Quotex Review 2023: Is Qx Broker Scam or Legit? Quotex.io.
It has been 2 years since Qxbroker.com was launched and traders of different statuses are still asking the question: is Quotex a scam or legit broker? In this article, we will take an in-depth look at Quotex and determine whether it is a scam or not.
We will also look at the pros and cons of using Quotex as your go-to trading platform. So, without further ado, let’s get started!
What is Quotex?
Quotex is a new digital options broker that was founded in 2020. The company is owned and operated by Awesome Ltd, a company that is registered at this address 03 Sham Peng Tong Plaza Victoria, 1, Mahe, Seychelles.
Just like in Expert Option, you can trade in Quotex.io to get up to 95% profits per trade. The highest yields in the market.
Quotex offers its services to traders from all over the world, except for those who reside in the United States, Canada, Israel, Syria, Sudan, North Korea, and Japan.
The platform is available for desktop and mobile devices and as of March 2022, it already has more than 20 currency pairs to trade, 2 cryptocurrencies, a few indices, and a handful of commodities.
Quotex Review 2023: Is Qxbroker Regulated? And in Which Countries?
Watch Quotex Review, Qxbroker 2023.
An important thing to look for when searching for a digital options broker is if the company is regulated or not.
The Quotex website does not mention anything about being regulated outside of Seychelles. However, they are registered with the International Financial Market Relations Regulation Center (IFMRRC), which is an offshore regulator.
Qx Broker is however accepted internationally including in the US, UK, Kenya, India, Brazil, and Canada among other European, Asian, and African Countries.
Quotex Review in 2023: How Many Traders Use Qx Broker or Quotex.io?
Quotex has more than 250,000 registered traders from all over the world. The platform is available in 14 languages and they offer all-day customer support.
If you are skeptical about if traders are making money in Quotex, then create a demo account and navigate to the right sidebar to find the button labeled top.
Click on it to reveal all the top traders and how much they are earning in real-time and the profits each trader has made.
You will also see your account and your profit or loss in this panel.
Quotex Review 2023: Miniumum Deposit $10. How to Fund Quotex Account.
What is the minimum trade amount in Qxbroker?
The minimum trade amount is $/€/£10.
And what is the minimum trading amount on the platform? Well, the minimum trade amount in Quotex is only $1, which is the industry standard.
The Quotex platform uses an instant deposit method that will reflect in your account immediately.
You can use Visa, MasterCard, Mpesa, Perfect Money, Bitcoin, Coinbase, Dash, Monero, Ethereum, Dogecoin, Shiba, Maestro, UnionPay among tens other methods to make your deposit.
You will also be able to use any of these methods to make withdrawals from your Quotex account too.
Quotex Review in 2023: Account Types.
Quotex offers two different account types for its traders. These account types are:
- The demo account
- And the real account.
1). Quotex Demo Account.
A demo account is a training account that Quotex offers to its traders so they can learn how to trade without risking any real money.
The Quotex demo account comes pre-loaded with $10,000 in virtual funds that you can use to place trades.
You will also have access to all the features and underlying assets that are available to real account holders.
The Quotex demo account is a great way for new traders to learn how to trade and for experienced traders to test out new strategies.
Remember, the money in the demo account is virtual cash. As such, you can not withdraw. If you want to trade, earn and withdraw cash then you need to try the real account.
2). Quotex Real Account.
A Quotex real account is a live trading account that you can use to place trades with real money.
If you’re already on the demo account just click on the deposit button and fund your account with at least $10 to activate the real account.
You can also click on your account balance and interchange between the real and the demo account. Especially if you want to test new strategies without risking real money.
The Quotex real account gives you access to all the features of the platform as well as a dedicated customer service team that can help you with any issues you may have.
And don’t forget that if you are trading on a real account you will be able to withdraw any amount you make on Quotex without any restrictions.
Lest I forget.
The real account in Quotex.io or Qxbroker is further subdivided into 3 different statuses. Namely: –
- The standard account – this is the account you get if you are a beginner and you deposit anything lower than a $1,000 lump sum. If your account type reads standard account, then it means that you are getting basic percentage of profitability for all instruments.
- Pro account – In order to be elevated to pro status, your account must have $1,000 or more. If your Quotex account reads Pro status, then it means, you are getting an increased percentage of profitability for all instruments. Apart from that, you will also get frequent promo codes sent to you via Email.
