Quotex

Quotex is an offshore trading platform run by ON SPOT GROUP LLC, a company registered in St. Kitts and Nevis. It is unregulated, at offshore tier: no financial regulator supervises how it handles client money, executes trades or settles disputes. Joining is easy. The minimum deposit is $10, there are no deposit or withdrawal fees on the company’s side, and trading runs through a web platform and a mobile app. That low barrier to entry sits on top of the weakest form of client protection a broker can have. When we checked on 13 November 2026 from Tallinn, Estonia, the official site showed only a page titled “We’re sorry”, with no prices, rules, company name or risk warning visible to us.

Quotex at a glance

Who operates Quotex

The company behind Quotex, sometimes called the QX broker after its document prefix “QTX,” is ON SPOT GROUP LLC. Its registered address is a P.O. box on Main Street in Charlestown, the capital of Nevis. A P.O. box address is common for companies formed in offshore jurisdictions. It tells you where the company is legally registered, not where its staff, servers or bank accounts are.

If a dispute escalated beyond the company’s own support channel, the counterparty would be a St. Kitts and Nevis LLC. Any claim would have to be pursued against that entity, under that jurisdiction’s courts and law, with no financial ombudsman or regulator in between.

Regulation and licence status

ON SPOT GROUP LLC holds no financial services licence. Quotex has no authorization from bodies such as the UK FCA, Cyprus CySEC, Australia’s ASIC or the US CFTC.

Some offshore brokers hold a licence from a smaller island regulator, which offers limited protection but at least imposes some reporting and capital rules. Quotex does not reach that level. Its registration in St. Kitts and Nevis is a corporate registration only, which carries no financial services licence.

What “unregulated” means for your money

Regulation is what turns a broker’s promises into enforceable obligations. Under a strong regulator, a retail broker is typically required to:

• hold client funds in segregated accounts, separate from the firm’s operating money
• meet minimum capital requirements so it can absorb losses
• give retail clients negative balance protection (in the EU, UK and Australia)
• report to the regulator and submit to audits
• belong to a compensation scheme, such as the UK’s FSCS or Cyprus’s Investor Compensation Fund, that pays out up to a set limit if the firm fails
• give clients access to an independent complaints process

With Quotex, none of these protections come from a regulator. The company may offer some of them voluntarily under its own terms, but voluntary terms can be changed by the company and are enforced only by the company. If Quotex delayed a withdrawal, closed an account or became insolvent, there would be no regulator to complain to and no compensation fund to claim from.

The market maker model

Quotex operates as a market maker. It does not pass your orders to an outside liquidity provider but takes the other side of your trades itself. When you buy, the firm is effectively selling to you, and the reverse when you sell.

Many regulated brokers also run market-making models, so the model alone is not a red flag. The difference is oversight. A regulated market maker has to follow best-execution and conflict-of-interest rules, and its pricing and trade records can be audited. At an unregulated market maker, the firm that profits when client trades lose is also the firm that sets the prices, settles the trades and decides on disputed outcomes, with no outside check on any of those steps.

Where Quotex accepts clients

Quotex does not accept clients from seven places or groups:

• United States
• Canada
• Hong Kong
• EEA countries (the EU plus Iceland, Liechtenstein and Norway)
• Israel
• Russia
• Anyone under 18

Is Quotex legal in the USA?

No. The United States is on Quotex’s own list of excluded countries. US law also requires any firm offering leveraged forex to US retail customers to register with the CFTC and be a member of the NFA, and Quotex holds neither. A US resident who signs up anyway, for example by misstating their country, would be breaking the platform’s terms. That can give the company grounds to refuse withdrawals or close the account, with no US regulator to turn to.

Other countries

A country missing from the excluded list does not mean the service is authorized there. It only means Quotex does not exclude that country in its terms. Local law may still bar unlicensed foreign firms from serving residents, and some regulators publish alert lists of unauthorized platforms. If you live outside the listed countries, check your own regulator’s position before opening an account.

Accounts, minimum deposit and costs

Quotex offers one account type, a real account, with a $10 minimum deposit. Among regulated brokers, Exness requires $200, while FOREX.com and Pepperstone require $0.

A low minimum deposit limits how much you can lose on a first transfer. It says nothing about how safely the platform holds money once balances grow. A trader who starts with $10, trades successfully and builds a larger balance faces the same unregulated counterparty at every balance size.

Trading costs are harder to judge. Quotex publishes no spread or commission figures, including for EURUSD, GBPUSD, USDJPY and XAUUSD, so you cannot compare what a trade costs against a regulated broker. Before trading, compare the platform’s buy and sell prices with a live market reference for the same instrument. At a market maker, the platform’s own quote is the price you get.

Deposits and withdrawals

Quotex charges $0 to deposit and $0 to withdraw, with the note that third-party provider fees may apply. The company says deposit methods are “various payment systems shown in the client account,” so the methods available depend on your account and region and are only visible after registration.

“No broker fee” and “free” are not the same thing. Payment processors, card issuers, e-wallets and crypto networks can all charge their own fees, plus currency conversion if your account currency differs from your funding currency.

