Quotex is a binary options broker run by Awesomo LTD., a company based in the Republic of Seychelles. The site was founded in 2019, and is available in many regions and countries around the world, including the US. With support for many different currencies and languages, it puts a focus on making binary options trading accessible to all. Let’s take a closer look.
Is Quotex Regulated?
Quotex claims to be regulated by IFMRRC (License number TSRF RU 0395 AA V0161). This is the “International Financial Market Relations Regulation Center.” It is an independent body, not a government agency. So, this broker is not really “regulated” in any official capacity, but IFMRRC, apparently, offers dispute resolutions for customers of their members, which adds some sort of protection to traders.
How Do You Open an Account with Quotex?
Opening your account with Quotex is easy. Just click on the green Create Account button you will find in the upper right-hand corner of the homepage.
You will then need to input a few basic details to create your account. After doing so, you can see the proprietary trading platform.
At that point, you can start trading with the demo account, or you can make a deposit to open a live account.
Every time we tried to make a demo trade, it kept asking us whether we wanted to make a demo or real trade, rather than just making the demo trade. This may be a temporary bug, or some issue with our browser (we are in Firefox).
The good news, however, is that the demo account appears to be unrestricted.
Depositing and Withdrawing with Quotex
If you are ready to make a deposit, you can pick from any of the following currencies:
US dollar, euro, British pound, Bitcoin, Brazilian real, Indonesian rupiah, Malaysian ringgit, Indian rupee, Kazakhstani tenge, Russian ruble, Thai baht, Ukrainian hryvnia, Vietnamese dong.
That selection is massive compared to what most brokers offer! The site is available in many languages as well, so this is an international-friendly broker.
The exact deposit options available depend on where you are located, but here are the ones we were able to confirm:
Coinbase, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, DAI, Visa, Mastercard, Skrill, Neteller, WebMoney, QIWI.
The minimum deposit is only $10, which is perfect for traders with smaller bankrolls (as is the $1 minimum trade size).
Regarding fees, Quotex writes: “The company does not charge any fee for either the deposit or for the withdrawal operations.” So, that is more great news.
You can use the same method for withdrawals as you did to deposit. Quotex does its best to process withdrawal requests inside of 3 business days. You can make up to 5 requests per day, and there is no maximum limit on the amount. The minimum you can withdraw is $10 at a time (or $50 in BTC).
Does Quotex Offer Promotions?
Quotex offers a wide variety of promotions. When you make your first deposit, you can get a match bonus of 30%. If you click on Market inside the trading platform, you will be taken to a page where you can input promo codes for the following types of promotions:
- Balance Bonus
- Cancel X Points
Percentage of Turnover
That is a nice selection, and more than a lot of competing binary options brokers offer.
Trading with Quotex
Now let’s talk about trading on the proprietary platform. It looks comparable to a lot of platforms you may have seen on other binary sites, and features simple navigation and large, attractive charts. You can select an asset on the top and choose a direction (Up or Down) on the right along with an expiry time. That is where you also can monitor your trades.
In total, we counted 37 different assets to trade, all of which were currencies, cryptocurrencies, or indices. The site says it offers stocks as well. The only type of trade offered is High/Low, with expiry times as short as 1 minute. Some more variety with respect to assets and trade types would be nice.
The minimum trade size is $1 and the maximum trade size is $1,000. That is a nice range, and again, friendly to those with smaller trading accounts.
There is, unfortunately, a general lack of trading resources in the form of educational materials and tools. There is no out-of-money reward, and tools such as double up, rollover, and early close do not exist. In fact, the only trading tool we did find is signals, which you can access by clicking on its icon on the far left-hand side of the trading interface.
Quotex Offers Good Customer Support
There does not appear to be a way to reach Quotex by phone, but support options available include email, a ticketing system, a web form, paper mail, and live chat.
You will not see the live chat option if you are not logged in. But once you are, you can open the trading platform and look for the green Live Chat button in the lower left-hand corner.
When we tested live chat out with a few questions, it took a couple minutes to be connected with an agent and to get an initial reply. But after that, the agent was friendly, responsive, patient, and very informative.
Conclusion: Quotex Is a Mixed Bag
You now know our thoughts on Quotex, and what you can expect if you decide to open an account to trade with this binary options broker.
We were not impressed by the lack of regulation, and would have liked to see more assets to trade, types of trades, educational resources, and trading tools.
But we like the proprietary binary trading platform, the variety of bonuses and promotions, the varied options for languages, the helpful customer support, and the fact that USA traders can use this site.
So, Quotex may be worth giving a try. Since we are still learning about this broker and they are unregulated, we would recommend if you do decide to move forward, that you use caution and make a small deposit initially to test the waters.