Clients Fury Directed at Notorious Scam Broker Quotex: Complaints Flood in for Months on End

Since February of this year, complaints against Quotex submitted by clients through BrokersView's complaints section have continued to emerge. Especially during the month of August, traders have repeatedly reported misconduct by Quotex, ranging from denied withdrawals and profit deductions to blocked accounts and unaccounted-for deposits, and Quotex has been listed in the Bad List of BrokersView's monthly complaint satisfaction rankings for several consecutive months.

These repeated allegations signal a troubling pattern of unethical behavior by Quotex, raising significant concerns and red flags. In this comprehensive article, we will delve into the deceptive tactics employed by Quotex and expose the depths of their malpractices. To shed light on their fraudulent practices, we will examine a typical case submitted in October, alongside the compelling evidence provided by the victim from India. 

Client complains about Quotex withholding his deposit amount

The client's complaint alleged that Quotex refused to refund his deposit of ₹3,000, which had not been credited to his trading account. The client said that he initiated a ₹3000 deposit via UPI, a digital payment system launched by the National Payments Corporation of India (NPCI), but failed after two days. 

Despite filing a complaint, Quotex claimed they didn’t receive the amount. The client submitted a bank statement and proof from the bank as requested by Quotex but his deposit was still not credited to the trading account.

Despite repeated support tickets submitted by the client, Quotex has stopped responding to messages as of October 13, 2024. The question status is shown as “resolved”, but this is not the case as the client is still seeking to get his money back.

Other clients reported similar issues, having their money or cryptocurrency deposited, which did not get credited to their trading accounts with the broker after 48 hours. They were further frustrated by the poor customer service.

Common Client Complaints Highlight Withdrawal Issues

The most concerning problems frequently reported by clients involve withdrawal issues. These include pending withdrawal requests, failed withdrawals, non-received payments, withdrawals refused due to alleged rule violations, and unauthorized money deductions.

Investigation: unregulated Quotex and regulators’ warnings

Despite browsing Quotex’s website, there is no mention of regulatory information—neither on the “About Us” nor the “FAQ” pages. Quotex asserts that its domain is owned by ON SPOT LLC GROUP, based in St. Kitts and Nevis. However, the Financial Services Regulatory Commissions of St. Kitts and Nevis do not regulate forex trading brokerage activities, rendering Quotex an unregulated broker.

BrokersView's records from 2022 indicate that Quotex was previously claimed to be owned and operated by Maxbit LLC, a company registered in St. Vincent and the Grenadines, yet forex trading brokerage activities are not allowed in that country either. Maxbit LLC's registration with the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA) has currently been canceled.

To add to its dubious reputation, Quotex has faced regulatory warnings. On December 20, 2021, the Italian Commissione Nazionale per le Società e la Borsa (CONSOB) issued a warning against Quotex for offering investment, financial, and insurance services without the necessary authorizations. On January 3, 2023, the Portuguese Securities Market Commission (CMVM) warned that Quotex was unauthorized to conduct any financial intermediation activities in Portugal.

Quotex uses multiple domains to operate and promote its services, including https://qxbroker.com/, https://quotex.io/, https://partner.qxbroker.com/, and https://rcinvest.xyz/. Traders should avoid interacting or transacting with these websites.

For more details on revealing Quotex as an illegitimate broker, click here.

Bottom Line

Quotex exhibits troubling fraudulent practices and regulatory red flags, urging traders to avoid engaging with this broker.