QUOTEX REVIEW: PROS & CONS
Have you come across Quotex and are curious to know if it’s the right platform for your trading needs?
In this review, we will delve into the intricate details of Quotex’s features and benefits. We understand that as a binary options trader, you seek simplicity and speed in your trading platform. By the end of this review, you’ll have a clear picture of whether Quotex aligns with your trading goals and expectations.
Last Update:
27.6.24
INDEX
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Operar en Forex e instrumentos financieros apalancados implica un riesgo significativo y puede resultar en la pérdida de su capital invertido. No debe invertir más de lo que puede permitirse perder, y debe asegurarse de comprender completamente los riesgos involucrados. La negociación de los productos apalancados puede ser no adecuada para algunos inversores. Operación con los productos no apalancados, como las acciones, también implica un riesgo, ya que el valor de una acción puede subir o bajar, lo que podría significar que va a recibir una cantidad que es menos de lo que ha invertido originalmente.
BASIC INFO
Did an online ad for Quotex catch your eye? You’re not alone. In the world of binary options trading, finding a platform that truly meets your needs can be a game-changer. Quotex stands out for its simplicity and speed Whether you're dealing with Forex currency pairs, commodities like gold and oil, major indices, or shares, Quotex offers a seamless and intuitive trading environment.
Operated by ON SPOT LLC and registered in St. Kitts and Nevis, Quotex' quick and easy registration process, combined with an intuitive platform, means you can start trading without any hassle.
Binary options trading is a straightforward way of speculating on the price movement of various financial assets. Unlike traditional trading, where you buy and sell assets directly, binary options allow you to predict whether the price of an asset will go up or down within a specified time frame.
Operar en Forex e instrumentos financieros apalancados implica un riesgo significativo y puede resultar en la pérdida de su capital invertido. No debe invertir más de lo que puede permitirse perder, y debe asegurarse de comprender completamente los riesgos involucrados. La negociación de los productos apalancados puede ser no adecuada para algunos inversores. Operación con los productos no apalancados, como las acciones, también implica un riesgo, ya que el valor de una acción puede subir o bajar, lo que podría significar que va a recibir una cantidad que es menos de lo que ha invertido originalmente.
PROS & CONS
PROS
Fast Registration Process
This platform offers a simple and straightforward registration process, allowing users to quickly create an account and start trading without unnecessary complications.
No Account Verification
This platform does not require account verification, allowing users to start trading without the need to go through a verification process.
Crypto Funding
This platform supports funding with cryptocurrencies, allowing users to deposit and withdraw funds using various cryptocurrencies as a payment method.
CONS
Unregulated
This platform is not regulated by any credible government agency, which means it may not operate in compliance with industry standards and regulations. The lack of regulation poses potential risks and uncertainties for traders, as there are no specific rules and guidelines in place to protect their interests.
Poor Customer Support
This trading platform offers limited customer support, leading to delays in resolving issues or inadequate assistance for traders. With subpar customer support, traders may face challenges in getting timely responses to their inquiries, resolving technical difficulties, or receiving necessary guidance.
Limited Assets
This trading platform offers limited trading assets, restricting traders' access to a diverse range of financial instruments. With a limited selection of stocks, ETFs, or other assets, traders may have fewer opportunities to diversify their portfolios or capitalize on specific market trends, potentially limiting their potential for profits.
Lack of Educational Resources
This trading platform lacks comprehensive educational resources, making it challenging for traders to access valuable learning materials and enhance their trading knowledge. Without access to educational resources, traders may struggle to understand complex trading concepts, strategies, or market analysis, limiting their ability to make informed trading decisions.
Unreliable Trading Execution
This trading platform suffers from unreliable trading execution, leading to delays, order errors, or other execution-related issues. Traders may experience difficulties in executing trades as desired, resulting in missed opportunities or unfavorable trade outcomes. The platform's lack of reliability in trade execution can significantly impact a trader's ability to achieve desired results.
APPS
QUOTEX APP
Mobile platform by Quotex. Provides tools for binary options trading.
The Quotex app offers a sleek and user-friendly interface.
Upon logging in, users are greeted with a clean and organized dashboard that provides quick access to essential features. The main screen displays a real-time chart of the selected financial asset, with options to switch between different assets seamlessly.
ACCOUNT OPENING
How to Open a Trading Account with Quotex
Opening a trading account is a process that involves several key steps to ensure both your trading needs and the broker's regulatory requirements are met. Below, we describe the process in detailed steps:
Visit the Quotex Website: Access the official website (found in the index of this review). Look for the option to open a new trading account, which is usually clearly indicated on the main page.
