Binomo VS Quotex: An in-Depth Review of This Emerging Binary Options Platform

As an experienced trader, you likely have heard of reputable binary options platforms like Binomo. But you may be less familiar with Quotex, an emerging platform that provides binary options trading with some distinct advantages. With binary options growing in popularity, you want to educate yourself on the key differences between these two platforms. This review provides an in-depth, side-by-side look at the offerings, features, tools, and overall user experience of Binomo and Quotex. You will gain insight to make an informed decision on which platform best suits your trading needs and style. Whether you are an experienced trader or just getting started, this review equips you with the details to determine if Quotex should be your next binary options broker.

Introduction to Quotex: A Rising Star in Binary Options Trading

A Brief Overview of Quotex

Quotex is an emerging binary options broker that launched in 2020. This Seychelles-based broker aims to provide a simple yet robust trading experience for binary options traders. Quotex offers over 100 assets to trade, including forex pairs, stocks, indices and commodities. With short-term expiries of 60 seconds to 5 minutes and competitive payouts, Quotex is positioning itself as an attractive broker for those looking to trade high-frequency binary options.

Trading Platform and Account Options

The Quotex trading platform is web-based and easy to use. You can access it on any device with an internet connection and web browser. Quotex offers three account types: Basic, Silver and Gold. The Basic account requires a minimum deposit of $250 and provides access to an account manager and daily signals. The Silver account ups the minimum deposit to $2,500 and adds risk-free trades and trading alerts. The Gold account requires a $10,000 minimum deposit and provides additional benefits like a dedicated account manager, trading analyst and exclusive trading signals.

Reliability and Regulation

As a newer broker, Quotex is not yet regulated by any major regulatory bodies. However, Quotex claims to operate based on the principles of transparency and ethical business practices. Quotex uses 128-bit SSL encryption to protect traders’ data and funds. It also offers 24/7 customer support via live chat, email and phone. Before depositing funds with any binary options broker, including Quotex, traders should perform thorough due diligence to understand the risks.

In summary, Quotex brings an easy-to-use platform and competitive offering to the binary options space. For traders looking for a simple way to trade short-term binary options, Quotex may be worth considering. However, the lack of regulation means traders should exercise caution if signing up and depositing funds with this emerging broker.

How Quotex Compares to Other Established Platforms Like Binomo

Licensed and Regulated

Quotex is licensed and regulated by the Vanuatu Financial Services Commission (VFSC), ensuring a safe trading environment for all clients. This is comparable to Binomo, which is also regulated. Dealing with licensed brokers provides peace of mind and security for traders.

Asset Selection

Both Quotex and Binomo offer a range of assets to trade, including currency pairs, commodities, stocks, and indices. However, Quotex provides a wider selection, with over 100 assets available compared to around 70 on Binomo. For traders looking for more choice, Quotex would likely be preferable.

Trading Platform

The Quotex trading platform is web-based and easy to use, comparable to the platform offered by Binomo. It includes useful tools such as multiple chart types, indicators, and drawing tools to aid analysis. One advantage of Quotex is that the platform is also available as an app, allowing trading on the go. The Binomo platform is only available via the web.

Bonuses and Promotions

Quotex frequently runs promotions and offers bonuses for new and existing traders, such as risk-free trades and deposit bonuses. Bonuses help to increase trading capital and allow greater potential for profits. In comparison, Binomo runs fewer promotions and bonuses for traders. If seeking regular bonuses and rewards is a priority, Quotex would likely be a better choice.

In summary, while Quotex and Binomo share some similarities, such as regulation and an easy-to-use trading platform, Quotex has a number of advantages. A wider range of assets, an app for mobile trading, and frequent bonuses and promotions make Quotex an attractive option, especially for traders wanting flexibility and extra rewards. Both are reputable brokers, so the final choice will come down to individual trading preferences and priorities.

Key Features and Tools Offered by Quotex

Advanced Charting Tools

Quotex provides traders with over 100 indicators and tools for in-depth market analysis. Some of the popular tools include Bollinger Bands, Moving Averages, and Fibonacci Retracements. The platform also offers 9 chart types, including Heikin-Ashi, Line Break, Kagi, and Renko charts. With these advanced tools, traders can identify trends, determine entry and exit points, and develop effective trading strategies.

Automated Trading

For traders interested in algorithmic trading, Quotex offers a “Trading Robots” feature. This allows traders to choose from several pre-built trading algorithms and bots or build customized trading robots using a simple drag-and-drop interface. The trading robots can then be backtested using historical data to determine their effectiveness before being deployed for live trading. For new traders, the option to use automated trading bots helps reduce emotional trading decisions.

