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Quotex Review & Opinions: Is it Reliable and Safe in 2022?

3.7 / 5

Is Quotex a trustable binary options trading broker? In our Quotex broker review, we have gone through every aspect of the platform to provide a neutral overview of the platform. In this process, we did not stick to the broker’s publicly available information. We have tested the platform as an individual trader and took opinions from people who are connected with the platform from the very beginning.

General information

Quotex is a new face in digital options trading that offers trading in more than 400 trading instruments. Quotex LTD, headquartered in 03 Sham Peng Tong Plaza Victoria, 1, Mahe, Seychelles is operating this broker since 2020. Although this broker is new, it has some decent features like a high yield of up to 95% in numerous markets from forex to cryptocurrencies.

On the other hand, this broker offers sophisticated trading platforms and tools that help investors anticipate the price direction accurately. Furthermore, this broker aims to provide services in a maximum number of countries. As of now, its service is available in more than 100 countries, and its website is available in 20 different languages. Overall, the primary impression of this broker is attractive to traders where a strong regulation is a missing part of it.

Advantages and disadvantages

Accepts international clients: It is not easy to find a broker where a wide range of trading instruments are available with an acceptance to multiple countries. Therefore, if you live in any country in the Eurozone, Asia, or America, you might open an account with this broker.

Min. deposit $10: Quotex is an excellent opportunity for new traders as traders can start live trading with only a $10 deposit in their account. Besides, Quotex offers a free demo trading account where traders can check the platform with a $10,000 deposited balance.

High profit up to 95%: The most significant advantage of this broker is that it offers to trade where the profit is available at a maximum 95% yield rate.

Leverage: Although Quotex offers a wide range of facilities, it does not provide any leverage opportunity. Therefore, traders cannot increase their buying power while using this broker.

Trading conditions

In Quotex, the yield of a single trade is limited to 95%. Therefore, if you invest $100 and make the right prediction about the movement, you can make $195 from a single trade. However, the yield depends on the asset type, expiry time, and account status. Therefore, traders can improve their earnings rate by achieving the VIP position.

On the other hand, the convenient expiry time is another feature. There are many brokers offering trading on 60 seconds to 5 minutes charts. On the other hand, traders in Quotex can enjoy the expiry times from 60 seconds to 4 hours. Moreover, the timing is customizable where you can set it like 2:30 minutes.

Quotex attracts new customers by providing bonuses where its bonus structure is attractive and effective. Depending on the investment and VIP status, the bonus amount might be extended up to X100. Moreover, the bonus is applicable by depositing money or using a promo code.

Assets

There are more than 400 trading instruments in Quotex that covers most of the international financial markets:

  • Forex: There are 27 currency pairs available to trade, including instruments from majors, minors, and exotics.
  • Cryptocurrency: Cryptocurrency trading is available on the following assets- Bitcoin, Litecoin, Ripple, and Ethereum.
  • Indices: Quotex offers the world’s top 15 leading indices, including the FTSE 100, Dow Jones, and S&P 500.
  • Commodities: Commodities like Gold, Silver, and Oil with other commodities are available to trade in this broker.

Although this broker offers many trading assets, it is still below the number that a general binary options trading broker offers. As this broker is new in the industry, it continuously adds instruments.

Trading platform

Quotex offers a web-based trading platform that is very user-friendly. After opening an account, you need to understand these features to use the trading platform:

  • Each trading instrument is available on the platform, where you can see the return of trade you might get per trade.
  • The expiry times on the right side are changeable from minutes to hours.
  • The investment option indicates the amount you want to take per trade. For example, selecting $100 will lock the amount from your investment until the expiry time comes.
  • Pick down or up indicates whether you want to buy or sell. Once you click it, the system will open the trade automatically.

Users can utilize and duplicate other person trading strategies in the trading platform with a single click. Moreover, the list of top earners is available on the chart, and a follower can quickly select them. Besides, the trading platform has unlimited market signals, including the expiry time of trades.

Quotex trading platform is customizable where investors can change their username, profile photo, or background images. However, unlike these features, it does not provide services on MT4 or MT5.

Mobile Trading

Quotex mobile trading platform is available for free download in the Google Playstore. The interface of the mobile trading platform is very simple and straightforward. Users can easily open long and short positions from the platform and see the trading performance with an analytical representation. However, the Quotex mobile platform is not available on the Apple App Store yet.

Demo account

Users can easily open a demo account with a few clicks where they don’t have to use their personal information. The ideal investment amount of a demo account is $10,000, and investors can use this fund in all trading instruments.

Overall, the demo account with a $10,000 deposit is a good option for new traders who want to build their career in binary options trading.

Account types

Quotex has three live trading account types: Standard, Pro, and VIP. The standard account is perfect for new traders in Binary options trading and has average profitability. The pro account type is for more advanced traders seeking a career in trading. There are increased profitability and promotion available for pro traders. Investors should invest at least $1000 to initiate trading to have the pro trading features.

The VIP account is for veteran traders where the profitability rate is very high besides many bonuses and deals. Investors need to make a $5000 deposit to achieve the VIP status.

Users can access all trading facilities in all three account types, including customer support and bonus facilities. These accounts are offered in R$, USD, EUR, RUB, etc. Users can easily open an account and initiate live trading within a minute.

Opening an account

Opening an account with Quotex is very simple. Users have to fill options from the registration page and wait for an email to confirm the account. First, traders can deposit and start trading without verifying accounts. However, while making a withdrawal, it needs to verify the identity by providing an ID card and address verification document.

Once the account is open, you can access the web-based or mobile platform. In that case, you have to input your email address and password. However, it is better to turn on the two-step verification method on login for security purposes. In that case, the platform will ask for providing an authentication code through email or SMS.

Funds withdrawal

This broker’s deposit and withdrawal are straightforward where users can start their business with a $10 deposit. In that case, the minimum withdrawal amount is also $10. There is a wide range of deposit methods, including credit cards, internet banking, e-wallets, and cryptocurrencies. The withdrawal and deposit method should be the same for the investment amount where the profit is withdrawable from any method.

The withdrawal may take 1 to 5 days to complete, where the broker takes no charge. However, some charges may apply, depending on the deposit/withdrawal methods.

Trader training

On the Quotex website, there is no significant course or video content available for learning, but in the trading platform, there are certainly helpful tools for traders.

The trading platform has a list of profitable traders, and a new person with no trading knowledge can ensure profitability by following any of the person’s trades. The integrated signal service shows the live transmission of trading signals that includes the trading instrument management and time frame. As a result, investors easily enrich their trading knowledge by understanding the logic behind the trade.

Should I trade with Quotex?

Quotex is a reliable binary options trading platform that is regulated. Therefore, investors might find it reliable to make money online with no possibility of getting scammed. Based on our findings, the trading platform and other broker features are also supportive of trade. There are no restrictions on trading activities where the return is also high with a quick withdrawal processing.

Trading in the financial market involves some risks that no one can ignore. Therefore, investors from any level need to understand the risk associated with the market before making forex trading a career. In that case, it is recommended to check all features of Quotex in demo testing before jumping with real money.

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