One of the most essential steps in trading binary options is choosing a suitable broker. Quotex is one of the best brokers for binary options trading. It is known as the “platform for everyone,” as it serves traders from almost any country around the globe. In this article, we aim to provide a comprehensive Quotex review.
First, we begin by introducing the binary options broker. We will also provide a general overview. Then, we move on to analyze how the Quotex trading platform works. We also present what other traders say about their Quotex experience. Finally, we recap this Quotex review by listing the potential benefits and drawbacks of trading on Quotex.
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What is Quotex?
Quotex, founded in 2019, is a binary options trading platform. It aims to provide a high-quality experience for binary traders. Talking about the Quotex users, the platform serves a diverse audience worldwide. The Quotex team comprises a team of experienced developers, most of whom have over a decade of experience in this field. As they claim, they are consistently learning and improving their services. Their ultimate goal is to maximize customer satisfaction.
Quotex trading app offers 400 free tools to users for trading various assets. Quotex supports diverse asset classes for trading. These include currencies, stocks, precious metals, oil, gas, and even cryptocurrencies. You name it, they’ve got it.
The platform seems transparent and technologically advanced. Thus, it is attractive to most binary options traders. Intuitive user interface and minimal latency are very much emphasized by Quotex. They also offer 24/7 customer support to assist their users and address any potential issues.
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Quotex Trading Platform Review: How Does it Work?
Quotex offers the “high/low” (or “up/down”) type of binary option. In this type of option, you should speculate whether the price of the underlying asset will be higher or lower than your strike price at expiry. If you are right, you will earn a fraction of your initial investment as profit. But, if you are wrong, you will lose the whole investment.
If you want to learn what binary options are, check out our Beginner’s Guide to Binary Options Trading.
Quotex Trading Platform Overview
Upon opening a Quotex demo account or a real one, you will be directed to their web trading platform. This platform consists of various sections that we will review below.
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First and foremost, the most essential part of the platform is the price chart. Quotes provide a beautiful chart for users to analyze.
On the right side of the screen, there is a sidebar menu that allows you to carry out various operations. On the top, there are two buttons for making deposits and withdrawals from your account.
Moving down, there is the trade execution panel where you can make an instant or pending order. You should specify your investment amount and expiration duration. Finally, you must select whether you expect the price to move up or down. Your order will then be placed (or executed if it is a market order).
On the lower part of the sidebar, you have the history section. Here, you can view your previous or open trades and orders.
On the left-hand side of the chart, you have the option to select the asset class and the pair you are willing to trade. The asset classes include currencies, cryptos, commodities, and stocks (also stock indices).
You can also access customer support, full history reports, and other parts of the platform through the sidebar menu on the left.
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Binary Options Trade Example on Quotex App
Suppose you want to execute a binary options trade on the Quotex trading platform. Obviously, you should first choose the pair you want to trade. In this example, we are going to trade EURUSD. After that, you should follow these steps:
1. You should decide if you want to immediately execute the trade at the current market price or set an order for a specific price quote. Note that the price at which you open the position will also be your strike price. So, decide based on proper analysis.
2. Based on your forecast, you should choose your preferred expiry duration. It specifies when the binary option contract expires.
3. You should enter the investment amount you will make according to your preferences. This will not only determine your profit but also your risk, as you will lose it all if you are wrong. Moreover, take note of your trade’s profit ratio.
Press either the “Up” or “Down” button based on your anticipated direction of price action. Remember that you will enter the position (or place an order) after pressing either.
Now, you are in the trade. You should wait for the time to run out. At expiry, you will either win and gain the predetermined amount or lose your initial investment if you are wrong. Sometimes, you can close the trade earlier for a marginal profit.
This particular trade was closed in profit, and you have gained $880 (plus the $1,000 initial investment).
To test the trading platform yourself, you can create a free demo account on the Quotex website. For more information on how you can create and use a binary options demo account on Quotex, click here:
Quotex Signals Review
As already evident, Quotex is one of the best binary options brokers. Yet, it also offers a useful signals service that equips traders on its online platform. Quotex signals offer valuable insights and alerts about potential binary options trading opportunities.
These signals are created by either expert traders or advanced algorithms. They are delivered directly to users’ accounts via email or SMS. Traders can register on the Quotex trading app and select specific assets for which they want to receive signals.
