In this QUOTEX review, we will thoroughly examine the attributes of this broker, presenting you with concise and structured information from various perspectives.QUOTEX, operating under the trading name Maxbit LLC, claims to be binary options and forex broker registered in Saint Vincent and the Grenadines.
It offers its clients a WebTrader as its trading platform, boasting over 410 tradable financial instruments. Despite these assertions, QUOTEX lacks authorization or regulation from any prominent financial regulatory body. Moreover, there have been documented reports and complaints indicating fraudulent activities associated with the platform.
Website: https://qxbroker.com/en
Address: First Floor, First St Vincent Bank LTD Building, James Street, Kingstown, St. Vincent and Grenadines.
Warning: Not recommended by the review website like Cyber Scam Recovery
Regulation Status – Unregulated
About QUOTEX Regulation
QUOTEX presents several significant drawbacks, such as the absence of a valid regulatory license, numerous reports of scams, and subpar customer support. Despite these issues, QUOTEX does provide a variety of trading instruments and a beginner-friendly minimum deposit requirement. However, the potential risks linked to trading with an unregulated broker may outweigh the perceived benefits. Traders are strongly advised to thoroughly weigh these factors before opting to engage in trading activities with QUOTEX.
Is it safe to invest with QUOTEX?
It seems that QUOTEX poses a risk for traders. The absence of a valid regulation is a major warning sign, suggesting potential illegitimate operations. Furthermore, the numerous reports of scam activities reported by clients reinforce the belief that QUOTEX lacks credibility as a broker. Consequently, it is strongly advised to steer clear of trading with QUOTEX and instead opt for a broker with proper regulation and a solid reputation within the industry.
Customer Support Concerns
In addition to the absence of regulatory oversight and reports of scams, QUOTEX has also faced criticism for its customer support. Efficient and responsive customer service is vital in the online trading industry, where timely assistance can be crucial for traders navigating complex markets. Reports of poor customer support raise questions about the platform’s commitment to addressing client concerns and resolving issues in a satisfactory manner.
Quotex Review: Trading Platform
We took a quick look at the Quotex platform with the intention of viewing a TradingView chart. However, the experience was disheartening and underwhelming. The chart displayed fewer indicators compared to several crypto exchanges we’ve encountered. Additionally, crucial trading conditions like leverage and spread were nowhere to be found or disclosed on the platform.
Quotex Review: Minimum Deposit Amounts
The landing page suggests a minimum starting amount of $5. However, upon clicking the Deposit button, the amount displayed is $10. Subsequently, users are redirected to the Top Up button, where a deposit of $100 is requested to commence trading. This discrepancy raises suspicions about the legitimacy of the Quotex trading company, pointing to potential fraudulent practices.
Quotex Review: Conclusion
If you’ve fallen victim to a scam by Quotex scam, it’s essential to initiate a dispute and request a chargeback. Given that the broker lacks regulation, there’s no regulatory body to which you can formally complain. Nevertheless, a chargeback serves as your recourse for obtaining a refund in this situation. File a complaint form on our website and get a free consultation from our experts in the fund recovery process.
If you have fallen victim to forex scams, cryptocurrency scams, or any other fraudulent activities, reach out to us for assistance and support.
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