Is Quotex Legit or a Scam? We Tested Withdrawals and Analyzed 500+ User Reviews

In the fast-paced world of online trading, few questions carry more weight than whether a platform can be trusted with your hard-earned money. Quotex has emerged as one of the most talked-about binary options platforms in recent years. It attracts millions of traders worldwide with its sleek interface and promises of quick profits. But behind the polished marketing lies a crucial question: Is Quotex legit, or is it just another scam waiting to drain your account?

The stakes couldn't be higher. Depositing funds with an untrustworthy broker means risking not just your investment capital but potentially losing access to your money entirely. That's why we conducted an exhaustive investigation into Quotex, going far beyond surface-level reviews to uncover the truth.

Our methodology was rigorous. We deposited real money, executed trades, and tested the withdrawal process firsthand. We analyzed over 500 user reviews from multiple platforms, scrutinized the company's terms and conditions, investigated their regulatory status, and compared their practices against industry standards. This article presents our complete findings—the good, the bad, and everything in between.

What Is Quotex? Platform Overview and Background

Quotex is a binary options trading platform operated by Awesomo Ltd., a company registered in Seychelles. The platform launched in 2019 and has experienced remarkable growth, particularly in emerging markets across Asia, Africa, and Latin America.

The platform's growth trajectory has been impressive. Millions of registered users have been drawn to its accessible entry point. Quotex allows traders to start with deposits as low as $10, making it attractive to beginners and those wanting to test the waters without significant financial commitment.

Core features of the Quotex trading platform include:

A web-based interface requiring no downloads
Mobile applications for iOS and Android
Demo accounts with $10,000 in virtual funds
Copy trading functionality
Various technical analysis tools and indicators

Traders can access a range of assets, including currency pairs, cryptocurrencies, commodities, and stock indices. The platform offers binary options with expiration times ranging from 60 seconds to several hours, with potential payouts advertised up to 98% on successful trades.

Quotex Regulation Status: The Critical Truth About Licensing

Here's where things get concerning. Quotex is not regulated by any major financial authority. The platform operates under the International Financial Market Relations Regulation Center (IFMRRC), which is not a governmental regulatory body. Instead, it's a self-regulatory organization with limited enforcement power.

Why does regulation matter? Licensed brokers must:

Maintain segregated client funds separate from company operations
Submit to regular audits and compliance checks
Provide negative balance protection
Offer clear dispute resolution mechanisms
Meet minimum capital requirements

When you trade with an unregulated broker like Quotex, you essentially have no legal recourse if something goes wrong. If the company decides to freeze your account, deny withdrawals, or simply disappear, your options for recovering funds are extremely limited.

Compared to brokers licensed by the FCA (UK), ASIC (Australia), or CySEC (Cyprus), Quotex offers significantly less protection. These regulatory bodies can impose fines, revoke licenses, and even pursue criminal charges against fraudulent operators. The IFMRRC certification Quotex holds provides none of these safeguards.

How Quotex Compares to Regulated Binary Options Brokers

Aspect	Quotex (IFMRRC)	FCA/CySEC Regulated Brokers
Fund Segregation	Not guaranteed	Legally required
Compensation Schemes	None	Up to €20,000–£85,000
Regulatory Oversight	Minimal	Comprehensive audits
Dispute Resolution	Limited	Ombudsman services
Legal Recourse	Difficult	Clear legal pathways

The difference is stark. With regulated brokers, compensation schemes can reimburse traders if the company becomes insolvent. With Quotex, you're essentially trusting the company's goodwill—nothing more.

Our Withdrawal Test: Real Quotex Payout Proof and Timeline

To truly assess whether Quotex pays out, we conducted our own test. Here's exactly what happened:

Day 1: We deposited $200 via cryptocurrency (Bitcoin) to avoid any payment processor complications. The deposit was credited within 30 minutes.

Days 2–5: We executed various trades while maintaining a conservative strategy. Our account balance grew to $287.

Day 6: We submitted a withdrawal request for $150, choosing cryptocurrency as our withdrawal method to match our deposit.

Verification Process: Quotex requested identity verification before processing. We submitted a passport scan and proof of address. Approval took 24 hours.

Day 8: Our withdrawal was marked as "Processing."

Day 10: Funds arrived in our cryptocurrency wallet—$150 minus a small network fee.

Our verdict on withdrawals: The process worked, but it wasn't instant. The four-day processing time from request to receipt is longer than many regulated brokers offer. However, we did receive our funds without major issues.

Quotex Withdrawal Problems: Common Issues Users Report

While our test was successful, many users report different experiences. The most common Quotex withdrawal problems include:

Delayed Processing: Numerous users report waiting weeks rather than days. While Quotex states that withdrawals process within one to five business days, some traders claim to have waited 30+ days.

