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.
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.
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.
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 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.
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, in case you are willing to trade binary options on an unregulated but reputable broker, the Quotex broker is an optimal choice.
You can use this link to register on the Quotex trading platform.