Quotex Review

Quotex Review: Quotex Scam or Not?

Quotex is an online trading platform on which several financial instruments can be traded, including forex, cryptocurrency, stocks, and commodities. There are concerns regarding the legitimacy of Quotex due to the bonuses on offer in the Quotex demo account and the deposit bonus of 30% given to lure in new clients. Issues surrounding Quotex withdrawal problems have been raised by many traders claiming Quotex could be either real or fake. In this Quotex review, we examine the functioning of the platform, regulatory status, and client comments to assess whether the platform is safe for traders.

Lack of Regulation and Legal Issues

The most important red flag against Quotex is probably its regulatory status. It was first said to be owned by Maxbit LLC, St. Vincent and the Grenadines, but is now owned by ON SPOT LLC GROUP based in St. Kitts and Nevis. None of them is a real financial regulator.

Among the regulatory bodies issuing warnings against Quotex include the following:

• The Italian CONSOB warned on December 20, 2021, that Quotex was providing investment services without proper authorization.
• Furthermore, the Portuguese CMVM on January 3, 2023, flagged Quotex as an entity that was unauthorized for financial intermediation.

According to this, all Quotex trading is currently devoid of protections provided by financial laws making it very risky for traders.

Complaints About Quotex Withdrawal Problems

Quotex withdrawal problems are a major worry for users. Traders have claimed that their accounts were frozen after they made some profits, while others said that the withdrawal was delayed until further notice or that they needed to pay extra charges. A user complained in April, alleging that he earned $5.2 lakh US dollars by trading Quotex, but the company denied him the withdrawal. Allegedly, his account became inactive, and a large part of the balance was unjustly withdrawn. The claims were corroborated by many other users who accuse Quotex of manipulating balances and restricting funds access.

Misleading Features and False Promises

A part of their marketing strategy for their platform Quotex is portraying themselves as a credible trading platform. Some of the features included are a simple-to-install Quotex app, an instant Quotex login, and a Quotex demo account for practice trading. These advantages, however, are insufficient to compensate for the transparency and withdrawal problems.

Further, according to claims from the trading platform, it provides 87% accurate trading signals and a sophisticated trading system. All these seem not to convince many of the users as they keep complaining bitterly of price manipulations leading to an unexpected loss. Hence the question is: “Is Quotex safe for trading?”

Final Verdict: Is Quotex Real or Fake?

This Quotex review conclusively reminds traders to be aware and proceed cautiously with the platform. If you have funds trapped in Quotex, seek a legal consultant or approach your country’s financial authorities. Safety must always be on your mind while dealing with an unregulated platform like Quotex carries many risks.

Seeking Financial Recovery Assistance

Did Quotex make you lose your money? Contact the relevant authorities and seek expert help in getting back your money. Increase your chances of recovery with Proupshot, dedicated to helping get funds back from cryptocurrency scams, Forex scams, and broker disputes.

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