Quotex

Company Name:	ON SPOT LLC GROUP (Previously Maxbit LLC)
Website:	qxbroker.com (Previously quotex.com quotex.io)
Supposed Address:	Main Street, P.O. Box 625, Charlestown, St. Kitts and Nevis
Phone:	N/A
Email:	[email protected]

Known for its straightforward interface and low entry barriers, Quotex presents itself as a promising option for both novice and experienced traders. However, a deeper dive into its operations and regulatory standing reveals some crucial aspects that potential users should be aware of.

Trading on Quotex: A Feature Tour

Quotex has an easy-to-use trading platform that is suitable for both seasoned traders and beginners. Their platform offers a variety of features to streamline your trading experience. Quotex offers two types of trading accounts: a Demo account and a Real account. The Demo account is an excellent tool for beginners, allowing them to practice trading without any financial risk. On the other hand, the Real account requires a minimum deposit of just $10, making it accessible to a wide range of users.

Demo Account

• Free to use
• Ideal for practice and gaining confidence
• No financial risk involved

Real Account

• Minimum deposit of $10
• Access to all trading features
• Potential for real profits
• Trading involves significant risks, and can result in the loss of your invested capital

Operational and Regulatory Background

Quotex is operated by a company called ON SPOT LLC GROUP, located in the offshore territory of St. Kitts and Nevis. It’s important to note that while the Financial Services Regulatory Commission (FSRC) is the financial regulator in St. Kitts and Nevis, it does not regulate forex and CFDs. Therefore, Quotex operates without regulation from any recognized financial authority.

With a clear message aimed at protecting investors, the Financial Services Regulatory Commission (FSRC) released the following notice:

A Checkered Past

Quotex’s regulatory woes don’t stop there. Before its recent rebranding, the platform operated under Maxbit LLC, located in Saint Vincent and the Grenadines, another jurisdiction notorious for its lack of regulations around online trading. This history paints a concerning picture of a platform potentially seeking to avoid stricter oversight.

Red Flags from Watchdogs

Three financial regulators have issued warnings against Quotex:

• The Comissão do Mercado de Valores Mobiliários (CMVM) in Portugal issued a public warning against Quotex clarifying that the platform is not authorized to solicit clients for financial intermediation services.
• The Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy ordered a blackout of Quotex, essentially banning it from operating within the country.
• Estonia’s Finantsinspektsioon (FI.EE) also issued a consumer warning, highlighting Quotex’s lack of authorization to offer financial services in their territory.

Dodging Regulation?

Following these regulatory warnings, Quotex seemingly underwent a transformation. The company name changed from Maxbit LLC to ON SPOT LLC GROUP, and the platform migrated from its original domains (quotex.com and quotex.io) to the current qxbroker.com.

This tactic of changing names and domains is a red flag often employed by platforms seeking to evade regulatory scrutiny and negative reviews. It raises serious questions about Quotex’s commitment to transparency and accountability.

Conclusion

While Quotex offers appealing features such as low entry deposits and a free demo account, potential users should exercise caution. The lack of regulatory oversight and the platform’s history of evasive tactics raise significant concerns.

It’s crucial to thoroughly research and consider the potential risks before engaging with Quotex for online trading.

FAQ