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If you are looking for a reliable and trustworthy online trading platform, you may have come across Quotex, a binary options broker that claims to offer high payouts, fast withdrawals, and advanced trading tools. But is Quotex a scam or a legit broker? How can you protect yourself from online trading frauds? In this blog post, we will review Quotex and its features, as well as provide some tips on how to avoid being scammed by online brokers.
What is Quotex?
Quotex is an online binary options broker that was launched in 2020 and is operated by Awesomo Ltd, a company registered in Seychelles. Binary options are a type of financial instrument that allow traders to predict whether the price of an asset will go up or down within a fixed time frame, usually ranging from 30 seconds to several hours. If the prediction is correct, the trader earns a fixed percentage of the investment, usually between 70% to 90%. If the prediction is wrong, the trader loses the entire investment.
Quotex claims to offer over 400 assets to trade with, including currencies, commodities, stocks, indices, and cryptocurrencies. It also claims to provide a user-friendly web-based platform that is compatible with any device and browser, as well as a mobile app for Android and iOS devices. Quotex says it offers various payment methods for deposits and withdrawals, such as credit cards, e-wallets, cryptocurrencies, and bank transfers. It also says it has a minimum deposit of $10 and a minimum trade size of $1.
Is Quotex a scam?
While Quotex may seem like a legitimate and attractive online broker, there are some red flags that suggest it may be a scam or at least a risky option for traders. Here are some of the reasons why you should be cautious when dealing with Quotex:
- Quotex is not regulated by any reputable authority. This means that it does not have to comply with any rules or standards that protect the interests and rights of traders. It also means that if you have any issues or disputes with Quotex, you will not have any legal recourse or support from any third-party entity.
- Quotex is registered in Seychelles, a notorious offshore jurisdiction that is known for its lax regulations and low transparency. This makes it easier for scammers to operate without being detected or held accountable. It also makes it harder for traders to verify the legitimacy and credibility of Quotex and its owners.
- Quotex has received numerous complaints and negative reviews from traders who claim that they have been scammed or mistreated by Quotex. Some of the common complaints include:
– Quotex manipulating the prices and outcomes of the trades to make traders lose money
– Quotex refusing to process withdrawals or imposing unreasonable fees and conditions
– Quotex harassing traders with phone calls and emails to pressure them to deposit more money or accept bonuses
– Quotex closing accounts without explanation or justification
– Quotex providing poor customer service or no response at all
- Quotex does not have a clear and comprehensive terms and conditions policy that outlines the rights and obligations of both parties. This makes it easier for Quotex to change the rules or impose hidden clauses that may harm the traders.
- Quotex offers unrealistic and misleading promises of high returns and low risks. Binary options are inherently risky and speculative, and there is no guarantee of making profits or avoiding losses. In fact, most binary options traders end up losing money in the long run. Quotex also does not provide any educational or analytical resources that could help traders make informed decisions.
What to Do If You’ve Lost Money with Quotex?
If you have been scammed by Quotex or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.