Quotex Review: Is It a Safe Trading Platform or a Scam?
Quotex has gained popularity in the trading community, especially among those looking to trade binary options and other financial instruments. However, despite its appealing platform and high promises of quick returns, there have been growing concerns regarding its legitimacy. In this Quotex review, we will explore the platform’s background, lack of regulation, and user experiences to determine whether it’s a safe trading platform or a scam.
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Company Name – Quotex
Broker Website – https://qxbroker.com
Website Availability – Yes
Headquarters or Area of Operation – Main Street, P.O. Box 625, Charlestown, St. Kitts and Nevis
Warnings – National Securities and Stock Market Commission (Ukraine)
When was the Quotex website domain set up?
- Name qxbroker.com
- Registry Domain ID 2613305082_DOMAIN_COM-VRSN
- Registered On 2021-05-19T06:21:08Z
- Expires On 2034-05-19T06:21:08Z
- Updated On 2024-07-08T06:45:29Z
Shifting Domains: A Red Flag for Traders
Quotex has a troubling history of shifting between multiple domains, which raises suspicion about its operations. The platform was initially accessible through several websites, including https://quotex.com/ and https://quotex.io. However, in recent times, Quotex has transitioned to newer domains like https://qxbroker.com. This constant shift between domains is a common tactic used by fraudulent brokers to evade detection and continue their deceptive practices without facing consequences. By using these changing addresses, Quotex aims to avoid the scrutiny of regulatory bodies, further contributing to concerns that it may not be a legitimate trading platform.
The platform was initially linked to Maxbit LLC, a company that claimed to be registered in St. Vincent and the Grenadines, but further scrutiny reveals that it was not licensed by the St. Vincent and the Grenadines Financial Services Authority (SVG FSA), which does not regulate forex trading. Now, the address of Quotex has been changed to Main Street, P.O. Box 625, Charlestown, St. Kitts and Nevis, yet this does not provide any legal backing or financial protection to investors.
Lack of Regulatory Oversight
One of the most significant red flags when considering trading with Quotex is its lack of regulation. The absence of a regulatory body overseeing Quotex’s activities means that your funds are not protected by any recognized laws. This makes Quotex a risky platform for trading, especially for those who seek reliable and secure investment opportunities.
The Italian financial regulator, CONSOB, issued a warning against Maxbit LLC, the company once linked to Quotex, for offering investment services without the necessary authorization. Similarly, the National Securities and Stock Market Commission of Ukraine also raised concerns about Quotex’s operations in March 2024. These regulatory warnings suggest that Quotex may not be trustworthy and raises doubts about the safety of your investments on this platform.
Quotex Review: Negative User Experiences
Numerous traders have shared negative experiences with Quotex, further fueling concerns about the platform’s legitimacy. Many users report facing issues with withdrawals, where their accounts were unexpectedly closed, and their profits were deducted without any prior explanation. One user shared their experience of depositing $10, which grew to $97. However, when they attempted to withdraw $50, their account was closed, and they were told they had violated terms and conditions, with no clear justification provided.
Another concerning issue is the freezing of accounts during profitable trades. Several users claim that their platforms froze when they were making significant gains, preventing them from accessing their funds. Additionally, the withdrawal process appears to be unreliable, with many customers complaining about delays in receiving their money. Some users have even waited for over a month without receiving their withdrawals, indicating serious problems with Quotex’s financial operations.
Quotex Review: Why You Should Be Cautious
Based on the lack of regulation, negative user experiences, and warnings from regulatory bodies, it’s clear that Quotex should be approached with extreme caution. The company’s failure to provide proper legal safeguards for its users means that any funds you deposit may be at risk. Additionally, the widespread complaints about withdrawal issues suggest that users may never see their profits or even their initial investments again once deposited.
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Note: The Quotex review mentioned above is influenced by the existing web reviews of Quotex. It is important to clarify that we cannot be held responsible for any legal actions initiated by the Quotex company. For any inquiries or concerns, please reach out to us via email at admin@scamvictimshelp.com.