Many people’s initial thought when they hear the words “Forex trading” is “it’s a scam.” This is bad because numerous Forex brokers offer a service through which traders can profit. The sector, however, attracts scammers at all levels, from unethical, often unregulated brokers to dubious signal dealers and beyond.
In this piece, we will highlight Traders Union experts’ explanations of what you need to know about the broker’s safety and regulation before opening an account. Is QUOTEX legit or a scam? Can QUOTEX be relied on? Continue reading to learn more.
What is Quotex?
QUOTEX is a well-known international online broker that specializes in binary and digital asset trading. A diverse choice of trading assets and an easy-to-use website and Android app are available. The company was founded in 2019 and is owned and controlled by a Seychelles-based company.
Is Quotex a safe Broker?
While the internet has made it very easy for investors to evaluate the legitimacy of online brokers, the unpleasant reality is that many fraudsters are still waiting to prey on naive investors. There are various ways to determine whether your broker of choice is secure.
According to Traders Union experts, the simplest and most straightforward approach to determine whether a broker is safe is to see if a financial institution licenses them. You could also look at other people’s ratings and reviews.
Awesomo LTD, the firm that owns and operates QUOTEX, is a member of the IFMRRC (International Financial Market Relations Regulation Centre). QUOTEX has a 4.5/5 rating from its consumers and has been described as “reliable and trustworthy” in reviews, among other things. Their app is also “quick, responsive, and user-friendly.”
However, it should be noted that QUOTEX is not regulated at the state level. In this context, its operations may be restricted or prohibited in various nations.
Is Quotex Legit?
The answer to the question is a capital YES. Traders Union experts revealed that the legality of QUOTEX is because the firm that manages it, Awesomo LTD, is registered in Seychelles and is also a member of the IFMRRC (membership number TSRF RU 0395 AA V0161). The worldwide online broker has a solid track record, as indicated by reviews on industry websites such as www.binaryoptions.net.
Is QUOTEX legit in my country?
Traders from all over the world are welcome to become QUOTEX clients. You can trade from anywhere worldwide using your computer or smartphone on their internet platform. Even though no country or territory has officially prohibited QUOTEX from operating, the website is unavailable in the following locations:
- Canada
- The European Union
- Indonesia
- Russia
- USA
Do governments regulate QUOTEX?
Traders Union also revealed that Quotex is not controlled in any nation.
Is Quotex a Scam or Safe?
Traders Union experts explained that the QUOTEX website has several security precautions to guarantee that your private data and money are safe as a trader. SSL encryption is used to protect data transmitted between dealers and the platform. Awesomo Ltd, QUOTEX’s parent firm, is a member of the IFMRRC and serves as a third-party conflict resolution body. IFMRRC safeguards traders’ cash by ensuring they are not held back if QUOTEX experiences a severe financial loss.
Pros of Quotex
- The minimum deposit amount is $10.
- Deposits are free of charge and can be done using a credit card, eWallet, or cryptocurrency.
- The QUOTEX bonus is an appealing incentive on deposits of approximately 30%.
- Multi-options are available in assets such as critical global currencies, commodities such as metals and petroleum, stocks, and cryptocurrencies.
- A simple web interface that allows traders worldwide to trade from their PCs and cellphones.
Cons of Quotex
- Those seeking leveraged investments will be disappointed because QUOTEX does not provide any.
- The deposit bonuses are not redeemable.
- It is not governed at the state level.