- VIP Account – Your account needs to have at least $5,000 to become a VIP. VIP accounts enjoy everything on a Pro account plus up to a 95% rate of return on all assets.
Quotex Review 2023: Trading Style in Qx Broker.
As of today the 25/03/2022 Quotex only offers binary/digital options trading and just like in all the other reputable options trading platforms, you can use either the time option method or the pending trade method to trade in Quotex.
1). The Time Option Trading Method – This is where you select an asset and then choose the amount of time you want your trade to last. Quotex offers times ranging from 5 seconds to up to a month on some assets.
You will then need to predict if the price of the asset will go up or down in that time frame and place your trade accordingly. If your prediction is correct, you will make a profit.
If it’s incorrect, you will lose your investment.
2). Pending Method.
This is where you make a prediction on an asset and then choose the price at which you want to enter the market.
Quotex will then monitor the market and if the asset reaches your chosen price, your trade will be executed automatically.
If your prediction is correct, you will make a profit. Conversely, if it’s incorrect, you will lose your investment.
If you are already trading on Quotex and you don’t know how to activate or trade this method, don’t worry. Just turn on the pending trade button on the left sidebar slightly below the deposit and withdraw buttons.
Quotex Review 2023: How to Register a new account in Qx Broker or Quotex.io.
Quotex is a very user-friendly platform and the registration process is very simple.
You will then need to fill in your email and preferred password, the currency you want to be shown for your account, check the age button to confirm that you are of trading age, and click the registration button to create your account.
After registration, go to the email address you provided and verify it.
Alternatively, you can register with Facebook, VK, or Google.
The Quotex app gives you all the features of the web-based platform in the palm of your hand.
You can use the app to trade, monitor your account, make deposits and withdrawals, and contact customer service if you need to.
To get the Quotex app, just go to Playstore or app store and search for Quotex.
How to Place Your First Trade on Quotex (Quotex Trading Strategy, Deposit & Withdrawal).
Now that you know almost everything about Quotex, it’s time to place your first trade to test how fast the platform is at trade execution and to check if there is any trade manipulation on Quotex.
To do this, just go to the Quotex website and log in to your account.
Once you’re logged in, chose an asset to trade as shown by (1) in the image below.
Next, change your trading timeframe, marked (2) in the image below. Setting a trading timeframe is important because it will determine how long each of the candlesticks on your chart will last.
The Quotex platform offers timeframes ranging from as low as 5 seconds to up to a month on some assets.
After you have chosen your asset and timeframe, it’s time to now pick your trade duration (3).
Trade duration refers to how long it will take for your trade to either expire in the money or out of the money.
On Quotex, you can choose durations ranging from as low as 1 minute to several hours.
The next step is to choose the amount you want to invest in your trade (this is marked number (4) in the image below.
The last step is to click on either the “UP” or “DOWN” button to make your prediction.
If you think the price of the asset will go up, click on the “UP” button.
If you think it will go down, click on the “DOWN” button.
Once you have made your prediction, all you need to do is sit back and wait for your trade to expire.
It’s that simple. Remember, to check trade execution time for yourself. I have checked it on my side and it’s fine.
Note: – Your balance will be reduced by the amount you choose to trade with and increased by up to 95% when your trade wins.
How to Fund Quotex Account (Qx broker Minimum Deposit $10).
Did you manage to place your first trade in the previous section? Now it’s time to learn how to fund your account on Quotex.
To do this, just log in to your Qxbroker account and click on the “Deposit” as shown in the image below (1).
You will then be redirected to the Quotex deposit page where you will need to select your payment method.
The Quotex platform offers a wide range of payment methods that you can use to fund your account.
For the sake of this guide, we will choose Mpesa (2) in the image below.
Now choose the amount you wish to deposit (3) if you have a Qxbroker promo code use it to increase your deposit by up to 35%.
Next click (4) on deposit and wait to be redirected to the payment page.
Last but not least, enter your Mpesa number and click pay (5).
If you are using a smartphone, a pop-up will appear on your phone to enter your Mpesa PIN. Confirm the amount you wish to deposit and click pay.
Your funds will reflect in Qxbroker immediately.