Complete the Registration Form: Provide your details, including name, address, email, and phone number. Additional information about your trading experience, employment, and financial situation may be requested depending on the broker's need to know you better as a client.
Identity Verification: Upload documents to verify your identity and residence. This generally includes a photo ID (passport or identification document) and a proof of address (utility bill or bank statement).Set Up Your Trading Account: Configure aspects of your account, such as currency type, leverage, and, in some cases, trading preferences.
Deposit Funds: Make an initial deposit using one of the payment methods accepted by the broker (We detail the alternatives later).
Access the Trading Platform: Download and install the trading platform. Log in with your account details.
Practice with a Demo Account (Optional): Practicing trading with virtual funds before risking real money means you won't be surprised when using real money.
Start Trading: Once your account is set up and funded, you can start trading.
How Do I Deposit on Quotex?
Once you have decided how much to deposit and which method to use, making the deposit is straightforward and quick. Follow these steps:
Use this link for a fast deposit, which gives it priority.
Open the trading execution screen and click on the green "Deposit" button in the upper right corner of the tab. You can also deposit into the account through your account by clicking the "Deposit" button on the account profile.
Upon doing so, select a payment method. Quotex offers many convenient methods available to the customer; these are displayed in the personal account.
Next, indicate the currency in which the account will be deposited and, consequently, the account's currency.
Enter the deposit amount.
Complete the form by entering the requested payment details and making the payment.
The minimum deposit is 10 US dollars (or the equivalent in the currency you have chosen as the base).
Available Payment Methods on Quotex
Although it depends on where you are based, the app offers the following alternatives:
Visa or MasterCard Credit Cards: The deposit is applied immediately, making it one of the best ways to fund your trading account.
Electronic Wallets: Secondary methods depend on your country of residence; however, you may use Perfect Money or AdvCash.
Cryptocurrencies: Quotex allows cryptocurrency deposits using Bitcoin, Ethereum, Litecoin, Ripple, or USDT.
Does Quotex Charge a Commission for Depositing?
No. The company does not charge any fee for deposits or withdrawals. However, it's important to note that payment systems may charge their fee and use their internal conversion rate.
Deposit & Withdrawal Methods
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ASSETS & SERVICES
Quotex is a competitive choice for traders interested in binary options trading. It offers a varied selection of financial assets for trading, including:
Currency Pairs (Forex): Quotex provides the opportunity to trade on the fluctuations of currency exchange rates, with a selection of major and exotic pairs such as EUR/USD, GBP/JPY, and USD/JPY, among others.
Stocks (OTC): Traders can engage with CFDs on stocks from well-known companies, allowing investment in the performance of corporations like Apple, Amazon, Microsoft, and many more, all traded over the counter.
Stock Indices: Users can speculate on the aggregated performance of stocks with indices like the S&P 500, FTSE 100, and DAX, which represent a collection of companies on specific stock exchanges, providing a broad market exposure.
Commodities: The platform offers commodities trading in assets such as gold, silver, and oil, which are highly impacted by economic and geopolitical events and are often sought after for diversification.
REGULATION
N/A
Unregulated
Real User Reviews on Quotex
Quotex has received generally positive feedback from users across several review platforms. Many users have praised Quotex for its user-friendly interface, the range of trading tools, and the quick and responsive mobile app for Android devices. Traders appreciate the platform for its various chart types, technical analysis tools, and social trading features, which allow them to follow and copy successful traders. Updated market news and demo account availability are also highlighted as beneficial features.
The demo account provided by Quotex, which comes with a virtual balance of $10,000, is considered useful for learning and practising trading strategies. However, some users noted that the virtual bankroll is lower than other platforms, which may offer more virtual funds for practice.
Regarding education, Quotex doesn't offer a vast array of learning resources. The platform mainly provides a FAQ section, and while there is a demo account available, there are no detailed tutorials, videos, webinars, or articles explaining digital options trading concepts and strategies. This may make the platform less suitable for beginners who require more comprehensive educational support.
Regarding fees, Quotex does not charge fees for deposits and withdrawals, which the users rate positively.
One potential concern is the regulatory status of Quotex. While the platform is a member of the International Financial Market Relations Regulation Centre (IFMRRC), it is not regulated at the state level in any country, which may limit its activities or even lead to a ban in certain jurisdictions.
In conclusion, Quotex seems to be a legitimate trading platform that is well-received by its user base for its functionality and ease of use. However, potential users should be aware of the platform's educational resources and regulatory status limitations and weigh these against the platform's advantages before deciding to trade on Quotex.