Risk warning: binary options are high-risk. You can lose your whole stake on every trade, and most retail traders lose money. They’re banned for retail traders in the EU, UK and Australia.
Search “is Quotex real or fake” and you’ll find Trustpilot pages for domains Quotex doesn’t own, Instagram reels, and a lot of glowing affiliate reviews. I’ve registered on Quotex, used its demo and platform, and tested its signals, and this review sticks to what we can check.
That means who actually runs Quotex, where it refuses clients, which regulators have warned against it, how it makes money from your trades, and the fake sites you need to avoid. We also tested a real-money withdrawal, which arrived in under 24 hours, and its support, which replied within a few hours. Where we haven’t verified something, we say so instead of guessing.
- Quotex is run by an offshore company (ON SPOT GROUP LLC, St. Kitts and Nevis, per its own agreement). No top-tier regulator licenses it.
- It’s on India’s RBI Alert List, named in Pakistan’s SECP warning, and flagged by Portugal’s CMVM.
- Quotex itself refuses clients from the US, Canada, Hong Kong, the EEA, Israel and Russia.
- Lookalike domains such as quotex.com.in rank on Google. The official site is qxbroker.com.
- Its payment policy allows 7 days, up to 14, to process withdrawals, longer than the 1–5 days it advertises. Ours arrived in under 24 hours.
- Registration, verification screens and the demo, hands-on (July 2026)
- Regulator warnings, each opened and linked
- Quotex’s payment policy and service agreement
- Free and paid signal tools on our account
- Complaint patterns on Reddit, Trustpilot and Forex Peace Army
- A real-money withdrawal (arrived in under 24 hours, no fee)
- Live chat support (replies within a few hours)
- A dated peak vs off-peak payout log
We’ll add it with screenshots and dates, and re-score.
Table of contents
- Quotex at a Glance
- Is Quotex Legit and Safe?
- How Does Quotex Make Money?
- Quotex Payouts and OTC Assets
- The Quotex Platform and App
- Deposits and Withdrawals: What the Policy Says
- Quotex Bonuses and Promo Codes
- Quotex Signals, Signal Bots and Social Trading
- Quotex Demo Account
- Customer Support
- What Real Users Complain About
- Who Should (and Shouldn't) Use Quotex?
- Quotex vs Pocket Option vs IQ Option
- Quotex Pros and Cons
- Our Quotex Scorecard
- Final Verdict: Should You Use Quotex?
- FAQs
Quotex at a Glance
| Feature | Details |
|---|---|
| Brand launched | 2019 (reported) |
| Operator | ON SPOT GROUP LLC, St. Kitts and Nevis (per its service agreement) |
| Official domain | qxbroker.com |
| Regulation | None. The IFMRRC it mentions is a private body, not a regulator |
| Restricted countries | USA, Canada, Hong Kong, EEA countries, Israel, Russia |
| Minimum deposit / trade | $10 (some methods higher) / $1 |
| Payouts | Varies by asset and time of day; check before each trade |
| Assets | Forex, crypto, commodities, indices and stocks, many as OTC versions |
| Demo account | Free, $10,000 virtual, no registration needed |
| Platforms | Web, desktop web app, Android app, iOS web app (no App Store app) |
| Broker fees | None (bank, network and FX costs still apply) |
| Withdrawal processing | Advertised 1–5 days; policy allows 7, extendable to 14 (clause 4.8) |
Is Quotex Legit and Safe?
Quotex is not regulated by any financial authority. You’ll see “IFMRRC” on its site and in many reviews, sometimes misspelled “IFMRCC” and called a license. It isn’t one. The IFMRRC is a private organization that can’t license a broker or force it to pay you.
Who Runs Quotex?
Awesomo Ltd, Seychelles, and Maxbit LLC, St. Vincent and the Grenadines. Portugal’s CMVM warning names both.
