A Detailed Review of Quotex Trading Platform

You have been exploring trading platforms to start investing in the stock market and came across Quotex. As a beginner, you want to ensure you choose a platform that is easy to use yet offers robust tools for technical analysis. This detailed review of Quotex will provide an overview of the key features, fees, and pros and cons to consider from the perspective of a new trader. With a focus on Quotex’s suitability for Indian users, this review covers deposit and withdrawal methods, languages, and customer support specifically for the Indian market. Continue reading to learn if Quotex’s proprietary web platform and mobile apps may be the right choice to start your investing journey and gain exposure to global markets.

What Is Quotex Trading Platform?

A Forex and CFD Trading Platform

Quotex is an online trading platform that allows you to trade foreign exchange (forex) and contracts for difference (CFDs) on currencies, stocks, commodities, and cryptocurrencies. It offers over 100 trading assets including major, minor and exotic currency pairs as well as CFDs on stocks, commodities and indices.

Easy-to-Use Interface

The Quotex platform has an intuitive user interface that is easy to navigate. It has a simple and clean design with all the necessary tools and features readily available. The platform can be accessed via the web browser on your desktop or laptop as well as through the Android and iOS mobile apps. This allows you to trade on the go and manage your positions wherever you are.

Competitive Fees and Spreads

Quotex operates on a commission-free model and instead makes money through the spreads on each trade. The spreads on major currency pairs are highly competitive starting from 0.0 pips. Quotex does not charge any additional fees for deposits and withdrawals. Account maintenance, inactivity and subscription fees are also not applicable which helps lower the overall trading costs for clients.

Round-the-Clock Customer Support

Quotex provides 24/5 customer support via live chat, email and telephone. The support team can assist you with any issues related to your trading account, deposits and withdrawals as well as any technical problems on the platform. The live chat support feature allows you to get in touch with a support agent right away without having to wait on the phone or for an email response.

In summary, Quotex is a reliable and affordable platform for forex and CFD trading with competitive fees, an easy-to-use interface as well as dedicated round-the-clock customer support. The platform can facilitate trading in a wide range of assets to suit the needs of beginner and experienced traders alike.

Key Features of Quotex Trading Platform

User-Friendly Interface

The Quotex trading platform is designed with an intuitive user interface that is easy to navigate. It has a simple and clean layout with clearly marked sections for markets, accounts, news, charts, and more. The platform can be customized to suit your needs and preferences. All the necessary tools and options are just a click away, allowing you to focus on your trading activities without distractions.

Advanced Charting Tool

Quotex provides an advanced charting tool with over 50 indicators that can help you analyze the markets and spot potential trading opportunities. You have access to interactive charts with multiple timeframes that can be used to identify key support and resistance levels. The charts also allow you to compare multiple instruments side by side.

Automated Trading

For experienced traders, Quotex offers algorithmic trading through its Quotex Bot feature. You can build, test, and deploy automated trading strategies without any coding required. The visual editor has an array of options to create complex strategies using indicators, price action triggers, and conditional logic. The Bot also allows backtesting to optimize your strategies before going live.

Low Fees

Compared to most brokers, Quotex charges competitive fees and spreads. There are no deposit or withdrawal fees for most payment methods. Quotex makes money through the spread, so they aim to provide the tightest spreads possible for all instruments. Spreads start from 0 pips for major currency pairs. Commission fees only apply to stock CFDs and futures. The all-in pricing structure means there are no hidden fees or surprise charges.

In summary, the Quotex trading platform provides an ideal solution for manual and automated trading with its simple yet powerful interface, advanced tools, and low-cost structure. The platform is suited for both beginner and experienced traders looking for a broker that offers premium services at an affordable rate.

Quotex Review: The Pros and Cons

A Modern Platform with Advanced Tools

Quotex provides an advanced yet user-friendly trading platform for active traders. It offers a customizable layout with multiple charting tools, technical indicators and drawing tools to analyze the markets. The platform is available as a web platform and mobile apps for Android and iOS. This allows you to trade on the go and monitor your positions anywhere.

Competitive Fees

Quotex charges competitive fees compared to other brokers. It charges no commission on stock, ETF and options trading. The broker only charges small trading fees for opening and closing positions. Quotex uses a maker-taker model where market makers receive rebates for adding liquidity while market takers pay slightly higher fees for removing liquidity. The spreads are also tight on major currency pairs and indices.

Limited Product Range

While Quotex provides access to over 2,200 assets including stocks, ETFs, forex, indices and commodities, the broker lacks certain key products. It does not offer futures, bonds or mutual funds. The forex and CFD product range could also be wider. Some traders may find the limited product range restrictive for their trading needs.

