WikiFX Review: Why so many complaints against QUOTEX?

Recently, a broker called QUOTEX has become a trending topic in forex markets. WikiFX made a comprehension review to help you better understand this broker. We will analyze the reliability of this broker from specific information, regulation, exposure, and etc. Lets get into it.

Specs of QUOTEX

About QUOTEX

QUOTEX id a trading name of Maxbit LLC. According to WikiFX, this broker is registered in Saint Vincent and the Grenadines that provides its clients with a WebTrader as its trading platform and over 410 tradable financial instruments. This broker advertises that it is a multi-platform with more than 410 trading instruments across 4 asset classes for digital options trading.

Account Types

This broker offers demo and real accounts, traders can register and get $10,000 on a demo account for learning to trade. Traders can start with a low amount of $10.

Trading Platforms

When it comes to trading platforms available, QUOTEX gives traders three choices: WebTrader, Desktop and Mobile (iPhone, Android) version.

Regulatory Status of QUOTEX

Saint Vincent and the Grenadines is an attractive place for financial companies to operate through an offshore company. there is no sharp regulation or overseeing of the company operation implemented. The SVG broker can run its activity and accept forex payments through credit cards but is not overseen.

Quotex has not been authorized or regulated by any major financial regulatory body. Additionally, there have been reports and complaints of fraudulent activities associated with the platform.

WikiFX has given this broker a low score of 1.45/10.

Complaints

As for Feb 6th 2025, WikiFX has received more than 40 complaints against this broker.

This trader from India claimed that his account has been suspended by this broker for “violating the companys rules and policies.”

This trader from Indonesia claimed that his account was unilaterally closed and funds are lost.

This trader from Colombia claimed that she cannot withdraw money from this broker.

Overall, there are many other complaints related to this broker. We can not show them all here. The biggest problem that many traders pointed out is that QUOTEX blocks investors withdrawal requests.

Conclusion

WikiFX advise you to avoid this broker as it may take your assets away fraudulently. Unscrupulous brokers are usually the unregulated broker with extremely low WikIFX score. Please be aware of the risk.

If you want more information about certain brokers' reliability, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX App to find your most trusted broker.