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Safely of funds
Quotex is a digital options broker. The company represents a very young market participant, as it was registered in 2020. However, the official website states that it was founded in 2019. Obviously, the company lacks experience in the field of brokerage services.
The official website says the company provides its services worldwide. Quotex is registered in the Republic of Seychelles and is certified by the Financial Market Relations Regulation Center (FMRRC). The certificate is valid till November 9, 2021. Notably, the FMRRC is a non-commercial organization operating exclusively with participants of the Russian financial market.
At the same time, the organization’s requirements for brokers cannot be called stringent. A company should exist for at least 2 years, have more or equal to 2,500 accounts, and operate in more than one region. The company should have at least 5,000 clients. The FMRRC requirements for brokers are rather modest and notional. For this reason, experienced market participants and professional experts are more than skeptical about the FMRRC.
Trading conditions
After a registration with Quotex, users receive all instruments and abilities on their profile page. The users can have access to bonuses, support service, as well as create tickets and use free trading signals. The company provides its users with a daily updated asset rating as an informative assistance. The rating is calculated on the basis of profits received by traders.
Quotex offers its clients a trading platform, which perfectly works on different devices (the screen, browser and operating system of the client are considered), offers 4 charts, more than 10 time frames and oscillators, and has several indices. Besides, the Quotex trading platform includes trading history, relevant information on current quotes and yields. The platform is secured using KYC and AML protocols. A verification within the platform requires a client's passport and document confirming the client's residence.
Notably, the broker does not offer an official version of the platform for mobile devices. However, the web version is applicable to any devices such as a cell phone or a tablet.
The company offers to open a free demo account, which is perfect for beginners, because it eliminates the risk of losing real money. You need to deposit a real trading account to start trading with real money. The initial currency of the deposit is USD and the minimum amount is $10. However, the clients can change account currency later in their Profile.
The broker does not charge commissions for trades. You can start trading with $1. The clients may choose among more than 80 trading instruments: 27 currency pairs (EUR, USD, JPY, etc.), 4 cryptocurrencies, commodities (oil, natural gas), precious metals (gold, silver), and 45 indices. Some assets are only available after opening a real trading account as a demo account offers a limited range of assets.
Importantly, Quotex has a lot of bonuses for its clients. For example, a 40% cashback for deposits (the cashback is credited to the client's account if the deposit exceeds 5,000 RUB). Some promotions allow clients to receive cashback up to 80%. The clients can use these bonuses for trading or withdraw them.
The company accepts deposits and makes withdrawals via credit and debit cards of international payment systems VISA and MasterCard, as well as via Neteller, YandexMoney and other digital wallets. The clients can also use wire transfers and crypto wallets such as LTC, Ripple and others to make a deposit or withdraw money. Since all transactions are made in USD, residents of the Russian Federation need to convert RUB into USD. The conversion is implemented according to the internal exchange rate, payment service providers convert money on their exchange rates. A commission for the conversion in the amount of at least $10 is charged from the client’s account and in the amount of $50 for such operations with cryptocurrencies.
Money withdrawal requires a prior submission of an application from the client's profile page. The application processing does not usually take more than 7 days. Withdrawal from the broker will also take up to 5 days. It is more convenient to use the same payment system both for depositing and withdrawing.
Support Service
If you have any questions, the broker offers its 24-hour support via an email (support@quotex.io), a contact form, a help center, and social media such as Facebook, Twitter, and Instagram.
Traders’ Reviews
There are a lot of positive reviews from Quotex users. The company’s clients admire a user-friendly and informative trading platform, high speed of trade execution, and seamless money withdrawal. However, one should take into account that such a considerable amount of reviews for or less than a year of the broker's existence. In fact, these reviews may be fake and created on purpose to attract clients. At the same time, there are a lot of negative reviews which contradict the positive ones. Clients who are unsatisfied with the broker’s services say that there are problems with money withdrawals, an unstable trading platform, and a poor interface. Moreover, some reviews accuse the broker of fraudulent activities.
Pros and Cons
Pros:
- bonuses available;
- a wide range of trading tools;
- a lot of ways to contact the 24-hour support service.
Cons:
- the official website lacks analytical reviews and easy-to-use training material;
- registration in an offshore zone in the Seychelles (experienced market participants and experts do not trust the company’s regulator);
- the company exists in the market as a broker for a very short time;
- a lot of negative reviews.