No Phone Support

Quotex only provides email and live chat support. It does not offer phone support which some traders prefer for urgent inquiries or complex issues. The live chat support is only available on weekdays during market hours. The lack of dedicated account managers and phone support may be frustrating for high volume traders.

In summary, Quotex is a reliable broker for active traders looking for a modern trading platform and competitive fees. However, the limited product range and lack of phone support may not suit the needs of all traders. If you are looking for a wider range of products or more dedicated support, you may want to consider other brokers. For casual traders focused on stocks, forex and indices, Quotex provides a simple and affordable solution.

Quotex Trading: How to Get Started

To start trading on Quotex, the first step is to open an account. Visit Quotex.com and click ‘Open Account’ to begin the sign-up process. You will need to provide personal information like your name, email address, and phone number. Quotex also requires a government-issued ID and proof of address to verify your identity.

Fund Your Account

Once your account is approved, you must fund it to start trading. Quotex offers several deposit methods, including bank wire transfers, credit/debit cards, and e-wallets like Skrill and Neteller. The minimum deposit is $100 USD or equivalent. Your funds will be available in your Quotex account instantly so you can begin trading right away.

Select a Trading Platform

Quotex offers web, desktop, and mobile trading platforms so you can trade wherever you are. The web platform can be accessed directly through the Quotex website. The desktop platform provides advanced charting tools and customization options. The Quotex mobile apps, available for iOS and Android, allow you to trade on the go. Choose the platform that suits your needs and level of experience.

Place Your First Trade

With your account funded and platform selected, you are ready to execute your first trade. Quotex offers over 250 trading instruments, including forex, cryptocurrencies, stocks, indices, and commodities. Decide which market you want to trade, then choose a specific instrument. Next, select ‘buy’ or ‘sell’ to open a position, input the amount, and confirm the trade. Your open positions will appear on your platform’s dashboard so you can monitor them.

Learning to trade on a new platform does take time and practice. Quotex provides resources to help you, including video tutorials, a glossary of trading terms, and 24/7 customer service. Start with a small amount of capital as you get familiar with the platform and build up your knowledge and confidence over time. With the right education and discipline, you can find success trading on Quotex.

FAQs on Quotex Trading Platform Review

How does Quotex platform work?

Quotex is an online brokerage platform that allows you to trade Contracts for Difference (CFDs) on a variety of financial instruments like stocks, currencies, commodities, and indices. As a trader, you speculate on the price movements of the underlying assets and make a profit or loss based on your speculation. At Quotex, you can open long and short positions with leverage on more than 2,000 CFDs.

What are the fees and commissions?

Quotex operates on a commission-free model for stock CFDs and ETFs. For other CFDs like commodities, indices and currencies, Quotex charges a small spread, which is the difference between the buy and sell price. There are no deposit or withdrawal fees for most payment methods. Overnight financing fees apply for positions held overnight. Quotex does not charge any inactivity fees.

What account types does Quotex offer?

Quotex offers three basic account types:

• Standard Account: Requires a minimum deposit of $100. Offers spreads from 0.9 pips and up to 1:400 leverage.
• Premium Account: Requires a minimum deposit of $10,000. Offers tighter spreads from 0.7 pips and up to 1:400 leverage. Also includes a dedicated account manager.
• VIP Account: Requires a minimum deposit of $50,000. Offers spreads from 0.6 pips and up to 1:400 leverage. Includes a dedicated account manager and other exclusive benefits.

Quotex also offers an Islamic swap-free account that complies with Sharia law.

Is Quotex regulated?

Yes, Quotex is regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license number 336/17. Quotex ensures the security of client funds by segregating all client deposits and holding them with top-tier banks. Quotex is also a member of the Investor Compensation Fund for Customers of Cypriot Investment Firms (CIFs).

What trading platforms does Quotex offer?

Quotex offers its own proprietary web-based trading platform and mobile apps for Android and iOS. The platforms provide advanced charting tools, live market news and analysis, and flexible order types to suit all trading styles. Quotex platforms have an intuitive interface and are suitable for both beginner and advanced traders.

Conclusion

In closing, Quotex is a trading platform designed for active traders looking to capitalize on market opportunities. While still relatively new, it offers robust tools, low fees, and a simple interface to execute trades across various asset classes. As with any platform, be sure to thoroughly research Quotex, understand the risks, and assess if it aligns with your trading style and goals. With the right diligence, Quotex could be a viable option to include in your trading toolkit as you look to maximize returns and manage risk. Take time to explore all that Quotex provides and determine if it has a place within your overall investment strategy.