Quotex has become one of the most talked-about binary options platforms since launching in 2020. With its sleek interface, $10 minimum deposit, and promises of up to 95% payouts, it attracts thousands of new traders daily—especially beginners looking for a fast, simple way to trade forex, crypto, stocks, and commodities. But behind the flashy charts and demo account, is Quotex actually trustworthy? Or is it another offshore broker playing fast and loose with user funds?
This in-depth review cuts through the marketing noise. No affiliate links. No paid promotions. Just the raw truth based on real user experiences, platform testing, withdrawal reports, and red flags you need to know before depositing a single dollar.
What Is Quotex, Really?
Quotex is a digital options broker owned by Maxbit LLC, registered in St. Kitts and Nevis. It lets you bet on whether an asset’s price will go up (“call”) or down (“put”) within a set time—anywhere from 1 minute to 4 hours. If you’re right, you earn a fixed payout (typically 70–95%). If you’re wrong, you lose your stake.
It’s not traditional trading. There’s no ownership of assets, no leverage, no stop-loss beyond the trade amount. It’s pure speculation—closer to gambling than investing, which is why many countries ban or restrict binary options.
Quotex markets itself as “innovative” and “user-friendly.” And in many ways, it delivers. But the offshore registration, lack of regulation, and flood of withdrawal complaints raise serious questions.
Don’t Just Read — Trade. Get Instant Access + My Top 3 Strategies.
The Good: Why Traders Are Attracted
1. Extremely Low Entry Point
- Minimum deposit: $10
- Minimum trade: $1
- Demo account: $10,000 virtual funds
This is perfect for testing the waters. Most brokers require $100–$250 to start. Quotex lets you go live with pocket change.
2. Clean, Fast Platform
The web and mobile app (Android only) load instantly. No downloads needed for desktop. You get:
- Real-time candlestick charts
- 14 timeframes (1 min to 1 month)
- 20+ indicators (RSI, MACD, Bollinger Bands, etc.)
- Drawing tools
- One-click trading
It’s not MetaTrader, but it doesn’t need to be. For short-term binary bets, it’s smooth and responsive.
3. 400+ Assets & Weekend Trading
Trade:
- 100+ forex pairs (EUR/USD, GBP/JPY, etc.)
- 50+ cryptocurrencies (BTC, ETH, DOGE, etc.)
- Major indices (S&P 500, NASDAQ)
- Commodities (gold, oil, silver)
- Stocks (Apple, Tesla, Amazon)
Unique perk: OTC (over-the-counter) markets on weekends. Synthetic pairs let you trade when real markets are closed. Great for night owls or global users.
4. High Payouts
- Up to 95% on winning trades (e.g., $10 bet → $19.50 return)
- Varies by asset and volatility
- Beats many competitors (Pocket Option: ~92%, IQ Option: ~91%)
5. Bonuses & Tournaments
- 30%–100% deposit bonus (e.g., deposit $50, get $15–$50 extra)
- Free tournaments with real cash prizes ($100–$1,000 pools)
- Risk-free trades for VIPs (deposit $1,000+)
The Bad: Real Problems You Can’t Ignore
1. No Real Regulation
Quotex is not licensed by any major financial authority:
- Not FCA (UK)
- Not CySEC (EU)
- Not ASIC (Australia)
- Not CFTC (USA)
It was briefly listed with SVG FSA (St. Vincent), but even that was removed. SVG doesn’t regulate forex or binary brokers—it’s a registration, not oversight.
What this means: If Quotex freezes your account or refuses a withdrawal, you have zero legal recourse.
2. Withdrawal Nightmares
This is the #1 complaint across forums, Trustpilot, and social media.
Common issues:
- Withdrawals “pending” for weeks
- Accounts locked after profitable trades
- Demands for extra “verification” documents (ID, selfies, utility bills—endlessly)
- Sudden “tax” or “processing fees” (5–20%) deducted
- Crypto withdrawals “failed” but funds never returned
“Deposited $200 via USDT, grew to $1,800. Requested withdrawal—account banned for ‘suspicious activity.’ Support stopped responding.” — Reddit user, r/binaryoptions, 2025
3. Chart Manipulation Suspicions
Many traders compare Quotex charts to TradingView or Binance and notice:
- Doji candles appearing only on Quotex
- Price wicks extending just enough to trigger losing trades
- OTC markets behaving illogically (e.g., EUR/USD moving opposite real forex)
Is it rigged? Hard to prove. But when 80% of trades expire out-of-the-money during high volatility, trust erodes fast.
4. Aggressive Bonuses = Withdrawal Traps
That 50% bonus? It comes with 40x turnover requirements.
Example:
- Deposit $100 → Get $50 bonus → $150 total
- Must trade $6,000 (40 × $150) before withdrawing any funds
- Even your original $100 is locked
Many users blow the account trying to meet turnover—then blame the broker.
User Reviews: The Split Reality
Trustpilot (4.6/5 – 112 reviews)
- 97% 5-star: “Fast deposits, easy platform, made $500 in a week!”
- 3% 1-star: “Scam! Withdrew $1,200, account closed, no response.”
Reddit (r/binaryoptions, r/Quotex)
- Success stories: Small accounts ($50 → $300) withdrawn via crypto in 24 hours
- Horror stories: $5,000+ profits vanished, support ghosts, “KYC failed” loops
X (Twitter)
- Promoted heavily by affiliates (“Use my code for 50% bonus!”)
- Recovery scammers flood replies: “I helped 47 victims get money back!”
YouTube
- 90% of reviews are paid promotions
- Demo trading only, flashy wins, no real withdrawals shown
Who Should Use Quotex?
| Trader Type | Recommended? | Why |
|---|---|---|
| Complete Beginner | Yes (with caution) | Great for learning with $1 trades and demo |
| Small Account Trader | Yes | Low risk, high reward potential |
| Profitable Trader ($1,000+ balance) | No | Too many withdrawal blocks |
| US/EU/UK Resident | No | Platform blocks these regions |
| Long-Term Investor | No | Not real investing—just speculation |
Safety Tips If You Still Want to Try
- Use only money you can afford to lose
- Start with $10–$50 max
- Withdraw profits immediately (don’t let balance grow past $500)
- Use cryptocurrency for deposits/withdrawals (harder to reverse)
- Screenshot everything: trades, balances, support chats
- Never accept bonuses if you plan to withdraw soon
- Test withdrawal with $10 first before scaling up
Final Verdict
Quotex isn’t a scam in the traditional sense — it pays out small wins, runs smoothly, and offers one of the lowest barriers to entry in online trading. But it’s not your friend. It’s an unregulated, offshore binary options platform where the house always has the final say. Thousands of traders profit daily with $1–$50 trades and fast crypto withdrawals. Thousands more lose everything the moment their balance hits four figures. If you use Quotex, treat it like a high-stakes game: play small, cash out often, and never deposit what you can’t afford to lose. For serious, long-term trading? Choose a regulated broker. With Quotex, you’re not investing — you’re gambling with extra steps.
Ready to Flip $1 into $1.95? Sign Up Now & Test Risk-Free.
Affiliate Disclosure: This page contains my personal Quotex affiliate link. If you sign up and deposit through it, I may earn a commission at no extra cost to you. I only promote platforms I’ve tested myself — I’ve used Quotex with real funds, withdrawn profits, and shared honest wins/losses. My goal is transparency: I’ll never hide risks or fake results for payouts. All opinions are 100% mine, based on live trading, not scripted. Use my link if you value real feedback — or skip it and go direct. Either way, trade small, verify everything, and never risk what you can’t lose.