Quotex Review – A Detailed Look at its Features, Pros, and Cons

9 mins well spent

If you trade FOREX and cryptocurrencies, you will need a trusted partner to ensure your assets are safe and you get the best results. Many online platforms offer excellent services, but you must be sure of the ones with top profits and margins.

We have put together this Quotex review, especially for those looking to open an account with the platform. Follow this guide to learn more about the platform, its key features, and whether it suits your trading needs.

What Is Quotex?

Quotex, based in Seychelles, is a digital options trading platform that provides various trading tools and assets. It’s accessible through an app and web platform designed to be user-friendly and intuitive. Think of it as a broker that offers binary and digital options for stock trading, cryptocurrencies, commodities, currencies, and more.

Since it is an online platform, users can easily access it anywhere but must register before using it. New users must deposit a minimum amount of $10. They also have the chance to receive a joining bonus and can access a free demo account with virtual funds of up to $10,000. Unlike similar platforms, Quotex offers traders live price charts and various data graphs. Users can tweak and change the nine indicators that show the pricing charts with customizable indicators and drawing tools.

They can hide or display indicator names and personal details without affecting personal markup on the charts. The charts are also customizable because users can upload profile pictures, change names, or tweak the background images. One of the best parts of the platform is that the dashboard shows the top 20 earners for each day with many market signals.

Users can see details on trades, entry and exit prices, and market opening and closing prices at one glance. In other words, it is a platform with a wide range of features, incorporating various key aspects of top asset trading platforms in one place for an easier and smoother experience. Click here to learn more about the Quotex profile.

Key Features

• User-Friendly Interface
• Advanced Charting and Technical Analysis Tools
• Automated Trading
• Diverse Asset Selection
• Trading Options
• Risk Management Strategies
• Social Trading
• Mobile Trading
• Demo Account
• Trading Signals and Market News
• Affordable Minimum Deposit

Pros and Cons of Using the Quotex Trading Platform

Quotex has perks and a few downsides that users must consider before trading on the platform. The following section breaks it down for easy understanding at a glance.

Is Quotex Regulated and Safe for Trading?

Gone are the days when traders had to go to a physical office or a broker to check the status of their investments. Everyone can now access vital information online because of the advent of online platforms like Quotex. However, it also means many fraudulent companies take advantage of this technological leap to scam honest traders of their hard-earned money.

Fortunately, you can verify whether any trading platform is legitimate and safe. One quick way to verify is to check its license with a recognizable financial institution. Although Quotex is not regulated, it is not a standalone platform. It is owned and run by Awesomo LTD, a company that is a member of the International Financial Market Relations Regulations Center (IFMRRC).

That means the platform is relatively safe to use for asset trading. However, because of its lack of regulation, some countries like Canada, the EU, the U.S.A., and Russia have limited or banned activities.

What Are Quotex’s Trading Conditions and Fees?

You must register with the platform before trading its instruments. While there is no registration or deposit fee, Quotex requires a minimum deposit of $10 for every new trader. One of the best benefits of using the platform is that it requires no withdrawal fee, regardless of the amount you withdraw. It also has no fees or charges for inactivity, even if you do not use your account for months.

Quotex does not take a commission on trades, which makes it suitable for those with minimal assets.  In addition, it charges no market data fee, overnight fee, digital options trades fee, and currency conversion fee. Simply put, the platform does not charge trading or usage fees, making it ideal for users looking to maximize their profits.

How Much Can You Potentially Earn as a Quotex Trader?

You can earn up to $1,000 on Quotex if you know the steps to make it happen and more if you become experienced and regularly trade. Traders must adhere to some guidelines, such as a basic knowledge and understanding of the financial market. Nobody earns from the platform without knowing how the market works. They must also learn the best risk management strategies and build their experience through constant trading.

The demo account is one way to build your experience and portfolio. Practice as regularly as possible until you can confidently use it without thinking about it. The better your trading skills become, the higher your earning potential on Quotex. Once you achieve a dependable level of expertise, go through the available trading instruments on the platform and choose your preferred ones.

Select suitable time frames and indicators to help your focus. Regularly study trading tactics to build your expertise. You can also research and find the best expert traders on Quotex to copy their trades. Follow them as closely as possible and be willing and ready to open trades following their plans. Additionally, consider entering contests and participating in promotions; these are two avenues to increase your income on the platform.

Affiliate marketing is another way to earn good money from Quotex, although it is non-trading. A successful Quotex affiliate marketer can earn up to 80% of the trading fees and 7% of the trading volume for every customer they bring into the program. That is substantial income if you bring enthusiastic and regularly heavy traders.

Quotex Bonuses and Key Features

As mentioned, Quotex is not a regular asset trading platform because of its unique features. One of them is the bonus system which offers different bonuses to traders. The bonuses aim to encourage traders and give them better incentives to use the platform. They can use the bonuses to trade various assets, including FOREX, crypto, and stocks.

