Editor’s Note: Why Quotex Doesn’t Suck in 50 Words
It really looks like this broker is adopting a proactive approach and tries to offer the best possible service to its clients. I am not saying they succeed at it, just that they are trying. The company is transparent, offering all the necessary information about their corporate structure and they are not shy to admit they are a new face on the scene. But “new” doesn’t always suck; in fact, new companies may sometimes offer a better service than well-established ones, especially because they are trying to build a solid client base.
Why Quotex Sucks in 50 Words or So
I know that a good broker’s main role is to provide good trading conditions and accurate charts (plus other things, of course), with less emphasis on what they write on the website. But it’s really annoying to see the amount of grammar and spelling mistakes present on their website. It’s not really a big deal but ThatSucks!
Is Quotex A Scam?
At this time I cannot give you a straightforward and 100% accurate answer to this question because we simply don’t know enough about this broker. What I can tell you is that so far there haven’t been any horror stories or major scam allegation but on the other hand, the broker is relatively new on the scene and it doesn’t have a high profile on the internet.
As far as regulation goes, Quotex was previously owned by a company named Awesomo LTD., which was regulated by the International Financial Market Relations Regulation Center (IFMRRC). And while that was far from impressive or even comparable to the “big boys” such as the FCA or CySEC, it was better than having to deal with an unregulated broker. The current owner – Maxbit LLC – has ZERO regulation, so… ThatSucks! recommends caution whenever your money is involved, but we do not consider Quotex a scam at this time.
Should I Open An Account With Quotex?
Quotex is a new binary options broker that offers trading on currencies, cryptocurrencies, indices and more. The broker is owned by Maxbit LLC, an unregulated company located in St. Vincent and Grenadines. Although at the time of writing the broker is new on the scene (launched in 2019), the team that runs it is composed of professionals with heaps of experience, according to their own assessment.
The broker offers a browser-based platform, meaning that you don’t need to download and install anything, just open your browser and log in. It’s convenient but usually, these web platforms have limited features compared to a more professional-looking, downloadable platform like Meta Trader for example. However, Quotex’s platform does a good job at mixing user-friendliness and technical analysis possibilities by implementing more technical indicators than other web platforms. All in all, it’s a good package but long-time traders will need more.
Quotex offers just 2 types of accounts: Real and Demo. The Real account doesn’t have a “classic” structure like Bronze – Silver – Gold (or similar), so you can simply deposit as much as you like and start trading. And speaking of deposits, the lowest is 10 USD, which makes this broker very accessible to newbies or people looking to invest small to test the waters. The Demo account is very easy to get, which is great, or should I say: it is how it’s supposed to be (some brokers have weird requirements for their Demo accounts).
Education is unfortunately limited to a barebones FAQ section, so if you don’t know anything about binary options or trading in general, you should start looking for a good source of such material because Quotex is not it.
Overall this broker belongs in the mid-tier, with areas where it could improve and others that are acceptable. You can only trade UP or DOWN options, so it doesn’t get any easier than that. On the other hand, more experienced traders will need more complex option types, and of course CFDs. OK for beginners, not so much for the rest but overall not bad.
Quotex lists the address First Floor, First St Vincent Bank LTD Building, James Street, Kingstown, St. Vincent and Grenadines and they can be contacted at email [email protected].
As you would expect, there’s not much buzz around this broker, partly because they are relatively new on the scene. However, on Trustpilot they are rated 4.6 out of 5 stars, with about 900 reviews. Most of the reviewers give them 5 stars and praise the broker like it’s the best thing since the invention of binary options. I’m sorry but I don’t really “buy” reviews like that and I consider there’s a high chance of some “doctoring” going on. However, I’ve been wrong before so take it with a pinch of salt.
On the trading platform it is clearly stated that you will receive a 30% bonus on your first deposit. Unfortunately, that’s where the information stops. The turnover is not specified and they don’t explain what happens if I want to withdraw before the turnover is reached. Do I get to keep the profits I made? Are they cancelled and I can only withdraw my initial deposit? Unclear.
According to their FAQ page, withdrawals can be made via credit/debit cards (Visa, Mastercard), e-wallets (Skrill, Neteller, etc.) and cryptocurrency. The minimums are very low, which is always a good thing: 10 USD for fiat and 50 USD for Bitcoin. The processing time is 1 to 5 business days but according to the website, they will try to complete the request the same day. Great, if they actually accomplish that.
The website is translated into 19 languages and information is generally easy to find. The trading platform has a surprisingly large number of technical indicators, drawings, and other tools but still manages to be user friendly. Demo accounts and mobile apps are available. US clients are not accepted.
Number of Assets and Expiry Times 14/20
The broker offers over 20 fiat currency pairs, 2 cryptocurrencies (Bitcoin and Ethereum), 4 commodities, and over 10 indices. Overall it’s not the biggest asset basket out there, but it could be enough because all the popular assets are present. Expiry times range from 1 minute to 2 hours, which is obviously geared towards a fast-paced type of trading.
Commissions, Support and Effective Return 17/20
Quotex doesn’t charge any commissions to open an account, deposit or withdraw, which is always a great thing for traders. Support is available via live chat (on the trading platform), email, and a ticketing system. Effective returns are low for crypto, ranging from 18% to 25% at the time of writing, but are competitive for fiat currencies: north of 80%.
Deposit, Payment And Bonus 16/20
Deposits and withdrawals are available via credit/debit cards (Visa, Mastercard) as well as e-wallets (Skrill, Neteller, Qiwi, Webmoney, and possibly more, depending on client’s location) and Bitcoin (as well as other cryptocurrencies).
The minimum deposit is the same as the minimum withdrawal: 10 USD. Bitcoin minimum withdrawal is 50 USD. The processing time ranges from 1 to 5 business days but according to the website, Quotex tries its best to send the funds the same day of the request. The deposit bonus is 30% but unfortunately, the terms and conditions of said bonus are not specified.
Website Extras 15/20
Signals are available on the trading platform, as well as a ranking of all the traders active on the platform. Quotex also provides a Market where you can use cashback, risk-free trades, and apply different types of trading advantages to your account via promo codes.