In the world of online trading, it is crucial to find a reliable broker that provides a safe and secure platform for trading. Quotex is one of the latest brokers that claims to offer a seamless trading experience. However, the question remains: Is Quotex legit or scam? In this article, we will take a closer look at Quotex and provide a comprehensive review to help you make an informed decision.
What is Quotex?
Quotex is a binary options trading platform that allows traders to speculate on the price movement of various financial instruments such as currency pairs, stocks, and commodities. The platform was launched in 2020 and is owned and operated by Awesomo Ltd, which is registered in St. Vincent and the Grenadines.
Is Quotex Regulated?
Regulation is an essential aspect of any reputable broker, as it ensures that the broker operates in compliance with the industry’s standards and guidelines. Quotex claims to be regulated by the International Financial Market Relations Regulation Center (IFMRRC), which is a non-governmental regulatory organization that provides certification and regulation for brokers in the financial industry.
However, it is worth noting that the IFMRRC is not a recognized regulatory body in the financial industry, and its certification does not guarantee the safety and security of the broker’s operations. Therefore, it is important to exercise caution when dealing with brokers that are regulated by non-governmental organizations.
Quotex Trading Platform
The Quotex trading platform is web-based, which means that traders can access it through their web browsers without the need to download any software. The platform is user-friendly and intuitive, making it easy for both novice and experienced traders to navigate and execute trades.
The platform also provides a range of trading tools such as technical analysis indicators, charting tools, and risk management features to help traders make informed trading decisions.
Quotex Account Types
Quotex offers four different account types, each with its unique features and benefits. The account types are as follows:
Demo Account
Quotex provides a free demo account for traders who want to practice their trading skills without risking real money. The demo account comes with virtual funds that traders can use to execute trades and test the platform’s features and functionalities.
Basic Account
The Basic account requires a minimum deposit of $10 and offers a welcome bonus of up to 50%. Traders also get access to a personal account manager, market reviews, and educational resources.
Gold Account
The Gold account requires a minimum deposit of $500 and offers a welcome bonus of up to 100%. In addition to the features offered in the Basic account, Gold account holders get access to exclusive trading signals, higher payouts, and faster withdrawals.
VIP Account
The VIP account requires a minimum deposit of $5000 and offers a welcome bonus of up to 150%. VIP account holders get access to all the features offered in the Basic and Gold accounts, as well as a dedicated account manager, personalized trading strategies, and priority withdrawals.
Quotex Payment Methods
Quotex supports a range of payment methods, including credit/debit cards, bank wire transfers, and e-wallets such as Skrill and Neteller. The platform also supports cryptocurrencies such as Bitcoin and Ethereum.
It is worth noting that the payment methods supported by Quotex may vary depending on your location and the regulations governing financial transactions in your country.
Quotex Customer Support
Customer support is an important aspect of any broker, as it ensures that traders can get the help they need in case of any issues or concerns. Quotex provides customer support through email and live chat, and the support team is available 24/7 to assist traders with any queries or issues they may have. The support team is responsive and knowledgeable, and they are always willing to help.
Is Quotex Legit or Scam ?
The answer to this question is not straightforward. While Quotex claims to be a regulated broker and offers a range of trading features and tools, it is important to note that the regulation it has is not from a recognized regulatory body. Additionally, binary options trading is a high-risk activity that carries a significant amount of risk, and traders should exercise caution when trading with any broker.
Furthermore, some online reviews have raised concerns about Quotex’s withdrawal process, with some traders reporting delays and difficulty in withdrawing their funds. However, it is worth noting that some of these reviews may be biased or inaccurate, and traders should exercise their judgment and do their research before trading with any broker.
Does Quotex pay?
Quotex claims to pay its traders, but there are some concerns about the withdrawal process, with some traders reporting delays and difficulty in withdrawing their funds.
Can you withdraw from Quotex?
Yes, traders can withdraw their funds from Quotex, but there have been reports of delays and difficulty in the withdrawal process.
Is Quotex licensed?
Quotex is regulated by the International Financial Market Relations Regulation Center (IFMRRC), which is a non-governmental regulatory organization. However, it is not licensed by any recognized regulatory body.
Is Quotex legal in the US?
Quotex is not regulated or licensed in the United States and is therefore not legal for US residents to trade with.
Conclusion
In conclusion of Is Quotex Legit or Scam , Quotex is a binary options trading platform that offers a range of trading features and tools. While it claims to be regulated by the IFMRRC, which is a non-governmental regulatory organization, traders should exercise caution when trading with any broker. It is essential to do thorough research and due diligence before depositing any funds with a broker and to be aware of the risks associated with trading in the financial markets.
FAQs
- Is Quotex regulated by a recognized regulatory body?
A: No, Quotex is regulated by the International Financial Market Relations Regulation Center (IFMRRC), which is a non-governmental regulatory organization. - What payment methods does Quotex support?
A: Quotex supports a range of payment methods, including credit/debit cards, bank wire transfers, e-wallets such as Skrill and Neteller, and cryptocurrencies such as Bitcoin and Ethereum. - Does Quotex offer a demo account?
A: Yes, Quotex offers a free demo account for traders who want to practice their trading skills without risking real money. - What account types does Quotex offer?
A: Quotex offers four different account types: Demo, Basic, Gold, and VIP. - Does Quotex have good customer support?
A: Yes, Quotex provides customer support through email and live chat, and the support team is available 24/7 to assist traders with any queries or issues they may have.
