1. **Non-Regulated and High-Risk Nature**: Quotex is a non-regulated online broker that offers binary options, considered a high-risk financial product. The biggest concern is that Quotex lacks regulatory approval from reputable financial authorities like the SEC or FCA. The company behind Quotex, Maxbit LLC, is registered in St. Vincent and Grenadines, known for being an offshore tax haven with minimal regulatory oversight.
2. **Warnings from Financial Regulators**: Several financial regulators in Europe have issued warnings that Quotex is not authorized to provide, promote, or offer financial services or products in their regions. These warnings suggest a lack of credibility and legal compliance in key financial markets.
3. **Suspected Fake Reviews and User Complaints**: Investigations into Quotex's online reviews indicate a number of potentially fake reviews. Many reviews lack detail and use language not typical of genuine customers. Additionally, there's a pattern of complaints about difficulties in withdrawing money, price discrepancies, and chart manipulations, which are significant red flags.
4. **Regulation by IFMRRC**: Quotex is licensed by the International Financial Market Relations Regulation Center (IFMRRC). However, IFMRRC is not a legal, fiscal oversight body but a self-issuing organization. It does not have the legal power or authority to enforce its rules or protect traders from fraud or misconduct. This raises concerns about the safety and security of investments made through the platform.
5. **Lack of Educational Resources**: While Quotex offers a range of trading features and a user-friendly interface, it falls short in providing comprehensive educational resources for traders. This could be a disadvantage for inexperienced traders who need more guidance and support.
In summary, while Quotex operates as an online trading platform and offers various features, there are significant concerns about its regulatory status, the authenticity of its reviews, and the security of trader investments. The lack of regulation by a recognized financial authority and the pattern of negative user experiences suggest that potential users should exercise caution and consider other more established and reputable trading platforms.