ON SPOT GROUP LLC, Charlestown, St. Kitts and Nevis
Changing companies and countries isn’t proof of fraud. But it means there’s no stable regulated entity you could take a complaint to, and no compensation scheme if a withdrawal is refused.
Regulator Warnings and Restrictions
| Country | Regulator | What it says |
|---|---|---|
| Pakistan | SECP, Apr 2025 | Qxbroker (Quotex) is “NOT authorized to operate in Pakistan”; referred to FIA, PTA and Google for blocking |
| India | RBI Alert List | Not authorized to deal in forex or run a forex trading platform under FEMA |
| Portugal | CMVM (via IOSCO) | Quotex/Maxbit LLC and Quotex/Awesomo Ltd not authorized for any financial intermediation |
Quotex is on the RBI Alert List, and Pakistan’s SECP says it isn’t authorized there and asked for it to be blocked. “It still opens on my phone” doesn’t make it legal, and neither regulator can help you if a payout goes wrong. Our Quotex legality guide covers both countries in detail.
Fake Quotex Sites: The Risk Most Reviews Miss
Part of the “Quotex is a scam” noise online isn’t about Quotex at all. Search “Quotex” in India and you’ll find domains like quotex.com.in and quotex.net.in ranking near the top with large traffic, plus Trustpilot pages for domains such as quotex.com.pk and market-quotex.io. None of them are listed on Quotex’s own site. Some are affiliate mirrors. Others exist to collect logins and deposits.
qxbroker.com
Deposits only in the platform cashier. Withdrawals confirmed by an email code. No fees to “unlock” payouts.
- Country-code lookalikes (.com.in, .net.in, .pk)
- “Account managers” on WhatsApp or Telegram
- Requests for a “tax” or “release fee” before payout
- APK downloads from random sites
So, Is Quotex a Scam?
Quotex itself runs a real platform with published payment rules, and many traders use it. But “not a scam” isn’t the same as “safe”. It’s unregulated, regulators in its two biggest markets say it isn’t authorized, and the fake Quotex sites around it are a scam risk of their own. If something goes wrong, you depend on the company’s goodwill.
How Does Quotex Make Money?
Quotex doesn’t charge trading commissions or deposit and withdrawal fees. It earns because it’s the other side of your trade. When you lose, it keeps your stake. When you win, it pays less than you risked. That gap is the real cost of every trade.
Net result: −$75. A coin-flip trader loses 7.5% of everything they stake, and that’s the broker’s revenue. To break even at 85%, you need to win 54.1% of trades.
Payouts change by asset and time of day, and the break-even bar moves with them: 52.1% at 92%, 55.6% at 80%, 57.1% at 75%. Check the payout before every trade. Our Quotex strategy guide works through the full win-rate math.
Quotex Payouts and OTC Assets
Like Pocket Option, Quotex lists many OTC versions of popular assets. Regular assets follow the real market, and you can compare the chart elsewhere. OTC assets run on weekends and after hours, and their prices come from the broker itself, with no public feed to check against.
That doesn’t prove manipulation. It does mean you’re trusting the broker’s price completely on a platform that profits when you lose. If you trade OTC, keep sizes small and log your results by asset and session.
The Quotex Platform and App
The Quotex web platform is clean and fast to learn. Everything sits on one screen: asset picker, chart, indicators, and a trade panel with amount, expiry and the current payout. It runs in the browser, so there’s nothing to install, and there’s an installable desktop web app if you want an icon.
| What works | What to watch |
|---|---|
| ✅ Simple, uncluttered layout | ❌ Demo and live sit side by side; easy to trade the wrong balance |
| ✅ Payout shown before every trade | ❌ Many assets are OTC with broker-set prices |
| ✅ Runs in any browser; Android app available | ❌ No App Store app; fake apps fill the gap |
On Android, use the Google Play link on qxbroker.com. On iPhone, install the web app from the official homepage. Our Quotex account guide shows the safe install route on each device.
