answer them at any time through a variety of communication channels.

The disadvantages of the broker have been identified on the basis of user comments. Firstly, there is a lack of analysis articles on the company's website. There is also no educational material available for beginners. Secondly, many users are confused by the broker's registration in an offshore zone in Seychelles and the company's license with an untrustworthy regulator. Thirdly, the company's short operating history does not add to its credibility. Probably the biggest disadvantage is the significant number of negative feedback about the company.