Is Quotex Legit? Honest Review 2026

Last reviewed:January 15, 2026

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By:Edith Balazs

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Fact-checked by:Marcus Thompson

Is Quotex a Legitimate Broker?

Quotex is an online binary options trading platform that has gained popularity for its simple interface. However, questions about its legitimacy persist due to minimal regulation and binary options' inherent risks. This analysis examines Quotex's regulatory status, safety features, and provides alternatives for risk-conscious traders.

Is Quotex regulated?

Quotex is registered in Seychelles but is not regulated by major financial authorities like FCA, CySEC, or ASIC. This means limited protection for traders if issues arise.

Legitimacy Assessment

Compare regulatory status and history.

Broker
Quotex	Low	Unregulated*
Exness	High	FCA, CySEC, FSA
XM	High	FCA, CySEC, ASIC
HFM	High	FCA, CySEC, FSCA
AvaTrade	High	CBI, FCA, ASIC

Detailed Broker Analysis

Quotex

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Recommended

Binary options platform - exercise caution.

2.5/5App Score

Quotex offers binary options trading but lacks regulation from major authorities. Binary options are banned in the EU and carry extremely high risk. We recommend regulated forex brokers instead.

Forex spread classN/A

Minimum deposit$10

Inactivity feeUnknown

Currency pairsLimited

Deposit methodsCrypto, Cards, E-wallets

Withdrawal feeVaries

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Exness

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Recommended

Regulated alternative to Quotex.

4.6/5App Score

Exness is regulated by FCA, CySEC, and FSA. Offers forex CFD trading with lower risk than binary options and instant withdrawals.

Forex spread classUltra-Low

Minimum deposit$0

Inactivity fee$0

Currency pairs107

Deposit methodsBank Transfer, Visa, Mastercard, Skrill, Neteller

Withdrawal fee$0

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XM

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Recommended

Well-regulated with low deposits.

4.5/5App Score

XM is regulated by FCA, CySEC, and ASIC. Low $5 minimum deposit comparable to Quotex but with proper regulation.

Forex spread classLow

Minimum deposit$5

Inactivity fee$5/mo

Currency pairs55

Deposit methodsBank Transfer, Visa, Mastercard, Skrill, Neteller

Withdrawal fee$0

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HFM

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Recommended

Regulated alternative with copy trading.

4.3/5App Score

HFM offers copy trading as an accessible entry to trading, similar to Quotex's appeal, but with proper FCA and CySEC regulation.

Forex spread classLow

Minimum deposit$0

Inactivity fee$5/mo

Currency pairs53

Deposit methodsBank Transfer, Visa, Mastercard, Skrill, Crypto

Withdrawal fee$0

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AvaTrade

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Recommended

Premium regulated alternative.

4.2/5App Score

AvaTrade is multiply regulated and offers AvaOptions for options trading in a regulated environment.

Forex spread classLow

Minimum deposit$100

Inactivity fee$50/qtr

Currency pairs50

Deposit methodsBank Transfer, Visa, Mastercard, PayPal, Skrill

Withdrawal fee$0

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Frequently Asked Questions

Quotex is registered in Seychelles but is not regulated by major financial authorities like FCA, CySEC, or ASIC. This means limited protection for traders if issues arise.

We cannot definitively call Quotex a scam, but the lack of regulation and binary options' inherent risks warrant significant caution. Many users do withdraw funds, but complaints exist.

Binary options are banned for retail traders in the EU, UK, Canada, and Australia due to their high-risk nature. They remain legal in other jurisdictions but are considered extremely risky.

Regulated forex brokers like Exness, XM, HFM, and AvaTrade offer CFD trading with proper regulation, negative balance protection, and lower risk than binary options.

Yes. Binary options work on an all-or-nothing basis - you either win the payout or lose your entire stake. This differs from CFDs where losses can be managed with stop-losses.

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Risk Warning: Forex and CFD trading involves significant risk of loss and may not be suitable for all investors. You could lose more than your initial investment. 68-80% of retail investor accounts lose money when trading CFDs with most providers. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.

Not Financial Advice:

Information on this website is for educational and comparison purposes only. This does not constitute financial, investment, or trading advice. How we rank brokers →

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Independent Analysis

Rankings based on verified data and hands-on testing. See our methodology →

Data Verified

January 2026

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