Deposits and Withdrawals: What the Policy Says
Our own withdrawal went through without trouble: the money arrived in under 24 hours, with no fee. On paper, though, Quotex’s payment policy gives it far more room, and these rules explain most withdrawal complaints.
| Rule | What it means |
|---|---|
| Deposit method = withdrawal method (1.7) | Choose how you deposit by how you want to be paid |
| Card deposits need full verification (4.2) | Account and card verified before any withdrawal |
| Profit via an agreed procedure (4.11) | Above your deposit, the payout route is agreed with Quotex, often crypto |
| 7 days, extendable to 14 (4.8) | The contractual window, even though 1–5 days is advertised |
| One account per person | Duplicates are deleted “with no warning”, per Quotex’s FAQ |
The minimum deposit is $10 on most methods, including USDT, Binance Pay and e-wallets, with cards and some crypto set higher. The minimum withdrawal is $10, higher on some coins. Quotex charges no fees of its own, but your bank, wallet and the network can.
Step-by-step instructions and fixes for pending or rejected withdrawals are in our Quotex deposit and withdrawal guide.
Quotex Bonuses and Promo Codes
Quotex promo codes add a percentage to your deposit, but they come with a turnover requirement. Until you’ve traded the required volume, the bonus, and sometimes your profits, can’t be withdrawn. Deposit $100 with a 30% bonus, and if the terms set a 100× multiplier, that’s $3,000 of trades before the bonus unlocks.
If you’re new, skip the bonus on your first deposit. If you already took one, ask support to remove it before you trade. Current codes and their terms are on our Quotex promo codes page.
Quotex Signals, Signal Bots and Social Trading
Quotex shows free, automatically generated signals on the platform, for both demo and live accounts. Third-party “Quotex signal bots” on Telegram and in APK form are a separate, much riskier world.
I’ve tested a fair number of these tools, free and paid. When I traded a large batch of signals without filtering them myself, the balance drifted down, not up. Signals can be one input. They can’t replace your own rules. Our Quotex signal bot guide covers what we tested and how to test one yourself.
Quotex also offers social trading: you can view other traders’ stats and follow their trades. The same warning applies as on every copy-trading leaderboard. It shows who’s winning now, not who blew up last month.
Quotex Demo Account
The demo gives you $10,000 in virtual funds, opens from the homepage without registration, and uses the same assets and payouts as the live account. It’s the right place to learn the platform and test a strategy over at least 100 trades. Just remember that it can’t simulate how a real losing streak feels.
Try the platform without risking money: open the free Quotex demo with $10,000 in virtual funds, no registration needed.
Try Free Demo →Customer Support
Quotex offers support through in-platform live chat and email. There’s no phone number. In our test, replies came within a few hours. The answers were usable, but that isn’t live-chat speed, so support scores 3/5.
What Real Users Complain About
User reviews are split, and some on both sides are clearly fake. Reading through Reddit, Trustpilot, Sikayetvar and Forex Peace Army, the real complaints repeat:
- “Withdrawal pending for a week.” Often inside the 7-day policy window, or waiting on a document.
- “Rejected, no reason given.” Usually a method mismatch or an unverified card.
- “Can’t withdraw profits.” Bonus turnover, or profit that needs an agreed payout route.
- “Account frozen after a large win.” The most serious, and impossible for us to verify case by case. There’s no regulator to appeal to.
- “I paid a fee to release my withdrawal.” That’s a fake-site or Telegram scam, not Quotex.
