Quotex Broker Review
Quotex (quotex.com) is a digital options trading platform that has gained rapid popularity over the last few years. The company offers fixed-return contracts on forex, cryptocurrencies, commodities, and indices, promising up to 95% returns on successful trades. However, alongside its growth, numerous allegations of fraud, withdrawal issues, and regulatory sanctions have surfaced. In this review, we’ll explore all available information on Quotex, including client complaints, legal standing, and regulatory status — so you can decide if this platform is safe to trade with.
Overview of Client Complaints
1. Price Manipulation and Platform Glitches
Multiple users have reported suspicious behavior from the trading terminal. According to some traders, asset prices on the Quotex platform shift unnaturally during the final seconds of trades — often turning profitable options into losses without reflecting real market movement.
Other users have cited platform “lags” that caused orders to freeze or execute incorrectly. In several cases, even when clients provided video evidence of errors, Quotex refused to refund losses. Instead, some users claim they were blocked or ignored by support after reporting problems.
2. Withdrawal Refusals and Account Blocking
A common pattern reported by users is the freezing of accounts when attempting to withdraw profits. While depositing and small test withdrawals may go smoothly, once a trader accumulates a significant balance, the platform may suddenly demand excessive verification steps or accuse the client of violating unclear rules.
For example, one Reddit user described growing their balance from $100 to $810 — only to be blocked after requesting a $110 withdrawal. The account was later closed, and only the initial deposit was returned.
3. Affiliate Payment Fraud
It’s not just traders who have issues — affiliates and partners also report blocked accounts and unpaid commissions. One partner shared that after 6 months of working with Quotex and generating regular traffic, the company froze their account and retroactively accused them of fraudulent referrals. Despite providing evidence of clean traffic, the affiliate was denied any payouts.
Activity on Forums and Social Media
Quotex has been widely criticized on trading forums like Forex Peace Army (FPA) and Reddit. Many discussions highlight price manipulation, trade execution delays, and blocked accounts.
YouTube has also seen a wave of “warning” videos with titles like “Don’t Trade with Quotex – Scam!” and breakdowns of how the platform allegedly rigs trades against users.
On Russian-speaking forums and review platforms, Quotex is often described as a binary scam using bonuses and flashy marketing to lure clients into an unregulated, unwinnable system.
Media Investigations and Red Flags
Independent financial websites such as FinTelegram have explicitly called Quotex a scam. They point out that the broker operated under a fake regulatory license from IFMRRC — a non-governmental, non-transparent entity that is widely dismissed as a “pseudo-regulator.” Quotex’s IFMRRC certificate expired in 2021 and was never renewed.
In addition, Quotex uses payment services like Onepayways, Piastrix, and Perfect Money — all commonly linked to high-risk offshore brokers. For crypto deposits, some versions of the platform even integrate with Coinbase, which raises further questions about how a regulated crypto exchange like Coinbase interfaces with an unregulated binary options site.
Regulatory Warnings and Government Action
Quotex has been flagged as illegal by numerous regulators:
- Spain (CNMV): In June 2021, CNMV issued an official warning that Quotex was offering financial services without authorization.
- Italy (CONSOB): In December 2021, the Italian regulator blocked access to quotex.com and related domains. CONSOB stated that Maxbit LLC (operating Quotex) was acting illegally in Italy.
- Portugal (CMVM): In January 2023, CMVM warned that Maxbit LLC and Awesomo Ltd — both associated with Quotex — were not licensed and should not offer investment services in the country.
- India (RBI): In October 2024, the Reserve Bank of India added Quotex to its official Alert List of unauthorized trading platforms.
- Russia: The Bank of Russia listed Quotex as an illegal participant in the financial market, and the Prosecutor’s Office ordered multiple domain blocks. The broker continues to evade these restrictions by launching mirror websites under new domain names.
Other jurisdictions including Belgium, Poland, Germany, and Czechia have also published warnings or blocked access to Quotex.
Legal Structure and Licenses
Quotex’s corporate structure is deliberately opaque. It is associated with several offshore entities:
- Maxbit LLC (Saint Vincent and the Grenadines)
- Awesomo Ltd (Seychelles)
- Quotex Ltd (unknown jurisdiction)
- ON SPOT LLC Group (St. Kitts and Nevis) – newer branding since 2022
None of these companies are licensed by any recognized financial authority such as FCA (UK), CySEC (Cyprus), ASIC (Australia), or NFA (USA). Their registrations are in offshore regions known for minimal oversight, such as St. Vincent and Seychelles.
Moreover, as noted earlier, Quotex relied on a now-expired certificate from IFMRRC, which is not a legitimate regulator.
The platform does not offer investor protection, fund segregation, or legal mechanisms for dispute resolution.
Website Transparency and Domain Evasion
On top of its regulatory issues, Quotex violates basic transparency standards. The platform’s website often omits key legal information such as corporate identity, responsible officers, and license numbers. In Germany, for instance, Quotex lacked the required Impressum page — a legal obligation under German law.
To avoid being blocked, Quotex frequently changes domain names, launching new mirrors and affiliate links to remain online in blacklisted regions. By 2023, dozens of such domains had been blocked in Russia and the EU.
Final Verdict on Quotex
Based on available evidence, Quotex fits the profile of a high-risk, unlicensed binary options platform with a history of user complaints, regulatory sanctions, and evasive practices.
Key concerns:
- Numerous withdrawal problems and account bans
- Price manipulation and unexplained trade losses
- Offshore registration with no real regulatory oversight
- Blacklisted by regulators in Europe, India, Russia, and more
- Pseudo-license from IFMRRC that expired in 2021
- Affiliate payout issues and unclear business structure
We strongly advise against using Quotex. Traders who value safety, transparency, and accountability should avoid unlicensed binary brokers entirely — and consider regulated platforms that comply with financial law in their region.
If you’ve already deposited funds and experienced issues with Quotex, consider contacting a legal expert experienced in chargeback and fraud recovery, and file a complaint with your country’s financial watchdog.
