Quotex review is one of the most searched terms in the binary trading community, and for good reason. Since its launch in 2019, Quotex has grown into one of the most recognized binary options brokers worldwide. The platform provides traders with access to more than 400 instruments, spanning forex, stocks, indices, commodities, and cryptocurrencies.
Known for ultra-fast contracts starting at 5 seconds and payouts reaching up to 98%, Quotex is particularly popular among short-term traders looking for quick opportunities. But the question many traders ask is: Is Quotex legit or just another unregulated broker?
In this comprehensive Quotex review, we will cover every aspect of the broker, from platform features and payouts to account funding, security, pros and cons, and top alternatives. By the end, you’ll know if Quotex is the right broker for your trading journey.
Quotex Overview
Founded in 2019, Quotex (also referred to as Quotex.io) is a binary options broker that quickly became known for its user-friendly trading platform and wide selection of assets. Unlike many brokers that overcomplicate trading tools, Quotex keeps things straightforward, making it an excellent choice for both beginners and experienced traders.
Key Highlights of Quotex
- Over 400 trading assets (forex, stocks, indices, commodities, crypto)
- Binary contracts from 5 seconds to 4 hours
- Maximum payouts of 98% (varies by asset and conditions)
- $10 minimum deposit and $1 minimum trade size
- Free demo account with $10,000 virtual balance
- Available on web, Android, and iOS apps
- Flexible funding methods including crypto and e-wallets
Quotex Trading Products
Binary Options Trading
Quotex specializes in binary options contracts, allowing traders to predict whether an asset’s price will move up or down within a set time. Expiries range from ultra-short 5-second trades to longer-term 4-hour contracts. This flexibility attracts intraday traders who thrive on quick opportunities.
Forex Trading
Quotex offers binaries on 20+ currency pairs, including:
- Major pairs: EUR/USD, GBP/USD, USD/JPY
- Minor pairs: AUD/CAD, EUR/GBP
- Exotic pairs: USD/TRY, USD/ZAR
While its forex range is smaller than some competitors, payouts can climb above 80% on major pairs.
Stock Trading
Traders can speculate on popular US stocks such as:
- Facebook (Meta)
- Microsoft
- Pfizer
In addition, Quotex provides access to 10+ global indices, including the Dow Jones, S&P 500, and FTSE 100.
Cryptocurrency Trading
Although limited in selection, Quotex includes leading cryptos like:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
Payouts on cryptocurrencies are higher than average, making it attractive to traders focused on digital assets.
Commodities & Indices
Quotex also covers major commodities like:
- Gold
- Silver
- Oil
And traders can also speculate on indices such as:
- Nasdaq
- FTSE
- Dow Jones
Pros and Cons of Quotex
✅ Pros
- Beginner-Friendly Platform – Simple design with smooth navigation.
- Low Entry Barrier – $10 minimum deposit and $1 minimum trade.
- Wide Asset Range – 400+ instruments across 5 asset classes.
- No Deposit/Withdrawal Fees – Unlike many brokers, Quotex doesn’t charge funding fees.
- Strong Charting Tools – Multiple indicators and timeframes.
- Daily Signals – Built-in trading recommendations.
- Demo Account – Free with $10,000 balance.
❌ Cons
- Unregulated Broker – No oversight from major authorities.
- Limited Education Resources – Few in-depth guides for beginners.
- Weak Customer Support – No live chat, slow responses.
- No Copy Trading – Can’t follow expert traders.
- Restricted Crypto Range – Only a handful of tokens available.
Regulation & Trust
One of the biggest concerns with Quotex is regulation. Here’s the breakdown:
- Quotex was briefly licensed by the International Financial Market Relations Regulation Centre (IFMRRC) in 2020 but let the license expire in 2021.
- As of 2025, Quotex is unregulated, meaning traders do not have the same protections as with brokers overseen by FCA, CySEC, or ASIC.
- On the positive side, Quotex uses SSL encryption, two-step authentication, and email PIN codes for security.
📌 Verdict: Quotex is legitimate but unregulated. Traders should proceed with caution and risk management.
Quotex Accounts & Banking
Live Account
Quotex keeps things simple by offering a single live account type. Registration is smooth – you can even sign up with a Google or Facebook account in minutes.
- Minimum deposit: $10
- Minimum trade: $1
- Account currencies: USD, EUR, GBP, and more
Unlike tiered accounts at competitors like IQCent, Quotex does not offer multiple account levels.
Deposits & Withdrawals
Quotex supports a wide range of payment methods:
- Bank cards (Visa, Mastercard)
- Cryptocurrencies (BTC, ETH, USDT, LTC)
- E-wallets (Skrill, Neteller, Perfect Money)
- Online banking
✅ No deposit or withdrawal fees.
❌ Withdrawals may take up to 3 days, though often processed within 24 hours.