Hypothetical example: you deposit $100 through a payment method that charges 2% and later withdraw $100 through a method with a flat $3 fee. Quotex’s charges are $0 on both legs, but you pay $2 going in and $3 coming out. On a $10 starting deposit, a flat fee of a few dollars would eat a large share of the balance.

Verification steps, processing times and any withdrawal conditions are set out in Quotex’s Payment Policy and Non-Trading Operations Regulations, covered below. Read both before depositing.

Trading platforms

Quotex offers two ways to trade: a web platform in the browser and a mobile app. MetaTrader 4 and MetaTrader 5, which the regulated brokers it is compared with all support, are not available.

The practical effects of a proprietary-only setup:

• No portability. Strategies, indicators and Expert Advisors built for MetaTrader cannot be moved onto the platform.
• No independent pricing reference. With MetaTrader at a regulated broker, prices come through a widely used third-party system. At Quotex, the company controls both the platform and the prices shown on it.
• Automation is limited to what the company allows. Quotex’s official site has an API access endpoint, and community libraries such as pyquotex exist. Unofficial tools that log into a trading account involve handing over credentials and may conflict with the platform’s terms, so check the Rules of Trading Operations before using any automation.

The documents that set your terms

Since no regulator’s rulebook applies, Quotex’s own documents are the whole contract:

• Rules of Trading Operations: how trades are opened, priced, settled and disputed.
• Non-Trading Operations Regulations: account verification, deposits, withdrawals and account closure.
• Payment Policy: accepted payment methods and how funds are processed.
• Risk Disclosure: the risks the company says you are accepting.
• Privacy Policy: what personal data is collected and how it is used.

Pay particular attention to any clause that lets the company cancel trades, adjust results, freeze accounts or refuse withdrawals, and to which law and courts govern disputes. Under an unregulated setup, these clauses decide what happens in a dispute.

Is Quotex real or fake?

Quotex is a real, operating business with a named company, a registered address, a working website and a full set of legal documents. Being a real business gives it no regulatory status or client protection. If you need a regulator, segregated funds or a compensation scheme behind your deposit, Quotex does not provide them.

Pros and cons

Pros

• $10 minimum deposit keeps the first transfer small
• No company-side deposit or withdrawal fees
• Browser and mobile access with no software to install
• Named operating company and published legal documents

Cons

• No financial regulator supervises the company
• No regulator-backed fund segregation, compensation scheme or independent complaints process
• Market maker that acts as counterparty to client trades without outside oversight
• No published spread or cost figures
• Not available in the US, Canada, Hong Kong, EEA, Israel or Russia
• No MetaTrader support
• Third-party payment fees can be large relative to a small balance

Who Quotex may suit, and who should avoid it

Quotex suits a narrow profile at most: an adult outside the excluded countries who fully accepts that the company sits outside financial regulation, and who is willing to lose the entire deposit. For that person, a small amount they can afford to lose limits the downside of using an unregulated counterparty.

Quotex is a poor fit for anyone who:

• wants their funds protected by a regulator or compensation scheme
• plans to hold significant balances on the platform
• needs transparent, published trading costs
• relies on MetaTrader, Expert Advisors or third-party tools
• lives in, or is a citizen subject to the rules of, one of the excluded countries

How we checked Quotex

We visited Quotex on 13 November 2026, connecting from Tallinn, Estonia. Our first stop was the home page at quotex.io, which sent us on to quotex.io/en. That page carried the title “We’re sorry”. We scrolled to the footer, looking for a company name, a licence number or a risk warning. None of the three was there. A second visit to the same address brought up the same English page. Our reading is that the site does not serve visitors from the EU, which would fit Quotex’s own exclusion of EEA countries. The page itself did not state a reason, so treat that as our inference.

Since the site could not be read from our connection, we saw no prices, no account rules and no fee schedule on the brand’s own pages. We never reached a sign-up form either. That means we cannot say whether costs are shown up front or only after registration. The $10 minimum deposit, the fee terms and the country list in the review above were not confirmed by us on this visit.

There was no register check to run. The pages we reached named no legal entity and showed no licence, which left nothing to look up. On Trustpilot, read on 13 November 2026, Quotex scored 2.8/5 from 4,817 reviews. The split looks lopsided: 88% five-star against 5% one-star. The company has claimed the profile, yet it had replied to 0 of the 8 newest reviews when we looked. The Wayback Machine’s first capture of quotex.io is dated 2020-11-15. That capture may predate the current brand if the domain changed hands.

One gap matters more than the rest. From Tallinn we had no way to confirm ON SPOT GROUP LLC as the operator, the St. Kitts and Nevis address or any of the published terms, so those parts of the review rest on information we did not see for ourselves.

How Quotex compares with regulated brokers

The regulated brokers Quotex is compared with hold eight to ten licences each, and all support MetaTrader. The gap with Quotex lies mostly in regulation and transparency. Several of those brokers have $0 minimum deposits, so a small starting balance is no reason to choose an unregulated platform.