It’s that simple.
Quotex Review: How to Withdraw Your Money From Quotex (Qx Broker or Quotex.io).
Now that you know how to deposit money on Quotex, it’s time to learn how to withdraw your money from Quotex.
Withdrawals on Quotex are processed within 24 hours.
To make a withdrawal, log in to your account and click on “Withdraw” as shown below (marked number one).
Next, choose the amount you wish to withdraw and the payment method. Remember, you can only withdraw to the same method you used for the deposit. Unfortunately, I don’t see Mpesa as being part of those options though it’s the same method I used for the deposit.
The only advantage of the Quotex withdrawal method is, no fee is charged on withdrawals.
Pros and cons of using Quotex (Qx broker).
- Quotex is a fast and reliable trading platform.
- Fast and secure withdrawals
- High return up to 95%
- Fast trade execution
- Wide range of assets to trade.
- User-friendly interface.
- Free $10,000 demo account
- Minimum deposit of only $10
- Minimum trade amount $1, maximum trade amount $1,000
- Instant deposits
- Free Bonus
- Available in many countries and languages
- The maximum trade amount is less than the industry standard which is $5,000.
- Doesn’t have Forex and Stock platforms.
- Limited assets to trade.
Quotex Review: Is Quotex (www.qxbroker or Quotex.io) a Scam Broker? The Verdict.
No, Quotex is not a scam broker. It’s a reliable and fast trading platform with a wide range of assets to trade.
Yes, Quotex is a trusted broker. But I'd recommend that if you are in Kenya you deposit and withdraw with either Bank cards, Skrill, Neteller, or Altcoins. I made a deposit with Mpesa and tried to withdraw via the same method and the Mpesa option wasn't on the list. You may want to be aware of that.
Provided you aren't trying to access Quotex from the US, Canada, Israel, Syria, Sudan, North Korea, and Japan; you should be able to access the platform from any part of the world.
The Quotex platform offers a high return of up to 95%. With the right trade amount and the right trading strategy, you can make any amount you want.
Yes, you can lose all your money trading on Quotex. You should only trade with what you can afford to lose. And/or use trading strategies and money management strategies to cushion yourself from whipping out your account.
The Quotex platform is available as a web-based platform and as a mobile app. The Quotex app is available for both Android and iOS devices.
To download the Quotex app on your Android device, visit the Google Play Store and search for "Quotex".
Yes, you can fund your Quotex account using Mpesa. You can also use Bank cards, Skrill, Neteller, or Altcoins to fund your Quotex account.
Compare Quotex With Other Brokers: Quotex vs. Olymp Trade, IQ Option, Deriv and Expert Option
Olymp Trade was founded in 2014 and is regulated by the International Financial Commission (IFC). It offers over 70 assets to trade, including forex, commodities, stocks, indices, ETFs, and cryptocurrencies. The minimum deposit at Olymp Trade is only $10 and the minimum trade amount is $1. Join Olymp Trade to get a free demo account with $10,000 in virtual funds for practicing how to trade.
Deriv, formerly Binary.com is one of the oldest and most reputable brokers in the industry. It is regulated by multiple authorities such as the Malta Financial Services Authority (MFSA), the Vanuatu Financial Services Commission (VFSC), the British Virgin Islands Financial Services Commission (FSC), and the Labuan Financial Services Authority (LFSA). It offers over 100 assets to trade, including forex, commodities, stocks, indices, synthetic indices, and cryptocurrencies. The minimum deposit amount in Deriv is only $10 and you can start trading with $0.35.
IQ Option is another popular and trusted binary options broker. It was founded in 2013 and it is regulated by the Cyprus Securities and Exchange Commission (CySEC). IqOption offers over 250 assets to trade, including forex, commodities, stocks, indices, ETFs, and cryptocurrencies and when you create an account you get $10,000 in your DEMO account to practice how to trade.
Expert Option is another well-known binary options broker that was founded in 2014. It is regulated by the Vanuatu Financial Services Commission (VFSC) and offers over 100 assets to trade, including currency pairs, commodities, stocks, indices, and cryptocurrencies. It has a minimum deposit of $10 and a minimum trade amount of $1. Just like all the other brokers in this list, Expert Option offers a free demo account with $10,000 in virtual funds and various bonuses and promotions.