Is Quotex a Legit Broker or Scam?

Quotex claims to be an "innovative platform for smart investments," but questions around the forex broker increase. Is Quotex a legitimate broker or a scam? You'll find the answer at BrokersView.

No regulation! No authorization!

Compared to the websites of compliant brokers, Quotex's simple website doesn't display much information and lacks even the most basic terms and conditions and regulatory details.

Quotex claims to be located in St. Kitts and Nevis, a Caribbean island nation. However, the country doesn't appear to have a Forex regulator.

Three years ago, this broker caught the attention of the Italian financial regulator CONSOB. On December 20, 2021, a company called "Maxbit" appeared on CONSOB's investor warning list. According to the regulator, the company uses the URLs "www.quotex.com" and "www.quotex.io," the websites being used by Quotex, to promote financial services.

Maxbit LLC is a company that was once registered with the St. Vincent and the Grenadines Financial Services Authority (SVG FSA), but was deregistered in 2023. However, SVG FSA is not a Forex regulator, so neither Maxbit LLC nor Quotex was ever a legitimate brokerage.

Moreover, in January 2023, the Portuguese Securities Market Commission (CMVM) also issued a warning against Quotex and Maxbit LLC.

Quotex does not mention Maxbit LLC anymore but claims to be owned by "ON SPOT LLC GROUP."

Although the company ostensibly states that its offers are not open to EEA countries, the warnings issued by the regulators suggest that the broker may be lurking in the European market.

In short, Quotex is an unlicensed broker warned by several financial regulators.

The flood of bad reviews

On top of that, the skepticism surrounding Quotex is growing. Global traders experienced obstacles and difficulties with withdrawals, with some accusing Quotex of being a "scam".

Although the feedback on withdrawal issues is occasionally interspersed with a positive review of Quotex, these reviews have also been questioned. A user said that Quotex "paid" for the positive reviews, warning others to "never ever invest in Quotex."

Laking authorization and being accused by numerous traders, Quotex is not a safe Forex broker. If you don't want to give away your hard-earned money to scammers, avoid dealing with Quotex.