Quotex is a trading platform that provides access to instruments such as currency quotes, cryptocurrencies, stocks, metals, and oil & gas; however, a growing amount of concern regarding its regulatory and operational status has left many wondering if Quotex is safe. So, let’s take a closer look at the platform in this detailed Quotex review.
- Quotex Website – https://qxbroker.com/, https://qxbroker.com/, https://qxbroker.com/, https://qxbroker.com/
- Is Quotex Website Working – Yes
- Quotex Address – Main Street, P.O. Box 625, Charlestown, St. Kitts and Nevis
- Is Quotex Regulated – No
- Is Quotex Blacklisted By Any Regulatory – Commissione Nazionale per le Società e la Borsa (Italy) and Portuguese Securities Market Commission (Portugal)
- Is Quotex Domain Blacklisted – It seems there is no direct mention of this domain being on a blacklist.
What Is Quotex?
Quotex, also referred to as Quotex.io, claims to be the company of Maxbit LLC, a St. Vincent and the Grenadines (SVG) entity. It provides binary options and ancillary trading services via several site URLs, such as:
- https://qxbroker.com
- https://quotex.io/
- https://partner.qxbroker.com
Although it is included in the SVG Financial Services Authority’s list, it should be noted that the SVG FSA does not regulate forex or binary options trading, nor does it issue licenses to companies that conduct forex and binary options trading.
Quotex Regulatory Concerns
The lack of appropriate regulation is one of the worst things about this Quotex review. To elaborate:
- Registered with SVG FSA, which does not regulate forex or binary options.
- Quotex is not licensed by a recognized global financial regulator.
- The Italian financial authority CONSOB has issued an official warning against Maxbit LLC, which runs Quotex, for offering investment services without authorization.
- Quotex reportedly uses a range of different domains to reach users, which some less reputable platforms have also done.
Key Issues Found in This Quotex Review
Let’s break down the red flags in point form:
Lack of Regulation
There are no regulatory bodies that regulate Quotex. Trading with unregulated platforms poses serious risks to traders.
Irregularities in Registration
Quotex has stated that the trading company is owned by Maxbit LLC; however, searching the SVG FSA registry recently, we have confirmed that this company does not show up any longer, suggesting that registration was either revoked or expired.
Regulatory Warnings
CONSOB from Italy and CMVM from Portugal explicitly warn investors not to engage with Maxbit LLC due to its unlicensed operations.
Check CONSOB Warning – https://www.consob.it/web/consob-and-its-activities/press-releases-2021
Check CMVM Warning – https://www.cnmv.es/WebServices/VerDocumento/Ver?e=WYAbdmSswtmCvvCd8v6S1C4Qg4ObeT3KmV6CavF19OEpZvB3IV0JLjfIo7PF237R
Use of Multiple Domains
Quotex utilizes several domain names, perhaps to escape restrictions or to target new users.
Risk to Funds
With a lack of regulation, there is no way to know if users’ funds are safe or whether or not their withdrawal requests will be honored.
FAQ
Is Quotex regulated?
No, Quotex is not regulated by any reputable financial authority.
Who owns Quotex?
Quotex claims to be operated by Maxbit LLC, allegedly based in St. Vincent and the Grenadines.
Can I withdraw money from Quotex?
Some users have reported that they have managed withdrawals, while others have run into problems such as delays and restrictions. This is a typical problem with an unregulated platform.
Has any authority issued a warning about Quotex?
Yes. The Italian CONSOB has issued a warning against Quotex and its operator, Maxbit LLC.
Should I invest in Quotex?
Due to the lack of regulation, multiple domains use, and official warnings, it is advisable to exercise caution before investing.
Victim of Quotex Scam? Here’s How to Take Action Now
If you’ve had trouble withdrawing your money or noticed anything suspicious with your account, you’re not the only one. Many traders have faced the same problems. It’s important to act quickly. If you’ve lost money to a trading platform, LegalCertifi can help. Our experienced team will look into your case and guide you on how to try to get your money back. Contact us for a free consultation and share your case safely and privately.
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