Quotex vs Exness: Comparing the Key Differences in 2024

As a trader, you should understand the key differences between the brokerages Quotex and Exness in 2024 in order to choose the best fit for your needs. With the growth and popularity of these brokerages, comparing factors like trading conditions, fees, platforms, and customer support will give you the insight to make an educated decision. This analysis highlights changes and updates this year across categories to provide a comprehensive overview from a trader’s perspective. Understanding these key distinctions allows you to match your trading style and priorities to the brokerage that will best facilitate your goals. Whether you are an experienced trader or just starting out, use this guide to inform your choice between Quotex and Exness in 2024.

Company Backgrounds: The Origins of Quotex and Exness

Quotex was founded in 2011 by Russian entrepreneur B.L. Tarasov. Headquartered in Saint Petersburg, Quotex is focused on offering traders a personalised trading experience and access to various financial instruments for international markets.

Exness, on the other hand, was established in 2008 in Saint Petersburg by I.B. Skirun and P.I. Turushev. Exness provides trading services for forex, commodities, stocks, indices and cryptocurrencies. Unlike Quotex, Exness has a global presence with regulated entities in several major jurisdictions like the UK, Cyprus and Mauritius.

While Quotex and Exness were both founded in Russia, their business models and target markets differ significantly. Quotex mainly caters to Russian traders by providing trading services in Russian and a Russian-language website. Exness, conversely, has always targeted an international audience. Exness offers multi-lingual customer support and has a website available in 15 languages.

In terms of products, Quotex focuses on forex and CFD trading with tight spreads and commissions. Exness, on the other hand, offers access to a wider range of markets including forex, commodities, stocks, indices and cryptocurrencies. Exness is also known for providing some of the lowest spreads in the industry for major currency pairs.

Although Quotex and Exness share Russian roots, their global presence, target markets, product offerings and business models contrast substantially. For traders seeking a localised experience, Quotex may be preferable. For those wanting access to international markets and a wider range of trading instruments, Exness is likely the superior choice. Both brokers continue gaining popularity, providing traders more options to suit their needs.

Trading Conditions Compared: Spreads, Leverage and Fees

Spreads

When comparing Quotex and Exness, one of the most important factors to consider is the spreads offered. Spreads refer to the difference between the bid and ask price of a currency pair and directly impact your trading costs. Exness offers variable spreads that start from 0 pips on major FX pairs, while Quotex has fixed spreads that begin at 1 pip. For most casual traders, the slightly higher fixed spreads of Quotex may be preferable as they do not fluctuate and change unexpectedly. However, for high volume traders, the variable spreads of Exness will likely result in lower overall trading costs due to the potential to trade during times of lower market volatility and spreads.

Leverage

Both Quotex and Exness offer leverage up to 1:1000 which allows traders to control significantly higher trade sizes than their deposited capital. High leverage magnifies both gains and losses, so only experienced traders should utilize the maximum leverage amounts. For beginners, lower leverage such as 1:100 or 1:200 is recommended to reduce risk. Exness and Quotex allow you to adjust your leverage based on your experience and risk tolerance for each trade.

Fees

Exness and Quotex operate on a commission-free model for standard accounts and charge no extra fees for deposits or withdrawals. However, Exness does charge a monthly inactivity fee of $5 per month after 90 consecutive days of inactivity. For traders that do not trade regularly, Quotex may have a slight cost advantage. Both brokers generate revenue through the spreads, so no hidden fees or commissions are charged for any trade executions.

In summary, while Exness and Quotex share some similarities in their trading conditions, the differences in spreads, fees, and leverage options can impact your overall costs and trading experience. Carefully evaluating the offering against your own needs and trading style is essential to choosing the right broker for you.

Platform and Tools: Quotex vs Exness Features

Trading Platforms

Quotex and Exness both offer user-friendly trading platforms with advanced tools for analysis and trading. Quotex’s proprietary platform is web-based and mobile-optimized, providing an intuitive interface for beginners and experienced traders alike. Exness’s MetaTrader 4 (MT4) platform is highly customizable and offers automated trading options through Expert Advisors (EAs). While Quotex may have a slight edge in usability, Exness provides more advanced features for professional traders.

Account Types

Both brokers offer standard account types including demo accounts, as well as accounts tailored to Islamic traders that comply with Sharia law. Exness provides a wider selection of professional ECN and STP accounts for larger deposit sizes, in addition to its standard instant execution accounts. Quotex focuses primarily on standard and swap-free Islamic accounts. Overall, Exness may be better suited for professional traders and larger account sizes.

Spreads and Commissions

Quotex and Exness both advertise tight spreads and low commissions. Spreads at Exness start from 0 pips on major currency pairs, while Quotex advertises spreads as low as 0.2 pips. Commission rates are comparable between the two brokers. Traders should compare specific account types to determine which broker offers the lowest overall trading costs for their needs.

