Quotex is a multi-asset broker that specialises in binary options. It was established in 2019 but began providing services in 2020. Quotex is a relatively new broker in an already populated industry. Coming into the industry this late can have its challenges. Quotex started off as a platform to trade binary options. They soon expanded to provide their clients with other assets such as forex, crypto, commodities, and indices. Quotex is owned by the parent company Awesomo Ltd and is based off-shore in Seychelles. Being based offshore has definitely helped them be able to provide certain assets to their clients that some onshore brokers cannot due to being less regulated.
Founded in 2019, Quotex is an online investing platform that provides an intuitive platform for trading and investing on a range of financial instruments.
Quotex provide a modern platform that is easy to navigate, helping to ensure a seamless online investing environment for all investors regardless of their experience level. They have reasonably competitive trading conditions including demo trading accounts and a low minimum deposit requirement. However, the lack of broker regulation may be a concern for some potential investors whereas the Quotex services are not available in a number of countries, including USA, Canada, Hong Kong, Germany and Spain.
- $10 minimum deposit requirement
- No deposit or withdrawal fees
- 24/7 live chat support availability
- Offers a demo trading account
- No inactivity fees
- Not regulated by any tier-one regulatory body
- No additional trading tools
- Does not provide any educational resources for beginners
- Cannot accept clients from a range of countries
- No individual stocks
- No Islamic accounts
Quotex offers a wide variety of financial assets up for trading for their clients. They are able to do so because they’re based offshore in Seychelles. Brokers who are based offshore are not usually regulated by any top-tier regulatory body. Due to not being properly regulated, they’re able to get away with offering their clients more risky and exotic financial assets which wouldn’t otherwise be easily found elsewhere. Quotex offers about 30 different forex pairs to their clients. They offer all the major cryptocurrencies including, but not limited to, Bitcoin, Litecoin, Ethereum etc. They offer a wide range of commodities such as Gold, Silver, Oil etc. They even offer some of the top indices including Dow Jones and US100.
Quotex Instruments Summary
Commission and Spread Fees
Quotex has a pretty tricky set up going on in terms of trading accounts being offered. You would assume that each of these trading accounts would have their own commission and spread rates but they all offer the same thing. Quotex offers three different account types: Standard, Pro, and VIP. Now what’s the difference between these accounts you may ask? Well, as you go higher up in the account type, you’ll have a greater percentage pay out. Quotex does not charge a commission on any of these account types. They do however have variable spreads on each of them that begin at 1 pip.
To open a Standard account, you’ll need to make a minimum deposit of just $10. This account is catered towards the beginners who want to start trading with minimum investment. To open a Pro account, you’ll need to make a minimum deposit of $1000. This is already out of the comfort zone of most traders. For a VIP account, you’ll need to make a minimum deposit of $5000. This is reserved for long-term Quotex clients who are looking to work with Quotex for the maximum benefits. As an overview, their Standard account is what we recommend so you can get a good idea of what it feels to trade with this broker before making any large investments.
|Commission (per standard lot per side)||$0||$0||$0|
Deposit and Withdrawal Fees
Quotex does not charge any fees on deposits and withdrawals. Although it may seem like they’re losing due to doing this, it is a great marketing tactic to attract new clients. Although Quotex themselves don’t charge any fees on withdrawals, your withdrawal provider may still charge you with a certain amount or percentage. We therefore recommend double checking with your withdrawal provider what their fees are for each withdrawal.
Quotex does not charge any fees on inactivity. As discussed previously, this comes to their advantage as they need attract new clients to invest with their platform. By charging an inactivity fee, they would miss the opportunity of having seasonal clients who only trade during certain times of the year when the market meets their requirements.
Unlike most brokers in the industry, Quotex does not offer its services on the MetaTrader 4 and MetaTrader 5 platforms. These are the most popular trading platforms in the industry. Many traders open an account with brokers who are available on these platforms. By not being on these platforms, Quotex could be losing a large number of potential investors.
However, Quotex provides its services on its own proprietary trading platform. This is available on their website which can be viewed on both desktop and mobile. Their applications are customized to be perfect for trading binary options. However, they do also offer other financial assets up for trading on these platforms. Below will give you a better idea of where Quotex is available, and more importantly, where it is not.
Quotex Platforms Summary
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|MetaTrader 5 (MT5)||x|
Quotex does not offer any educational resources to its clients. This is not great considering that there’s a huge audience of beginner traders who would’ve probably benefitted if they offered additional support. In terms of trading tools, there are some available to help with market analysis and informed trading decisions. Following are some trading tools and resources being offered by Quotex:
Quotex has its own channel on Telegram where they provide their clients with regular updates regarding any important changes to the platform. They even provide their clients with regular forecasts to aid them in placing their positions. Quotex also gives updates on any major event occurring around the world that may impact the forex markets. Overall, this channel is extremely useful in being one step ahead of the market.
Quotex provides trading signals on their web platform. These signals were originally only available for binary options but they soon expanded it to make it available for other financial assets such as forex pairs, cryptocurrencies, commodities, and indices. We would be cautious with trading signals as they cannot be guaranteed. You should always do your own market research first before trusting the positions being recommended by trading signals.
Quotex currently provides 29 trading indicators on their web platform. These include 11 trend indicators and 18 oscillators. Indicators are AI-backed data analysers which analyse the market trends and provide you with possible trade ideas moving forward.
Quotex Research and Education Summary
Quotex offers all methods of deposits and withdrawals for their clients, so long as it is an approved payment method in their country of residence. These include bank wire transfers, credit card payments, e-wallets, and crypto wallets. Quotex does not charge any fees on deposits and withdrawals but the withdrawal provider may charge a fee of their own. Deposits are usually instant but withdrawals can take anywhere between a few hours to a week, depending on the withdrawal method chosen.
Quotex Funding Summary
Quotex is not regulated by any tier-one regulatory body or by any other tier-two or tier-three bodies. They are an off-shore broker and are only regulated by the International Financial Market Relations Regulatory Centre (IFMRC).
Quotex Regulation Summary
|SFC (Hong Kong)||x|
To some clients, lack of Quotex regulation may be seen as a plus point as they’re able to offer a lot more financial assets up for trading due to not being heavily regulated. Others may view this as a disadvantage because there may not be the same protection as you could get from a regulated broker.
Quotex offers 24/7 live chat support for all their clients. This is available on their web platform and is open for about 20 different languages. They’re doing this in order to cater to the international community of traders worldwide. They even offer email support for clients with less urgent requests. Unfortunately, Quotex does not offer phone support at the moment.
Quotex are an unregulated broker which means they are able to provide certain financial instruments and trading conditions that a regulated broker may not be able to. They have a variety of account types including demo accounts and allow you to get started with a small minimum deposit if you wish to try out their products and services. They don’t provide the popular MetaTrader platforms but do have a modern proprietary platform. We believe that they could also improve their services by providing more educational resources and in-depth market analysis tools.