An investor needs to know about a broker before starting to trade with a new broker. If you plan to trade with Quotex, you should read this comprehensive Quotex review. Scam Help Center Team suspects Quotex as a fraudulent broker. Read the details here.
Website – https://quotex.io/
Website Availability – Yes
Address – Saint Vincent and the Grenadines
Blacklisted Status – Commissione Nazionale per le Società e la Borsa (Italy) and Portuguese Securities Market Commission (Portugal)
Domain Age Information –
- Domain Name: qxbroker.com
- Registry Domain ID: 2613305082_DOMAIN_COM-VRSN
- Registrar WHOIS Server: whois.godaddy.com
- Registrar URL: https://www.godaddy.com
- Updated Date: 2024-07-08T06:45:29Z
- Creation Date: 2021-05-19T06:21:08Z
- Registrar Registration Expiration Date: 2034-05-19T06:21:08Z
Fraudulent Activities of Quotex broker
Maxbit LLC, a business with its registered office in St. Vincent and the Grenadines, is allegedly the owner and operator of Quotex. It’s important to understand that even though Maxbit LLC is registered with the St. Vincent and the Grenadines Financial Services Authority, the SVG FSA neither oversees nor authorizes forex trading activity. Furthermore, Maxbit LLC has been warned by regulatory agencies such as Portugal’s CMVM and Italy’s CONSOB for operating without the required authorizations for financial services. CONSOB particularly forewarned against using Maxbit LLC’s investment services, pointing out that the company does not comply with regulations. Quotex is essentially unregulated by any legitimate financial body, which makes investor money exposed and unprotected.
Negative Reviews and Red Flags
A key consideration in assessing the reliability of Quotex.io is the frequency of negative Quotex reviews on various platforms. These reviews frequently attract attention to concerns like withdrawal difficulties, unhelpful customer service, false information, and obvious deceit. Due to the many negative Quotex reviews, which highlight the risks involved in trading on the platform, prospective investors are advised to proceed with care and look into other, more reliable brokers.
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Regulatory Warnings and Their Significance
The most significant indicator of potential deceit is the lack of regulatory supervision, either completely or insufficiently. Regulatory bodies such as the SEC, FCA, FINMA, ASIC, BaFin, FMA, CONSOB, and others issue warnings against unlicensed brokers operating without recognized financial norms. Examine the regulatory warnings to confirm the legitimacy of Quotex.io’s operations and the safety of investor funds.
Having a regulatory license adds another level of safety for traders by guaranteeing that the broker complies with strict guidelines including sufficient capital, transparency, and ethical conduct. It gives investors a safety net in case of disagreements or misconduct, which is lacking when working with unregulated businesses.
Why Is Trading with an Unlicensed/Unregulated Broker’s Platform Not Preferable?
Due to the high risks involved, trading on an unregistered broker’s platform is not recommended.
- Money might not be separated, which would make it more susceptible to loss in the case of the broker’s bankruptcy or financial mismanagement.
- Transparency is sometimes lacking in operations, which leaves traders vulnerable to false information and unstated costs.
- The entire trading experience is undermined by generally worse service quality, poor customer assistance, and antiquated trading systems.
- Selecting a registered broker guarantees compliance with regulations that protect investors and advance a safer and more open trading environment.
Other possible fraudulent activities of Quotex broker
Quotex seems not fair to the investors as they complain about the withdrawal issues, unfulfilled bonus policies, and other assured benefits
Quotex offers assets that are highly risky and result in huge losses of investors.
Quotex.io sales staff continues to call the investors and force them to invest more and more money.
Final Conclusion- Is Quotex a fraudulent or legit broker?
Based on the regulatory warnings and negative reviews surrounding Quotex, it appears to lean towards the classification of a potential deceit. It is recommended that investors proceed with utmost caution and consider other brokers that have legitimate regulatory licenses and good standing in the trading community.
Concerned about potential deceit? Protect yourself from fraudulent brokers by getting a free consultation.
Got Scammed by Quotex? Scam Help Center Is Your Solution for a Refund!
For victims of Quotex.io, getting help through platforms like the Scam Help Center is important. If you suspect deceit, filing a chargeback might help you regain your funds. To successfully enhance your case and speed up the recovery procedure, take immediate action and document everything thoroughly.
Find out more about your chargeback rights and available solutions. Contact us for expert guidance.
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