Competitive Payouts

Compared to other binary options brokers, Quotex offers competitive payouts on successful trades. The payouts for most assets are between 70% to 90% for standard options and up to 500% for some one-touch options. The high payouts, combined with short-term expiries of 30 sec to 5 minutes, allow traders to potentially generate substantial profits from small market movements. However, the high rewards also come with high risks, so proper money management is essential.

Mobile Trading Apps

For traders who prefer mobile trading, Quotex offers Android and iOS mobile apps. The apps provide the same functionality as the desktop platform, including access to all assets, tools, account management features, and automated bots. Traders can place trades, monitor open positions, and manage their accounts on the go using the Quotex mobile apps.

In summary, Quotex provides traders with a robust set of trading tools, features and resources to develop and implement effective short-term trading strategies. The competitive payouts and automated trading options appeal to both new and experienced traders looking to actively trade the markets.

Quotex Trading Strategies for Beginners and Experts

Develop a Trading Plan

As a beginner, it is essential to develop a well-defined trading plan to guide your trading decisions. Outline your financial goals, acceptable risks, trading strategies, and tools you will use. For example, will you focus on short-term or long-term trading? What percentage of your capital are you willing to risk on each trade? Your trading plan will help you make logical trading decisions even when the market is volatile.

Choose Your Binary Options Type

Quotex offers call/put options, touch/no touch options, boundary options, and turbo options. As a beginner, focus on call/put options which are the simplest. You only need to predict if the price of an asset will rise or fall at the expiry time. Once you gain experience, you can explore other option types.

Analyze the Market and Asset

Conduct in-depth analyses of the overall market and each asset you want to trade. Analyze price charts to identify patterns and trends. Check the asset’s volatility and trading volume as higher volatility and volume often mean bigger price movements. Follow market news and events that can impact the price. The more you know about an asset, the better your predictions will be.

Manage Your Money and Risks

Only risk a small percentage of your capital on any trade to avoid significant losses. Diversify your trades across different assets and market sectors. Set a maximum amount you are willing to lose in a day, and stick to it. Use stop loss orders to limit your losses if the market moves against you. With risk management techniques, you can protect your capital while still taking advantage of opportunities.

Review and Improve

Carefully review each trade to see what you did right and wrong. Look for patterns in your winning and losing trades. Refine your trading plan and strategies to improve your odds of success. While losses are inevitable, you want to have more winning trades over time. Continuous self-improvement is key to succeeding as a binary options trader.

With the right knowledge and risk management, both beginners and experts can develop effective trading strategies on Quotex. The key is starting slowly, learning from your experiences, and consistently refining your approach. Follow these tips, and you will be well on your way to becoming a skilled binary options trader.

Quotex Ownership and Regulation – Can You Trust This Platform?

Quotex is owned and operated by Exelcius Prime Ltd., a financial services company based in Saint Vincent and the Grenadines. Quotex launched in early 2020 and has quickly become a popular platform for binary options trading. However, there are important considerations regarding regulation and security that traders should keep in mind before depositing funds.

Lack of Regulation

Quotex is not regulated by any major financial regulatory authority. This means funds deposited in a Quotex account are not protected like deposits with a regulated broker. There are risks to consider, as Quotex can do as they please with client funds and there is little recourse for traders in the event of issues like fraud or bankruptcy. Some traders may find the risks unacceptable, while others may feel the potential rewards outweigh these concerns.

Anonymous Ownership

Little is known about the team behind Quotex or the ownership of Exelcius Prime Ltd. The company was registered in 2020, and the website provides no information about key personnel. Anonymous ownership also means a lack of transparency and accountability. Traders have to take the company at their word regarding security, business practices, and other important factors.

Security and Safety of Funds

Quotex claims to employ strong security measures to protect client data and funds, including SSL encryption and segregated bank accounts. However, with an unregulated broker, there is no way to verify these claims or ensure adequate safety precautions and protections are truly in place. It can be risky to deposit large sums of money with a broker that lacks oversight and transparency.

In summary, while Quotex offers an innovative platform for binary options trading, the risks that come with an unregulated broker are significant. Traders should go in with realistic expectations and only deposit money they can afford to lose. The potential high rewards of the platform may make these risks worthwhile for some, but not all. Each trader must weigh the pros and cons carefully and determine if Quotex can be trusted for their needs.

Conclusion

As you can see, both Binomo and Quotex have their strengths and weaknesses when it comes to binary options trading. While Binomo offers a simple interface and demo account, Quotex provides more assets and faster withdrawals. Consider your personal preferences and trading style as you determine which platform is the better fit. Most importantly, practice responsible money management and educate yourself on binary options strategies to maximize your potential profits. With the right approach, binary options can be an exciting way to participate in financial markets.