Deposit Bonus: This bonus is for users who have newly signed up for the platform and are opening an account with a minimum of $100. They get a 30% deposit bonus for trading but cannot withdraw it.

Promo Codes: Another bonus is the Quotex promo code. Users can access bonuses through the Quotex promo code to gain benefits not typically available to other users. These benefits include deposit bonuses and cashback offers. Note that bonuses through promo codes are available only to those who regularly and actively trade on the platform.

Risk-free Trade Bonus: This bonus is for verified users who provide feedback or write a review about the brand online. The bonus is a promo code that cancels any $3 loss on trades, reducing losses on the platform. Traders can use it to save money, especially when trading large assets.

Cashback Bonus: If you have a valid promo code and certificate and lose some money during trading, the bonus entitles you to get a percentage of the lost money back. The money goes back to your account, and you can withdraw or use it for trading.

Balance Bonus: This incentive allows you to transfer your bonus money to your account without wagering it. There are no usage restrictions or conditions; you can withdraw the money once you transfer it to your balance.

Percentage of Turnover Bonus: This bonus allows you to get back some of the money you spent on open contracts. You must have received a secret code from Quotex for the bonus to work. Go to the market page and enter the code into the promotion field to get the refund. Note that the refund depends on specific terms.

Quotex Trading Platform: How It Works

The platform is easy to use because of its user-friendly interface. As mentioned, it is an online platform for digital options trading; digital options refer to trades that depend on price fluctuations with fixed costs and outcomes. With more than 410 assets to trade, there is no limit to what traders can do on the platform.

It operates on the web and through a mobile app so that clients can easily access their charts on the move and make adjustments where necessary. In other words, you can use the web-based option to avoid downloading it on your mobile device or download the app and quickly open it while on the go. You can trade crypto, forex, indices like S&P 500, commodities, and other assets. The trading expiry duration can be short.

However, they are diverse and customizable. Therefore, depending on the preferred selection, you will find a duration as short as one minute, two minutes, and five minutes or as long as one hour, day, month, or longer. The platform has a demonstration, or demo account for short, to help newbies learn the ropes and how to trade successfully using various trading plans.

Quotex also provides market news and videos to guide all customers. The simple steps to registering and using Quotex are:

1. Open a free account within a few minutes.
2. You can check the demo account and practice with it to understand what to do. You can also read the training materials available on the site.
3. Deposit $10 or more to start trading using the available instruments.

How to Open and Verify a Quotex Account

To open an account with Quotex, you must sign up. Open the official website or use the app on your mobile device. Enter your country or region of residence, the currency you plan to trade in, your email address, and your password. Sign up after confirming you are above 18 and not a citizen of the United States for tax purposes.

Once done, the next page is the dashboard, with a chart with live reports. The panel to the left of the page contains all the information required to get started before depositing money

To verify your account, provide identification details to personalize and secure it. Upload a valid ID, such as an international passport, a driver’s license, or any other valid and internationally accepted ID. You must also take a selfie to identify yourself and prove your current residential address.

Once you have done this, give the inspection team time to verify the details and ID; this may take a few business days. You will see your account with a ‘verified’ badge as proof of verification.

Quotex Payment Methods for Deposits and Withdrawals

The platform allows direct bank transfers to deposit the minimum amount into your account. While your bank may deduct transfer charges, Quotex does not charge deposit fees. In addition to bank transfers, you can deposit into your Quotex account through debit or credit cards, cryptocurrencies, or payment apps. The platform makes it easy to transact because it accepts diverse transaction methods.

You can withdraw money from Quotex using various methods, such as bank transfers, crypto, and card withdrawals; the cards include MasterCard and Visa. You can also use electronic payment systems such as Piastix and Perfect Money. Quotex does not charge withdrawal fees, but payment systems may charge for withdrawals. This resource https://cryptonews.net/ explains the details of withdrawing from the broker.

Quotex Customer Support Availability

The broker provides excellent, round-the-clock customer support through social media platforms like Twitter (X), Instagram, Facebook, and Telegram. It also supports clients through emails and a ticket support system.

However, it does not provide phone and chat support, which may be restrictive for many users, especially those who do not use social media platforms or do not regularly check emails. Still, the support is readily available for traders since it is vital for people in that sector.

Wrapping Up

Quotex is a trading platform with hundreds of assets and trading instruments. It is a web-based and mobile app platform accessible to anyone within the trading zones. While it is unregulated, it is safe because its parent company is a member of the IFMRRC. Quotex has no trade, deposit, withdrawal, or any hidden charges.

The minimum deposit of $10 makes it easy for anyone to use, and the bonus system provides avenues for earning and maximizing profits. However, always research trading platforms before committing time and resources to ensure they are legitimate and capable of handling your assets.