Deposit and Withdrawal Options

Exness and Quotex offer several convenient payment methods for deposits and withdrawals including bank wires, credit/debit cards, and e-wallets like Skrill and Neteller. Both brokers process withdrawals within 1 business day, but withdrawal times can vary depending on the payment method. There are minimal fees for most payment options. Overall, Exness and Quotex provide fast, affordable payment processing with a good selection of traditional and e-payment methods.

In summary, while Exness and Quotex share some similarities in their trading platforms, account options and fees, Exness caters more to professional traders with advanced tools and account types. Quotex focuses on an easy-to-use platform and standard account options suitable for most casual traders. Both are reputable brokers, so traders should evaluate which platform and features meet their unique needs.

Safety and Regulation: Which Broker Is More Secure?

When it comes to safety and regulation, both Quotex and Exness take security seriously. However, there are some key differences to consider:

Regulation

Exness is regulated by the Financial Commission, an independent external dispute resolution organization. They are also registered with financial regulators in the UK, Cyprus, and the Seychelles. Quotex, on the other hand, is not currently regulated by any major organizations. For traders concerned with regulation and fund security, Exness may be the safer choice.

Fund Security

Exness keeps client funds in segregated accounts at reputable banks and does not use funds for any operational purposes. They also participate in the Investor Compensation Fund, which provides additional protection of up to $20,000 per client in the event of company insolvency. Quotex does aim to keep client funds secure in segregated accounts, but without regulatory oversight, there is more uncertainty around the measures put in place to safeguard funds.

Negative Balance Protection

Exness offers guaranteed stop loss and negative balance protection on all account types, ensuring that you cannot lose more than you deposit. Quotex only provides negative balance protection on certain account types, so traders should check to ensure their account has this protection before trading. For beginners, the risk of uncontrolled losses could be higher with Quotex.

Overall, while both brokers aim to provide a secure trading environment, Exness has a clear regulatory and safety advantage. Their participation in compensation funds, segregation of all client funds, and universal negative balance protection policy provides more reassurance for traders concerned with risk and security. For new traders in particular, the additional safeguards in place at Exness may offer more peace of mind. However, for experienced traders seeking less restrictions, Quotex could still be a viable option if proper risk management precautions are taken.

Quotex vs Exness: Which Is Better for You in 2024?

Account Opening and Verification

Both Quotex and Exness have streamlined account opening processes that can be completed online in a few minutes. While Quotex only requires an email address and password to get started, Exness has a more thorough verification process that requires proof of identity and address. For traders looking to deposit and withdraw funds quickly, Quotex may have a slight edge. However, Exness’ stricter verification helps prevent fraud and money laundering, providing additional security for traders.

Trading Platforms

Exness and Quotex offer MetaTrader 4 and 5, two of the most popular trading platforms. Exness also has its own web-based platform and mobile apps for trading on the go. Quotex currently only offers the MetaTrader platforms. Both brokers have free demo accounts so you can try different platforms risk-free. Overall, Exness provides more choice, but for the typical trader, either broker will have a suitable platform.

Product Selection

Exness offers a wider range of tradable assets, including forex, stocks, commodities, indices, cryptocurrencies and ETFs. Quotex focuses primarily on forex and CFDs on stocks and commodities. While Quotex’s narrower selection may suit some traders, Exness provides more opportunities for portfolio diversification. Exness also has more account types for different trading styles, from standard to professional. Quotex’s accounts are geared mainly toward new traders.

Customer Support

Exness and Quotex both provide 24/5 customer service with support in several languages. Exness also has 24/7 live chat and phone support which Quotex currently lacks. Exness’ additional hours and contact options may give their support a slight advantage, especially for traders in different time zones or who prefer phone service. Overall though, you can expect prompt and helpful service from either broker.

In summary, while Exness generally offers more choice, security and around-the-clock service, Quotex provides a straightforward and hassle-free experience for casual traders. The broker that is better for you depends on your specific needs and priorities as a trader. Both are reputable, well-regulated choices, so you can feel confident signing up with either Quotex or Exness.

Conclusion

In summary, both Quotex and Exness offer competitive trading conditions, but they differ in their fee structures, account types, and platforms. Exness has lower spreads but charges inactivity fees while Quotex has wider spreads but no inactivity fees. Quotex provides more account types for beginner traders while Exness caters more to experienced traders. For platform features, Exness provides more technical tools while Quotex offers more social trading options. Consider your needs as a trader and do further research to determine which broker better suits your trading style and goals when deciding between Quotex and Exness. Whichever broker you choose, be sure to practice responsible risk management.