Who Should (and Shouldn’t) Use Quotex?
| Where you live | Our view |
|---|---|
| USA, Canada, Hong Kong, EEA, Israel, Russia | ❌ Quotex doesn’t accept you |
| UK, Australia | ❌ Binary options are banned for retail traders |
| India | ❌ Don’t. RBI Alert List; FEMA risk |
| Pakistan | ❌ Don’t. SECP says it’s not authorized and asked for a block |
| Bangladesh, Nigeria, Indonesia and others | ⚠️ No local authorization. Read our legality guide |
Quotex vs Pocket Option vs IQ Option
| Feature | Quotex | Pocket Option | IQ Option |
|---|---|---|---|
| License | None | Offshore (MISA, Comoros) | CySEC entity for EU (no binaries for EU retail), plus an unregulated international entity |
| Key regulator warnings | RBI, SECP, CMVM | SEC Nigeria, CFTC, FCA, CONSOB, RBI | RBI (international entity) |
| Minimum deposit | $10 | $10 | $10 |
| Demo | $10,000 | $50,000 | $10,000 |
None of these is regulated for binary options in the markets where most of our readers live. Our Pocket Option review and Quotex vs Pocket Option comparison go into the differences.
Quotex Pros and Cons
| Pros | Cons |
|---|---|
| ✅ Simple platform a beginner can learn quickly | ❌ Unregulated; the IFMRRC isn’t a regulator |
| ✅ $10 minimum deposit and $1 minimum trade | ❌ RBI Alert List, SECP warning and CMVM warning |
| ✅ Free $10,000 demo without registration | ❌ Refuses clients from the US, Canada, EEA, Israel and Russia |
| ✅ No broker fees on deposits or withdrawals | ❌ Policy allows up to 14 days to process withdrawals |
| ❌ Lookalike “Quotex” sites target its users | |
| ❌ Bonus turnover can lock your balance |
Our Quotex Scorecard
Regulation & safety · 25%
Payouts & trading costs · 15%
Platform & app · 10%
Assets & expiry choice · 10%
Bonus fairness & terms · 10%
Withdrawals · 20%
Customer support · 10%
Overall: 3.2 / 5 = (1×25 + 4×15 + 4×10 + 4×10 + 2×10 + 5×20 + 3×10) ÷ 100
Final Verdict: Should You Use Quotex?
Quotex is an easy platform with a low entry point and a useful free demo. It’s also unregulated, it refuses clients from much of the world, it’s flagged in India and Pakistan, and fake Quotex sites make “use the real one” a genuine safety step.
Our verdict is use with caution, and not at all if you live in India, Pakistan or any country Quotex restricts. If you still want to try it, use qxbroker.com only, start on the demo, verify before you deposit, skip the first bonus, and keep your balance small.
Test Quotex on the free demo before you decide. High-risk product; not available in the USA, Canada, EEA and other restricted countries.
Open Free Demo →FAQs
Is Quotex real or fake?
Quotex is a real trading platform at qxbroker.com, but it’s unregulated and offshore. Many “Quotex” sites you’ll see on Google, such as quotex.com.in, aren’t listed by Quotex itself, so treat them as untrusted.
Is Quotex safe?
Not in the regulated sense. No financial regulator licenses Quotex, so there’s no compensation scheme or ombudsman if a withdrawal is refused. Use only the official site, keep balances small and withdraw profits regularly.
Is Quotex legal in India?
Quotex is on the RBI Alert List of platforms not authorized for forex trading under FEMA, so we don’t recommend it for Indian residents.
Who owns Quotex?
Quotex’s own service agreement names ON SPOT GROUP LLC, registered in St. Kitts and Nevis. Earlier regulator warnings named Maxbit LLC and Awesomo Ltd. None of these is a regulated financial firm.
Is Quotex regulated by the IFMRRC?
The IFMRRC is a private organization, not a government regulator. It can’t license a broker or make one pay you, so Quotex is effectively unregulated.
What is the Quotex minimum deposit?
The minimum deposit is $10 on most methods, and the minimum trade is $1. Cards and some crypto options can start higher.
Does Quotex have a phone number?
No. Quotex supports clients through live chat on the platform and by email. Anyone offering “Quotex support” by phone or WhatsApp isn’t Quotex.
This review is educational and isn’t financial advice. CrypOption Hub and its authors are not licensed financial advisors. Read our disclaimers and how we test brokers.
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