Quotex Trading Platform URL: https://qxbroker.com/en.
Is the Quotex trading platform a scam? The short answer is that they are not a safe broker. And here are some reasons why we say so:
#1. Quotex’s Non-Compliance
To begin with, Quotex is not regulated by any regulatory authority, contrary to the law. Their non-compliance exposes inventors to financial risks due to a lack of a regulatory framework.
Apart from defrauding you, an unregulated broker may also sell your confidential information, exposing you to all forms of cybercrime, including identity theft.
The Quotex trading platform’s website shows that Quotex is located in Charlestown, St. Kitts and Nevis. Nonetheless, brokers operating within this jurisdiction do not require a license to operate legally, which is fine.
However, Quotex purports to be an international trading platform targeting traders from many countries including the United Arab Emirates. Many countries in which it’s present require brokers to hold a license from the appropriate licensing authorities.
For example, in the UAE, they are expected to be licensed by any of the following bodies:
- The Securities and Commodities Authority (SCA).
- The Dubai Financial Services Authority (DFSA).
- The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA).
Yet, Quotex operates illegally in the UAE without a license from any authorities. Nonetheless, it does the same in many other countries, operating in total disregard of compliance. There’s no doubt that such a broker disregards ethical trading, transparency, investor protection, and other basic industry standards.
#2. Quotex Is Accused Of Churning
The broker seems to be involved in an unethical practice called “churning” where a dubious broker excessively trades a client’s account to increase their commissions at the investor’s expense. Usually, such a broker will let you make withdrawals successfully at the beginning of your cooperation but later frustrate your withdrawal attempts before blocking your account without any apparent reason.
A lot of customers have accused this broker, on Reddit, of engaging in this malicious practice as you can see in the screenshots below:
Screenshot #1
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#3. The Quotex Trading Platform Uses Of Deception
Taking another Reddit user’s review of Quotex into account, it’s safe to say that the broker seems to be fooling investors with fake profits that appear only on your virtual portfolio. It’s one of the most common deceptive practices employed by fraudulent brokers.
Screenshot#1.
#4. Quotex’s Unethical Practices
Quotex has also been accused of manipulative trading practices such as converting trades to cause the client to lose and closing them late after the trader loses a significant amount. As shown in the screenshot below, a Reddit user reported that the broker forcefully converted their trades, froze the timer till the trades went into loss, and then closed them:
Screenshot #1.
#5. The Quotex Trading Platform Retains Peoples’ Funds
Quotex is further accused on Reddit of denying withdrawals. As shown in the screenshot below, a trader reported depositing $100, making $250, and applying for a withdrawal, which was canceled. He pointed out that the broker took away all the profits and returned his initial $100 deposit to his balance:
Screenshot #1.
6. Suspicious Trustpilot Reviews
As of writing this review, Quotex had garnered 504 reviews, 419 of which were 5-star. We found these reviews questionable since most of them were unverified. On top of that, most were written by supposed reviewers who had barely written more than two reviews on Trustpilot. It seems that the reviews came from individuals who had been paid to sign up and pose as legitimate customers. After all, as I illustrated in my review of a dubious broker known as “Expert Option,” the Trustpilot review system can be flawed sometimes.
7. Conflicting Company Information
Quotex’s Facebook page, Quotex_io, shows that the company is located in the Republic of Seychelles, contrary to the company’s website, www.qxbroker.com, which maintains that it’s in St. Kitts and Nevis.
Not only does this informational inconsistency and discrepancy between the two sources raise serious concerns about the entity’s transparency and credibility. It also raises suspicion about Quotex’s authenticity.
What’s more, many customers have complained about the broker not honoring withdrawal requests, as shown in the screenshots below. This suggests that Quotex does not return funds to customers, a typical behavior of scam brokers.
Screenshot 1.
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8. The Quotex Trading App Has Negative Reviews On Google Play
I forgot to state that this financial brokerage service is also available as a mobile app. When writing this review, the Quotex download numbers had surpassed 1 million. However, the service had a 3-star overall rating from over 26k ratings, indicating that it was generally almost below average. Many customers cited a myriad of issues, including withdrawals. In my experience, a legitimate broker will not frustrate traders who want to withdraw their funds. Instead, they would offer a seamless withdrawal experience.
Final Thoughts About The Quotex Trading Platform
Looking at the professional-looking Quotex registration page, www.qxbroker.com/en, one would easily think that Quotex is an authentic broker. However, if you evaluate the verifiable red flags above, it becomes evident that this broker is a scam. While the Quotex demo feature might seem inspiring, the reality is that it’s a deceptive tactic meant to lure you into signing up and depositing funds into this fake trading platform. We don’t recommend this broker because they are too risky to entrust with your hard-earned money.
Pursue Your Lost Funds From Quotex Now
Have you fallen victim to this scam broker or another one? If so, go to this page to discover how to go after the scammer to reclaim your money.