Quotex Broker Review

Quotex has carved out a niche in the online trading market by offering a simplified way to speculate on the direction of financial instruments. With promises of high-speed execution, user-friendly design, and up to 95% return per successful trade, the platform attracts a wide range of users — particularly newcomers to digital options. But beneath the slick interface lies a concerning reality. This report examines Quotex’s operational model, licensing status, user feedback, and global regulatory attention to determine whether this broker is trustworthy — or simply another player in the high-risk binary options space.

Platform Overview: What Is Quotex?

Launched around 2019–2020, Quotex operates as a digital options platform (commonly grouped with binary options). The core product allows users to predict whether the price of a given asset (forex pair, stock, crypto, etc.) will move up or down within a short timeframe — typically 1 to 60 minutes. Users either win a fixed return or lose the full amount invested.

Unlike CFD or spot trading, Quotex’s model is non-market-based, meaning traders are essentially betting against the platform itself — a model known to produce conflicts of interest when unregulated.

Ownership and Legal Registration: Who Operates Quotex?

Publicly available records and disclaimers across Quotex’s websites have linked the platform to several offshore companies:

• Maxbit LLC – registered in Saint Vincent and the Grenadines
  
• Awesomo Ltd – registered in Seychelles
  
• ON SPOT LLC Group – registered in Saint Kitts and Nevis
  

The shift in legal entities over time — from Maxbit to Awesomo to ON SPOT — raises red flags about continuity, transparency, and accountability. None of these entities are subject to rigorous financial oversight.

Additionally, no license or regulation by any Tier-1 or Tier-2 regulatory authority (such as FCA, ASIC, CySEC, or NFA) has been disclosed. Quotex also has no listed headquarters in any major financial center, and its legal framework appears deliberately fragmented.

Regulatory Status: Sanctions and Warnings Worldwide

While Quotex has never held a credible brokerage license, it has received official warnings and bans from financial authorities across the globe. Here are the most significant actions:

• Spain (CNMV): Warned in 2021 that Quotex was operating without authorization.
  
• Italy (CONSOB): Ordered ISPs to block access to the Quotex domain.
  
• Portugal (CMVM): Issued a prohibition notice, calling out Quotex for unlicensed financial activity.
  
• India (RBI): Included Quotex in its public “Alert List” in 2024 for offering illegal forex products.
  
• Russia: The Central Bank of Russia and other authorities blacklisted the company and added its domains to national blocklists.
  

Such repeated interventions suggest a pattern of non-compliance and jurisdictional evasion rather than isolated misunderstandings.

User Experience: Widespread Complaints and Financial Losses

Despite a polished user interface and aggressive marketing, the user experience reported by traders tells a different story. Key complaint categories include:

1. Account Freezes and Denied Withdrawals

A significant volume of complaints centers on frozen accounts and withheld profits. Several users reported that once they achieved a large profit or requested substantial withdrawals, their accounts were either disabled or subjected to arbitrary verification demands. In some cases, even when the identity check was completed, the accounts were never reinstated, and funds were forfeited.

2. Price Discrepancies and Trade Manipulation

Traders across multiple forums have documented suspicious price movements on the platform. These incidents involve candles moving unnaturally right before expiration, allowing Quotex to flip a winning trade into a loss. Since Quotex operates a closed system (quotes are not transparently sourced from third-party liquidity providers), it is impossible to verify pricing integrity.

3. Affiliate Payout Issues

Affiliate marketers — another revenue channel for the company — also share grievances. Some report that after months of sending traffic and generating commissions, they were suddenly banned or flagged for “fraud,” with earnings frozen. Such cases mirror what happens to profitable traders — success often results in account sanctions.

Domain Strategy and Operational Evasion

One characteristic of shady brokers is domain rotation — a tactic to avoid blacklisting and continue operating in restricted markets. Quotex is known to employ this strategy actively. When a domain like quotex.com or quotex.io is banned, the company launches mirrors and alternates like qxbroker.com or quotex-trade.io, making enforcement harder for regulators and allowing them to operate under the radar.

Moreover, its websites often omit legally required corporate disclosures such as responsible officers, business registration details, or regulatory status, especially in jurisdictions like Germany where an Impressum is mandatory.

Pseudo-Regulation and Expired Certificates

For a time, Quotex advertised its registration with the IFMRRC — the International Financial Market Relations Regulation Center. However, this is not a real regulator recognized by any government. Rather, it is a self-styled “organization” with no enforcement power, known for handing out certificates in exchange for fees.

Even this flimsy certification expired in 2021 and was never renewed. Since then, Quotex has operated in a completely unregulated state — a serious red flag for any financial services provider.

Payment Systems and Risk Exposure

Another concern lies in the payment infrastructure used by Quotex. The platform relies heavily on crypto deposits, e-wallets, and alternative processors such as:

• Perfect Money
  
• Piastrix
  
• Onepayways
  

These systems are commonly found among offshore brokers with no formal banking relationships. While crypto enables fast transactions, it also eliminates the chance of chargebacks or dispute resolution.

For credit card users, chargeback attempts may work only within a narrow timeframe and depend heavily on local consumer protection laws.

Community Warnings and Independent Analysis

Across Reddit, Trustpilot, Forex Peace Army, and local language forums, dozens of users have described negative experiences. While some reviews are positive — likely due to early-stage withdrawal success or affiliate incentives — the general trend shows increasing dissatisfaction over time.

Financial blogs and consumer protection websites have dissected Quotex’s business model and concluded that it is fundamentally designed to extract value from users rather than offer a fair trading experience. The comparison to a digital casino with worse odds is commonly made.

Summary: Should You Trust Quotex?

No. Based on all available evidence, Quotex demonstrates the hallmarks of a high-risk, unregulated brokerage operating on the margins of legality.

Major Concerns:

• No valid license or regulation
  
• Multiple government warnings and bans
  
• Alleged manipulation of prices
  
• Routine blocking of profitable clients
  
• Offshore registration in opaque jurisdictions
  
• Lack of transparency and accountability
  
• Pseudo-regulatory claims via IFMRRC
  
• History of affiliate and client payout denials
  

Final Judgment:

Quotex is not a reliable or legitimate trading platform. It poses significant risks to investors — not just through market volatility, but through platform-level manipulation, lack of legal recourse, and high potential for financial loss.

Recommendation: Avoid using Quotex and similar binary options platforms. If you’ve deposited funds or experienced issues, consult with a financial recovery expert and report the broker to your national regulator.