Is Quotex a Reliable Broker?
Quotex boldly states that although it offers a professional trading platform with various instruments, including currencies, stocks, oil & gas, cryptocurrencies, and more, it has an array of different instruments. At first glance, Quotex certainly appears sleek and polished, and it also professes to provide 24/7 support, as well as a demo account function. This Quotex review outlines how Quotex deceives its users and operates unreasonably without proper regulation.
Quotex Overview
- Company Name: Quotex
- Website: https://qxbroker.com/
- Address: Main Street, P.O. Box 625, Charlestown, St. Kitts and Nevis
- Regulation Status: Not Regulated
- Operating Since: 2021-05-19
- Warned By: The Financial Commission
Who Owns Quotex?
Quotex declares to be operated by ON SPOT LLC GROUP, which is a company registered in St. Kitts and Nevis. ON SPOT LLC GROUP is indeed listed with the Financial Services Regulatory Commission (FSRC) of St Kitts and Nevis, but get this:
The FSRC is NOT a financial regulator. It does NOT issue trading licenses or regulate investment firms.
Because the company may be registered, it also means it has no permission to offer trading/investment services. Anyone trading with Quotex is doing so without legal protection.
Lack of Regulation – A Major Red Flag
A trading platform without regulation is like a bank without a vault. Here is what that means for investors:
- No regulation from a credible authority like the FCA, ASIC, or CySEC.
- No compensation for investors in the event of trading losses due to platform manipulation.
- No recourse for clients for stolen funds or withdrawal issues.
Despite claiming to be legitimate, Quotex does not hold an appropriate financial license, which exposes user funds to a high degree of risk and renders them unprotected.
The Growing Web of Scam Domains
Scam brokers often use multiple domains to throw customers off their scent. Quotex is no different. Here are some of their active or correlated domains:
- https://qxbroker.com/
- https://quotex.io/
- https://partner.qxbroker.com/
- https://rcinvest.xyz/
This is a common practice among brokers who are trying to stay out of regulators’ view or want to remove negative reviews by changing their domain name. Even the Financial Commission has issued a public warning to help protect consumers against Quotex.
What Traders Are Saying – Quotex Reviews
Real user reviews are showing nothing short of dismay and regret. According to Trustpilot, Quotex users have an average rating of only 2.8, with several brutally negative reviews:
Common Complaints:
- “Untrustworthy and misleading” – Users felt scammed almost right from the beginning.
- “Designed to lose” – Various User reviews on price manipulation and unfulfilled trades.
- “Blame always shifted on the user” – Even with apparent platform challenges, it was the trader who was blamed.
- “Robo-customer service” – Support was either robotic or completely ineffective.
- “Not a broker, it’s gambling” – Multiple users called it a casino by another name.
Final Verdict – Quotex Is a Risky and Untrustworthy Platform
Quotex may appear legitimate, but it falls short in terms of transparency, regulation, and fairness. From dodgy domain sites switching to unresolved user complaints to being unregulated, it is not a safe place to risk your money. If you find a trading platform that does not fall under the jurisdiction of a real regulatory authority, it poses a risk to every single person who uses it.
How BrokersReviewer Can Help
If you are in the unfortunate situation of having funded Quotex or another similar broker, you are not alone, and even better, you are not helpless.
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- Report misleading brokers
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- Help individuals understand their next steps as victims
No matter what you need, clarity, guidance, or reporting your case, we are what you need.
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