Welcome Bonus
Quotex regularly offers bonuses. For example, a 30% bonus is given for deposits of $100+. However, withdrawal conditions apply:
- Traders must complete 100x turnover of the bonus before funds can be withdrawn.
Demo Account
The Quotex demo account comes with a $10,000 virtual balance. This is perfect for beginners to practice strategies risk-free. However, it’s lower than some competitors like Pocket Option, which offers $50,000 in demo funds.
Assets & Market Coverage
Quotex stands out with 400+ tradable assets, including:
- Forex – 20+ pairs
- Stocks – US tech and pharma giants
- Indices – S&P 500, Dow Jones, FTSE
- Commodities – Gold, silver, oil
- Crypto – Bitcoin, Ethereum, Litecoin
Compared to IQCent (100 assets) and Pocket Option (130 assets), Quotex offers significantly more instruments, making it one of the best platforms for variety.
Payouts & Fees
Quotex advertises payouts up to 98%. However, actual returns depend on the asset and market conditions.
Sample Payouts (Average Testing Results)
- EUR/USD – 83%
- USD/JPY – 80%
- Gold – 89%
- Oil – 89%
- Nasdaq – 25% (lower compared to rivals)
Fees
- No spreads or commissions
- No deposit/withdrawal fees
- No inactivity penalties
👉 Overall, Quotex is a low-cost trading platform.
Trading Platform & Tools
Platform Usability
- Clean, clutter-free interface
- Easy navigation, even for beginners
- Web-based (no downloads required)
Charting Tools
- 4 chart types (candlesticks, bars, line, area)
- 14 timeframes (5 sec – 1 day)
- 29 indicators (RSI, MACD, Bollinger Bands)
Additional Features
- Account Analytics – Track trading history, net profit/loss
- Leaderboards – See daily top traders
- Tournaments – Competitive contests with prize pools up to $5000
Mobile App
Available on iOS and Android, offering:
- Full access to all trading instruments
- Deposit and withdrawal management
- Dark and light mode themes
Education & Research
Quotex is weak in education and research. The broker only provides:
- A blog with basic guides (account setup, deposits, withdrawals)
- Daily trading signals for short-term opportunities
There are no strategy tutorials, webinars, or advanced training modules, which makes Quotex less beginner-friendly compared to competitors like CloseOption.
Customer Support
Quotex customer support options:
- Email/Contact Form – Available in the platform
- FAQ Section – Basic answers
❌ No live chat or phone support.
❌ Responses can be slow (20–40 minutes on average).
Competitors like Videforex offer 24/7 video chat support, which is far more efficient.
FAQ About Quotex Review
Is Quotex legit or a scam?
Quotex is legitimate but unregulated. Traders should exercise caution.
Is Quotex regulated?
No, Quotex is not regulated by major authorities.
Is Quotex good for beginners?
Yes. With a $10 deposit and $1 trades, Quotex is beginner-friendly.
Does Quotex charge fees?
No deposit, withdrawal, or inactivity fees.
How long do withdrawals take?
Usually within 24 hours, but up to 3 days.
Does Quotex have a demo account?
Yes, with $10,000 in virtual funds.
Top Alternatives to Quotex
1. Pocket Option
- 100,000+ active users
- 130+ assets
- Payouts up to 92%
- Better crypto range
2. Expert Option
- User-friendly proprietary platform
- Payouts up to 95%
- Free educational materials
- Multiple account tiers
3. World Forex
- Based in St. Vincent and the Grenadines
- $1 minimum deposit
- Offers forex, CFDs, and digital contracts
- Leverage up to 1:1000
Quotex vs Other Brokers
| Feature | Quotex | Pocket Option | Expert Option | World Forex |
| Minimum Deposit | $10 | $50 | $10 | $1 |
| Minimum Trade | $1 | $1 | $1 | 0.01 lots |
| Assets Available | 400+ | 130+ | 100+ | 200+ |
| Max Payout | 98% | 92% | 95% | 90% |
| Demo Account | Yes | Yes | Yes | Yes |
| Regulation | None | MISA | SVGFSA | SVGFSA |
| Mobile App | Yes | Yes | Yes | MT4/MT5 |
Final Verdict
Quotex is a legitimate, low-cost, and beginner-friendly binary options broker with an impressive range of over 400 assets. Its low minimum deposit, clean trading platform, and no-fee funding methods make it appealing for new traders and short-term speculators.
However, the lack of regulation, limited education, and weak customer support are major drawbacks. While experienced traders may find value in Quotex’s payouts and fast expiries, beginners may prefer a more regulated and educationally supportive broker like Pocket Option or Expert Option.
📌 Our Rating: 4.4/5 – Recommended for traders who prioritize variety and simplicity, but not ideal for those who need strong regulatory protection.
