Quotex Review: An Intimate Look at The Broker
According to Quotex broker, trading with this company gives you an innovative digital trading experience that will bring you money. However, more important is the question if you can withdraw this money. Also, there are a lot of security questions since the broker is not regulated.
Let’s start our Quotex review and see what we found.
|Broker status:||Offshore Broker|
|Regulated by:||No regulation|
|Owned by:||Awesomo Limited|
|Supported Platforms:||Web trader|
|Types of Assets:||Forex, commodities, indices, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Quotex Regulation and Security
Quotex is a binary options brand owned by Awesomo Limited from Seychelles. There is a simple rule – even offshore brokers need to have a regulation for providing financial services. However, after we checked the FSA register, we couldn’t find Quotex anywhere. If you wondered is Quotex regulated, the simple answer is no.
When the company has no regulation, it’s not safe nor secure to trade with such. Avoid this illicit brokerage by all means.
Fund Withdrawal Issues
As we already concluded, Quotex regulation doesn’t exist. Therefore, you can already guess how big issues clients had to withdraw their funds. If there is no regulatory body, there is no compensation fund. Tier one regulators such as the FCA or CySEC demand all the trading companies to form a compensation fund with a value of around $700,000. This fund is used to reimburse clients in case of a scam.
With unregulated offshore brokers, such an option doesn’t exist.
If you tried to withdraw your funds from a Quotex web trader, you know how hard it can be. At first, your financial adviser is talking you out of withdrawal, and if that doesn’t work, your account is being suspended.
Beware of the Quotex scam and avoid this unregulated brokerage.
After we’ve checked several websites looking for investors’ reviews about Quotex, we stayed speechless. First of all, we would like to point out that the broker is posting false reviews on some platforms. For example, if you check its score on Trustpilot, it’s ranked better than many other legit brokers. How is it possible? All the reviews are coming from India, and all of them are the same. Several people even stated that Quotex is “the best binary broker.”
If you check other platforms for reviews, you will see the same. Reviews coming from the broker’s employees are tremendous, while everyone could not withdraw funds.
How Online Scam Works?
So far, if you have been exposed to a Quotex broker or any other illicit entity from an offshore country, you already know the drill. Some company employees are giving you a call after you sign up for online trading and convincing you that you can make millions. After you make your initial deposit, an account manager (or financial adviser) is trying to access all of your bank accounts under the excuse of “helping you out.” As you probably had a chance to notice, most of these brokers are working by using apps such as AnyDesk to connect to your PC and search it through.
After a couple of successful trades, you are being persuaded to invest more. And after you do, and you want your funds back (it can be in a month or a year), you will be asked not to withdraw now. There’ll always be a new market opportunity waiting for you to double the money. Once you’ve had enough and stay firm that you’d like a payout, your account is being suspended, and you have no access to the alleged brokerage.
Scammed by Quotex?
If you were scammed by Quotex, you need to file a dispute and request a chargeback. Since the broker is not regulated, you have no authority body to complain to. However, a chargeback is your refund solution!
But what is a chargeback? It’s a way of refunding your card in case you were scammed online. Do not hesitate to report the scam. Contact us via chat, and let’s get your hard-earned money back!
What is Quotex?
Quotex is an online trading brokerage based in Seychelles.
Is Quotex a scam?
Quotex has no regulation for providing financial services, which means it’s an illicit broker.
Is Quotex regulated?
Quotex is not a regulated broker and has headquarters in an offshore country.
Is Quotex available in the USA?
Yes, the broker welcomes traders from the USA even though it doesn’t have a US regulation.