Is QUOTEX Safe or Scam？

General Information

What is QUOTEX?

QUOTEX is a global brokerage firm based in Saint Vincent and the Grenadines. It provides traders with access to market instruments including Digital Options, Currency, Stocks, Commodities, Cryptocurrencies. However, it is important to note QUOTEX is currently not regulated by any recognized financial authorities, which may raise concerns when trading.

Pros & Cons

QUOTEX Alternative Brokers

There are many alternative brokers to QUOTEX depending on the specific needs and preferences of the trader. Some popular options include:

• Valutrades- Valutrades offers a reliable and user-friendly trading experience, with a range of account types and competitive trading conditions to suit different traders' needs.
• Grand Capital- Grand Capital provides a diverse range of trading instruments, flexible account options, and educational resources, making it a suitable choice for traders of all experience levels.
• Interactive Brokers - With its advanced trading tools, competitive pricing, and extensive range of global markets, Interactive Brokers is recommended for experienced traders who require a robust and customizable trading platform.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is QUOTEX Safe or Scam?

When considering the safety of a brokerage like QUOTEX or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:

• Regulatory sight: It is not regulated by any major financial authorities, which means that there is no guarantee that it is a safe platform to trade with.
• User feedback: Read reviews and feedback from other clients to get an understanding of their experiences with the brokerage. Look for reviews on reputable websites and forums.
• Security measures: QUOTEX has a comprehensive privacy policy that outlines how user data is collected, stored, and utilized. The platform adheres to relevant data protection regulations to maintain the privacy and confidentiality of user information.
• Ultimately, the decision of whether or not to trade with QUOTEX is a personal one. You should weigh the risks and benefits carefully before making a decision.

Market Instruments

QUOTEX provides a diverse range of market instruments, catering to the preferences and strategies of a wide array of traders.

The platform offers digital options, allowing traders to speculate on the price movement of various assets within a predefined timeframe. Currency pairs are also available for trading, enabling participants to engage in the dynamic foreign exchange market. Moreover, QUOTEX offers an extensive selection of stocks, enabling traders to invest in the shares of renowned companies across different industries. For those interested in commodities, the platform provides the opportunity to trade metals, oil, and gas, allowing traders to take positions based on their market outlook. Additionally, QUOTEX supports cryptocurrencies, enabling traders to capitalize on the volatility and potential returns of digital assets such as Bitcoin, Ethereum, and more. With this diverse range of market instruments, QUOTEX ensures that traders have a comprehensive selection to build their portfolios and pursue their investment objectives.

Accounts

QUOTEX offers two types of accounts: a demo account and a live account, each designed to meet specific trading requirements.

With a minimum deposit of just USD 10, traders can open a live account and dive into the world of real-time trading. This low deposit requirement makes it accessible for individuals who are new to trading or have a limited budget.

On the other hand, QUOTEX also offers a demo account with $10,000 in tradable funds, allowing traders to practice their skills and familiarize themselves with the platform's features and tools before risking any real money. The demo account provides a simulated trading environment with virtual funds, enabling users to test different strategies and learn from their trades without any financial risk.

Trading Platforms

With its web-based trading platform which is also available on mobile app, users of QUOTEX can easily access their accounts and engage in trading activities from any device with an internet connection. Whether it's a desktop, laptop, or iOS and Android mobile devices, QUOTEX ensures that traders can stay connected to the markets and manage their positions on the go. The platform boasts a user-friendly interface that is designed to make trading a seamless experience, allowing traders to navigate effortlessly and execute trades with ease. Additionally, QUOTEX offers integrated signals and a wide range of trading indicators to assist traders in making informed decisions. These tools provide valuable insights into market trends and potential trade opportunities. The platform's exceptional speed ensures real-time market data and quick execution of trades, enabling traders to capitalize on market movements efficiently.

See the trading platform comparison table below:

Trading Tools

QUOTEX provides a comprehensive set of trading tools that are designed to empower traders and enhance their decision-making process. Two key tools offered by QUOTEX are integrated signals and trading indicators.

Integrated signals are automated trading tools that generate buy or sell signals based on predefined algorithms or strategies. These signals can help traders identify potential trading opportunities and make more informed decisions.

Additionally, QUOTEX offers a wide range of trading indicators, which are powerful analytical tools that help traders analyze market data and identify trends, patterns, and potential entry or exit points. These indicators include popular options such as moving averages, oscillators, and trend lines among others.

Deposits & Withdrawals

QUOTEX offers a variety of convenient payment methods to cater to the needs of its traders. Accepted payment methods include VISA, Mastercard, AdvCash, and Perfect Money, which are represented by icons on the website only instead of written words. Traders are encouraged to consult directly with the broker to confirm the availability and specific details of each payment method with acceptable currencies including USD, EUR, GBP, BRL, IDR, MYR, INR, KZT, RUB, THB, UAH, VND, NGN, EGP, MXN, JPY, BDT.

One notable advantage is that QUOTEX does not charge any deposit or withdrawal fees, allowing traders to have more control over their funds. But it is worth considering that payment systems may charge their fee and use the internal currency conversion rate.

The minimum withdrawal amount is set at USD 10 for fiat currencies and USD 50 for cryptocurrency withdrawals. This flexibility and low minimum withdrawal threshold make it easier for traders to access their funds and manage their finances.

On average, the withdrawal procedure takes from one to five days from the date of receipt of the corresponding request of the Client and depends only on the volume of simultaneously processed requests.

Customer Service

QUOTEX provides multiple customer service options to assist its clients in different areas. Customers can reach out to QUOTEX through various channels to address their queries and concerns as below:

Address: Maxbit LLC, #10 Manoel Street, Castries, Saint Lucia

QUOTEX also offers a Contact Us form on their website. Customers can fill out this form with their queries, providing details about their specific needs or concerns.

Beside of above, QUOTEX maintains social media accounts such as Facebook, Twitter, Telegram, YouTube and Instagram.

Risk Warning

As of 6 February 2025, WikiFX has received over 40 complaints against the broker.

The trader from Colombia claimed she was unable to withdraw funds from the broker.

Got Scammed? Here's How to Recover Your Funds

The sad truth is, most money lost to scams is gone for good. But there are a few steps you can take to try and get it back.

One thing you should definitely do is save all your documents and correspondence. Keep everything—screenshots, emails, and chats. The more proof you have, the better your chances if you need to go to the authorities.

If you get scammed by a broker, you have a few options you can try to get your money back:

• You can initiate a chargeback, a feature offered by banks and payment systems to protect clients. This process involves your bank or provider reversing the funds from the broker's account if the service wasn't delivered.
• You can take legal action and get a Mareva (or freezing) injunction issued against the company. This injunction is useful to prevent the company from transferring its assets out of the jurisdiction of the court.
• If the broker has a financial regulatory body, you can also report the scam to them.

Be super vigilant of recovery scams to avoid falling prey twice in a row. These are fraudulent schemes where scammers pose as individuals or companies claiming to help scam victims recover their money they lost in a previous scam.

They typically promise to assist in recovering lost funds for a fee or request personal and financial information from the victim. The promise is, of course, false and the victim is essentially re-victimized a second time when they pay the recovery scam artist.

Check out this expert guide on how you can spot and avoid a scam.