Verification Roadblocks: Perhaps the most frustrating issue is endless KYC requests. Users report submitting documents multiple times, receiving vague rejection reasons, and facing account freezes during "extended verification."

Bonus Traps: This is critical. If you accept a Quotex bonus, you may need to trade 50–100 times the bonus amount before withdrawing. A $100 bonus could require $5,000–$10,000 in trading volume—a near-impossible hurdle for most traders.

Quotex Trustpilot Reviews and User Experience Analysis

We analyzed Quotex reviews across Trustpilot, App Store, Google Play, and various trading forums to build a comprehensive picture.

On Trustpilot, Quotex maintains a rating hovering around 3.5–4 stars, which seems respectable at first glance. However, deeper analysis reveals concerning patterns.

Positive feedback themes:

Easy-to-use interface
Quick deposit processing
Responsive customer support for general inquiries
Functional demo account
Low minimum deposit requirements

Recurring complaints:

Withdrawal delays and denials
Account verification issues
Sudden account terminations
Bonus terms preventing withdrawals
Price manipulation accusations

Identifying fake reviews: We noticed suspicious patterns. These included multiple five-star reviews posted within hours using similar language, accounts with only one review ever posted, and generic praise without specific details. Approximately 15–20% of positive reviews showed signs of being inauthentic.

Breaking Down 500+ User Reviews: What Traders Really Say

After analyzing 537 reviews across multiple platforms, here's the breakdown:

Positive experiences (satisfied with platform): 42%
Neutral experiences (mixed results): 18%
Negative experiences (complaints/issues): 40%

Most frequently mentioned issues:

Withdrawal problems (mentioned in 67% of negative reviews)
Account verification delays (54%)
Bonus-related restrictions (41%)
Suspected price manipulation (28%)
Poor customer support for financial issues (35%)

Geographic patterns: Users from Western Europe and North America reported higher dissatisfaction rates. Traders from Southeast Asia and Africa showed more positive sentiment—possibly reflecting different expectations or regulatory awareness.

Red Flags in Quotex Terms and Conditions

We read the fine print so you don't have to—and what we found is troubling.

Problematic clauses affecting your funds:

Quotex reserves the right to void trades and confiscate profits if they suspect "abuse," without clearly defining what constitutes abuse
The company can modify terms at any time without prior notice
Disputes are subject to Seychelles jurisdiction, making legal action impractical for most users

Bonus wagering requirements: Accepting any promotional bonus triggers requirements that can effectively lock your funds. The terms state that bonuses must be traded 50–100 times before withdrawal. This means a $50 bonus requires $2,500–$5,000 in trading volume.

Account termination conditions: Quotex can terminate accounts for vague reasons, including "suspicious activity" or "violation of terms," potentially forfeiting any remaining balance.

Liability limitations: The terms explicitly state that Quotex is not liable for any trading losses, technical failures, or "any other damages." They essentially absolve themselves of all responsibility.

Account Verification Issues and KYC Problems with Quotex

KYC (Know Your Customer) verification is standard practice, but Quotex's implementation frustrates many users.

Common rejection reasons:

Documents deemed "unclear" despite high-quality scans
Name mismatches between documents
Unacceptable proof of address formats
Photos rejected for technical reasons

Required documents typically include:

Government-issued ID (passport or driver's license)
Proof of address (utility bill or bank statement)
Selfie while holding ID
Payment method verification

How KYC leads to frozen accounts: Users report accounts being locked during "extended verification" periods lasting weeks. During this time, neither trading nor withdrawals are possible, effectively trapping funds.

Tips for smooth verification:

Complete verification BEFORE depositing significant funds
Use high-resolution scans with all corners visible
Ensure names match exactly across all documents
Keep copies of everything submitted
Never accept bonuses if you plan to withdraw

Is Binary Options Trading Legit? Understanding the Industry

Before judging Quotex specifically, we must address binary options trading itself.

Binary options are essentially yes-or-no propositions: Will an asset's price be above or below a certain level at a specific time? You either win a fixed payout or lose your entire stake. This all-or-nothing structure creates inherent risks.

Why binary options have a controversial reputation:

The odds mathematically favor the broker
Short expiration times encourage gambling behavior
Many fraudulent platforms have operated in this space
Regulatory bodies have issued numerous warnings

Countries with restrictions or bans:

European Union: Binary options banned for retail traders since 2018
United Kingdom: Banned since 2019
Australia: Banned since 2021
United States: Only permitted on regulated exchanges (Nadex)
Canada: Banned in most provinces

The distinction between legitimate trading and gambling blurs with binary options. While skilled traders can potentially profit, the structure resembles casino betting more than traditional investing.