The primary objective of the Quotex signals service is to simplify the trading process. It provides binary traders with time-saving advantages. Offering pre-analyzed signals allows traders to avoid the need for extensive chart analysis. Moreover, Quotex signals aid in mitigating emotional decision-making.
Quotex signals are available as a complimentary service. They offer traders access to professional signals and algorithms without any cost. To use this valuable resource, you can easily sign up on Quotex and begin utilizing their free signals.
If you are looking for other signal providers, check out the best binary options signals services in 2024.
Quotex Deposits, Withdrawals, and Fees
To provide a complete Quotex review, we also need to take a look at deposits, withdrawals, and fees. In this section, we analyze these topics extensively.
How to Deposit Money on Quotex?
Depositing money on Quotex is a straightforward process. It is designed to provide traders with ease and convenience. By following this step-by-step guide, users can navigate through the deposit process.
First, access the deposit window through the Quotex login page to begin the process. Next, you are presented with various Quotex deposit methods. These include bank transfers, debit/credit cards, payment apps, and cryptocurrencies. This allows you to choose the best payment method that suits your preferences.
Once the Quotex payment method is selected, you should move on to the next step: Entering the deposit amount. The Quotex minimum deposit amount is $10. You can provide accurate payment details in a form that appears. This ensures a smooth and error-free transaction process.
After completing the necessary information, click “Pay” to finalize the deposit. It deducts the specified amount from your account. You can verify the deposit’s status by entering your account via the Quotex login page and the balance. Typically, the funds are accessible within minutes of the transaction.
How to Withdraw Money from Quotex?
Withdrawing money from Quotex is also a clear process. First, you need to access your account via the Quotex login page on the website or the Quotex app on mobile. Once logged in, you should navigate to the withdrawal section. The Quotex withdrawal section is found in the account settings or banking area.
In the Quotex withdrawal page, you are presented with various withdrawal methods to choose from. Quotex withdrawal methods include bank transfers, e-wallets, debit/credit cards, and cryptocurrencies. This allows you to select the option that is suitable for you.
After choosing the preferred payment method, you need to determine the amount of money you wish to withdraw from Quotex. It is essential to consider the Quotex minimum withdrawal requirements or fees for the selected method. Quotex minimum withdrawal is typically $10, except for Bitcoin, which is $50.
Once you enter the withdrawal amount, you must review the transaction details. Make sure that they are accurate before confirming the withdrawal request. Quotex will then process the withdrawal request within a specified timeframe. The time depends on factors such as the withdrawal method and other considerations.
During the process, you may receive updates on the status of your withdrawal via email or Quotex trading app notifications. Upon approval and processing by Quotex, you will receive your funds in your account or wallet. Moreover, should any issues arise, you can seek assistance from Quotex customer support.
How Much Are Quotex Fees?
Quotex does not charge any fees on deposits or withdrawals. Thus, it provides a clear advantage to its users. This fee-free policy applies to all the Quotex payment methods that are available.
Meanwhile, note that while Quotex does not charge any fees, external entities like banks or payment systems might. These fees usually range from 1 to 5%. So, users must consider potential external costs associated with their chosen payment method.
In general, the Quotex fee structure is designed to prioritize user convenience and affordability. This aligns with its commitment to creating a satisfying binary options trading experience.
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Quotex Reviews from Traders: What Do Users Think?
The best way to find out whether a trading platform is legitimate is to check customer reviews. In case you are wondering, “Is Quotex legit?” this section can provide you with valuable insight.
Quotex Reviews on Trustpilot.com
Average Rating: 4.7/5
The majority of user reviews for Quotex on Trustpilot are positive. They praise the platform for its reliability, fast withdrawals, and deposits. They also appreciate the user-friendly interface and responsive customer support. Users appreciate the consistency between demo and real accounts, allowing for effective practice. Some highlight Quotex as the best platform for forex trading. This is primarily due to favorable withdrawal and deposit processes.
Yet, there are also some negative reviews. People expressed concerns about delayed withdrawals and deposit issues. A few users are also dissatisfied with the platform’s performance and support. One user advises caution, citing questionable practices and inconsistent performance. Yet, based on most Quotex reviews on Trustpilot, the platform is worth giving a shot.