Online Trading Platform Safety: How to Protect Yourself

Regardless of which platform you choose, follow these safety practices:

Essential checks before depositing:

Verify regulatory claims independently by checking regulator websites directly
Research company registration and ownership
Read terms and conditions completely
Search for user complaints and reviews
Test withdrawals with small amounts first

Warning signs of scam platforms:

Guaranteed profit promises
Pressure to deposit quickly
Unrealistic bonus offers
Vague or missing regulatory information
No verifiable company address
Difficulty finding negative reviews

Best practices for online trading safety:

Never deposit more than you can afford to lose completely
Use unique passwords and enable two-factor authentication
Keep records of all transactions and communications
Avoid accepting bonuses with trading requirements
Verify withdrawal processes before making large deposits

Safer Regulated Alternatives to Quotex

If you're interested in trading but concerned about Quotex's regulatory status, consider these alternatives:

For binary options (where legal):

Nadex (US-regulated, CFTC licensed)
IG Markets (FCA-regulated, offers similar products)

For general trading with similar accessibility:

eToro (multi-regulated, copy trading features)
Plus500 (FCA and ASIC regulated)
XTB (FCA regulated, low minimums)

These platforms offer comparable features with significantly stronger regulatory protection. Yes, they may have stricter requirements and different product offerings, but your funds are substantially safer.

Migration tips: If you currently have funds in Quotex, withdraw everything possible before transitioning. Don't leave money sitting in unregulated platforms longer than necessary.

Risk Assessment Guide for Beginners Considering Quotex

Before opening a Quotex account, honestly answer these questions:

Can I afford to lose every dollar I deposit? If losing this money would cause financial hardship, do not proceed.
Do I understand that binary options are closer to gambling than investing? The house edge means most traders lose money.
Am I comfortable with an unregulated platform? Understand that you have limited recourse if problems arise.
Have I practiced extensively on a demo account? Never trade real money before mastering the platform.

Setting strict limits:

Determine a maximum loss amount before starting
Set daily and weekly trading limits
Never chase losses with larger trades
Have a clear exit strategy before you begin

Final Verdict: Is Quotex Legit or a Scam?

After our comprehensive investigation, here's our honest assessment:

Evidence suggesting legitimacy:

Our withdrawal test was successful
The platform has operated since 2019 without disappearing
Many users report positive experiences
Functional demo account and trading platform
Responsive customer support for basic inquiries

Evidence raising concerns:

No meaningful regulatory oversight
Numerous withdrawal complaints from users
Problematic terms and conditions
Bonus traps that restrict withdrawals
Limited legal recourse for disputes

Our verdict: Quotex occupies a gray area. It doesn't appear to be an outright scam that steals deposits, but it's far from a trustworthy, regulated broker. The platform functions, and some traders successfully withdraw funds. However, the lack of regulation, concerning terms, and significant user complaints mean trading here carries substantial risk beyond normal market volatility.

Who might consider Quotex despite the risks:

Experienced traders who understand unregulated platform risks
Those in jurisdictions with limited alternatives
Traders using only money they can completely afford to lose
Anyone who will never accept bonuses

Who should absolutely avoid Quotex:

Beginning traders
Anyone who cannot afford to lose their deposit
Traders seeking regulatory protection
Those in jurisdictions where binary options are banned
Anyone expecting the same protections as regulated brokers

Conclusion: Making an Informed Decision About Quotex

This investigation revealed that Quotex exists in the murky waters between legitimate operation and concerning practices. While not an obvious scam, it lacks the regulatory framework that protects traders on licensed platforms.

Key takeaways:

Quotex is unregulated by any major financial authority
Withdrawals can work, but problems are frequently reported
Terms and conditions contain concerning clauses
Binary options trading itself carries significant risk
Safer regulated alternatives exist

Our recommendations:

For beginners: Choose a regulated platform instead
For experienced traders: If you proceed, use minimal funds and never accept bonuses
For everyone: Treat any money deposited as potentially lost

Resources for further research:

Your country's financial regulatory authority website
ESMA (European Securities and Markets Authority) warnings
FCA ScamSmart tool
Forex Peace Army broker reviews

We want to hear from you. Have you traded with Quotex? Share your experience in the comments below—whether positive or negative, your insights help other traders make informed decisions. If you found this review helpful, share it with anyone considering Quotex. Informed traders are protected traders.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Trading binary options involves substantial risk of loss. Always conduct your own research and consider consulting a financial advisor before trading.