Quotex Reviews on Reviews.IO
Average Rating: 5/5
User reviews of Quotex on Reviews.io share a generally positive view of the platform. Users appreciate the quick and responsive customer support. They also point out diverse asset options for trading and the friendly interface. Positive comments highlight the ease of use, quick trade execution, and useful tools available on the platform. Some users praise the Quotex trading app as one of the best binary trading platforms. They emphasize their favorable experiences with deposit methods, quick withdrawals, and deposit bonuses.
Yet, a few negative reviews raise concerns. These ring alarms about sudden account restrictions, verification issues, and difficulties withdrawing funds. Users also express frustration over account verification changes. They call for more transparent communication from the platform about regional availability. Despite these concerns, most Quotex reviews on Reviews.io portray a positive experience.
Benefits and Drawbacks: Is Quotex Safe?
Quotex offers many advantages to binary options traders. Yet, as with many online trading platforms, drawbacks and risks are included. The most prominent benefits and disadvantages of trading on Quotex are listed below:
Advantages:
- Access to trading various asset classes.
- The intuitive Quotex trading platform is adjusted for trading binary options.
- Helpful customer support.
- Personal accounts are protected with two-factor authentication, thus having high security.
- User verification is required only for large amounts of withdrawal.
- Quotex app provides access to traders from almost all countries around the world.
Disadvantages:
- You do not have negative balance protection.
- You cannot submit a claim or complaint against the broker to any regulator. That is because it is unregulated.
- Clients’ deposits do not take part in the compensation mechanisms.
- Some issues about delayed withdrawals have been submitted by users.
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Is Quotex Legal in US?
Binary options trading is legal in the United States. However, it must be done in a regulated exchange. The Commodity Futures Trading Commission (CFTC) regulates binary options trading in the US. Regulated exchanges provide oversight and enforce rules to protect traders from fraudulent practices.
Yet, it is crucial to note that not all binary options platforms follow US regulations. Platforms like Quotex, which are not regulated by the CFTC, are not accessible to traders in the US. Thus, Quotex is illegal in the US, and American traders cannot use this binary options broker.
While binary options trading offers profit opportunities, unregulated platforms pose significant risks. Traders are vulnerable to scams, manipulation, and unfair practices without regulatory oversight. Regulated exchanges have standards for transparency, capital requirements, and customer protection. These provide a safer binary options trading environment. So, traders in the US need to choose regulated exchanges for binary options trading.
Is Quotex Legal in India?
The Quotex trading app is legal in India. Yet, there are certain important considerations to understand regarding its legality. Quotex is a binary options trading platform that offers access to various financial markets. These include Forex, stocks, commodities, and cryptocurrencies. It is operated by Quotex Services Ltd, a company registered in Seychelles.
Quotex is accessible to traders in India and offers a wide range of binary options trading tools. Yet, it is crucial to recognize that it is not directly regulated by the Securities and Exchange Board of India (SEBI). The SEBI is the primary regulatory authority overseeing trading platforms in India.
In India, all trading platforms are regulated by SEBI to ensure compliance with legal standards and protect investors. Since Quotex is Seychelles-based, it is not directly regulated by SEBI. So, traders should be cautious and aware of the potential risks.
Overall, Quotex is legal in India and may offer attractive features for trading binary options. Yet, it is important for traders to conduct detailed research to understand the risks. They should also consider seeking professional financial advice before engaging with the platform. Moreover, traders should be aware of the rules and stick to applicable tax requirements when using Quotex in India.
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Conclusion
Quotex is one of the best binary options brokers worldwide. It serves binary traders from all around the world. In this Quotex review, we analyzed the trading platform comprehensively. We provided screenshots and explanations of how the platform actually works. We also presented a brief evaluation of user reviews on online forums. These can be insightful for you when making a logical decision to sign up on Quotex or not.
Due to our own experience and those of others, the Quotex app provides a seamless binary trading experience. The online support is also top-notch, with fast, helpful replies. Yet, customers have pointed out a few concerns about withdrawal and deposit issues in Quotex review forums. All in all, if you are willing to trade binary options on an unregulated but reputable broker, the Quotex broker is an optimal choice.
You can use this button to register on the Quotex trading platform:
