Quotex vs FXCM in 2024: Which Forex Broker Is Better?

You’ve been trading forex for a while and have gotten pretty good at it. But now you’re looking to take your trading to the next level. That means finding the right forex broker that will provide you with all the tools, research, and execution you need to max out your trading. You’ve narrowed it down to two of the top forex brokers – Quotex and FXCM. But you’re having trouble deciding between the two. Don’t worry, we’ve compared Quotex and FXCM head to head in 2024 so you can see how they stack up on pricing, platforms, tools, research, customer service and more. Keep reading to find out which forex broker is better for your needs.

Overview of Quotex and FXCM

Quotex: The New Kid on the Block

Quotex is a relatively new forex broker, launched in 2018. They’re an STP broker regulated in Cyprus and the UK, offering tight spreads and fast execution on a range of forex pairs, commodities, stocks, and indices. Their trading platforms are web-based, so you can trade from anywhere with an internet connection.

FXCM: An Established Global Leader

FXCM has been around since 1999 and is one of the largest forex brokers, regulated in several major jurisdictions like the UK, Australia, and South Africa. They offer trading on forex, stocks, indices, commodities, futures, and bonds via their Trading Station platform, available as a desktop platform, web trader, and mobile apps.

Trading Costs and Spreads:

Both Quotex and FXCM offer competitive spreads, especially if you open an account with a higher minimum deposit. Quotex’s spreads start from 0.0 pips, while FXCM advertises typical spreads of 0.2 pips for EUR/USD. For high volume traders, both brokers offer spread rebates and lower commissions.

Account Types and Funding Options:

Quotex and FXCM offer a range of account types to suit different trading styles and experience levels. You can open a live account with as little as $50 with Quotex or $50 with FXCM. Funding options include credit/debit cards, wire transfers, and e-wallets like Skrill and Neteller.

Regulation and Safety of Funds:

As regulated brokers, Quotex and FXCM must keep your funds in segregated accounts and abide by strict capital requirements. This means your money is kept separate from the broker’s operating funds and is less vulnerable in the unlikely event of the broker becoming insolvent. Between the two, FXCM is regulated in more major jurisdictions, so may be a safer choice for larger deposit amounts.

In summary, while Quotex is newer, both brokers offer competitive trading conditions, a range of account types, and regulation to safeguard your funds. For an all-round reliable experience, FXCM may have a slight edge, but Quotex is worth considering if you’re looking for an STP broker with tight spreads.

Trading Conditions Compared: Spreads, Leverage and Fees

When it comes to trading forex, the conditions each broker offers can significantly impact your experience and bottom line. ###Spreads FXCM typically offers slightly lower spreads than Quotex, especially for major currency pairs like EUR/USD. Tight spreads mean you pay less for each trade, so if low costs are a priority, FXCM may have an edge. However, Quotex often runs promotional offers for zero-spread trading, which could save you money, especially for high-volume traders.

Leverage

Both FXCM and Quotex provide leverage up to 1:400 for forex trading, which allows you to open much larger positions than your account balance. While higher leverage means bigger potential profits, it also means bigger losses if the market moves against you. Unless you’re an experienced trader, lower leverage is usually safer. ###Fees Beyond the spread, you’ll pay a few other fees like commissions on certain trades and inactivity fees if you don’t trade often enough. FXCM has no minimum monthly trading volume but charges $15 per month if your account is inactive for 12 months. Quotex has no monthly inactivity fee but requires a minimum of 15 trades per month to avoid other account fees.

Overall, while FXCM may have a slight edge on spreads, Quotex offers more promotional offers and opportunities to reduce or eliminate certain fees. For new forex traders, either broker can work well, but be sure to consider how their fees and trading conditions align with your priorities and trading style. The broker with the lowest costs isn’t always the best choice if their platform or customer service don’t meet your needs. In the end, the right broker for you comes down to individual preferences and which factors are most significant for your forex trading.

Platforms and Tools Offered by Quotex vs FXCM

When it comes to trading platforms and tools, both Quotex and FXCM offer highly capable options for forex and CFD trading. However, there are some key differences in their offerings that could sway you one way or the other.

Trading Platforms

Quotex offers its proprietary web-based trading platform, which is sleek, intuitive, and packed with advanced charting tools. You can access it from any browser and device, so it’s ideal for trading on the go. In contrast, FXCM offers MetaTrader 4 (MT4), a popular third-party platform used by many brokers. MT4 is highly customizable but can be more complex for new traders to navigate. FXCM also offers its own web and mobile platforms which provide a simpler experience similar to Quotex.

Trading Tools

Both brokers provide access to an array of tools to help traders analyze the market and place trades. These include technical indicators, chart patterns, price alerts, and risk management tools like stop losses. Quotex also offers integrated trading signals and a social trading feature where you can follow and copy successful traders. FXCM provides a few extra tools like automated trading via Expert Advisors (EAs) and custom indicators. So if you’re looking for the most advanced tool set, FXCM may have a slight edge.

Trading Strategies

Whether you prefer scalping, swing trading, or long-term investing, both Quotex and FXCM support a range of trading strategies. Quotex offers additional tools and features specifically tailored to certain strategies like day trading, with functions such as one-click trading from the chart and level 2 pricing data. FXCM also provides guidance and education for different trading styles. So you can find resources and an ideal platform for your preferred strategy with either broker.

Overall, while Quotex and FXCM offer comparable platforms and tools for forex and CFD trading, Quotex stands out for its simplicity and day trading features, whereas FXCM provides a more traditional experience with highly advanced options for serious traders. The choice comes down to your trading needs, skills, and preferences.

Safety and Regulation of the Brokers

When it comes to forex brokers, one of the most important things to consider is safety and regulation. As a trader, you want to know your money and information are secure. Both Quotex and FXCM are regulated, but there are some differences in their oversight.

Quotex Regulation

Quotex is regulated by the Cyprus Securities and Exchange Commission (CySEC). CySEC is a reputable regulator within the European Union that requires brokers to segregate client funds and meet certain standards. Quotex is also registered with regulatory agencies in other countries like the UK, Australia, and Canada. These additional registrations provide more oversight and help ensure Quotex operates ethically.

FXCM Regulation

FXCM is regulated by several major agencies, including the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Monetary Authority of Singapore (MAS). However, FXCM withdrew its registration from the U.S. Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA) in 2017. Losing its U.S. regulation was a blow to FXCM’s reputation and required the broker to pay millions in penalties.

Fund Safety

With any broker, the safety of your trading capital and profits is critical. Both Quotex and FXCM claim to keep client funds in segregated accounts, separate from the company’s operating funds. However, some traders argue additional regulation, like what Quotex has from CySEC, provides more assurance. On the other hand, FXCM is regulated in more countries, which also strengthens oversight.

Overall, while both brokers take safety and regulation seriously, Quotex may have a slight edge due to its reputable regulation by CySEC and additional oversight in other countries. However, FXCM is working to rebuild trust after losing its CFTC registration. For many traders, either broker likely provides adequate safety and regulation. But if fund security is your top priority, comparing the nuances of each broker’s oversight may help determine which is right for you.

Which Is Better in 2024: Quotex or FXCM?

Trading Platform

When it comes to trading platforms, both Quotex and FXCM offer robust options with advanced tools for analysis and automation. Quotex’s proprietary web-based platform is fully customizable and even lets you create your own trading robots. FXCM also provides the popular MT4 platform where you can take advantage of expert advisors and technical indicators. For casual traders, Quotex may have a slight edge with their simple yet powerful interface. However, for advanced traders FXCM’s MT4 is hard to beat.

Account Types

Whether you’re a beginner or professional, Quotex and FXCM have account types to suit your needs. Quotex offers standard, gold and platinum accounts with tighter spreads and access to more markets and tools as you upgrade. FXCM also provides basic, standard and active trader accounts. Both brokers offer commission-free trading for most accounts. For smaller accounts, Quotex may be slightly more affordable but FXCM’s active trader account is ideal if you’re a high volume trader.

Customer Support

Around-the-clock customer service is essential for any forex broker. Quotex provides 24/5 support via live chat, email and phone in multiple languages. FXCM also offers 24-hour assistance with the added benefit of local phone support in several countries. In terms of response times and knowledgeability, FXCM may have a marginal advantage, especially for traders in Asia or the Middle East. However, Quotex’s support is still high quality and available whenever the markets are open.

Overall, while FXCM holds a slight edge for professional traders, especially those outside the US or EU, both brokers are leading choices for forex trading in 2024. For most retail traders, either Quotex or FXCM would make an excellent broker based on your specific needs and trading style. The final choice comes down to personal preference for trading platforms, account types, spreads or customer service. With strong regulation, competitive pricing and many years of experience, you can feel confident trading with Quotex or FXCM.

Conclusion

So there you have it – the key differences between Quotex and FXCM as we head into 2024. While FXCM has that big-name reputation working for it, don’t sleep on Quotex. Its regulatory standing, customer support, and trading platforms make it a strong contender in the retail forex space moving forward. At the end of the day, it comes down to your personal preferences and needs as a trader. Carefully compare each broker’s offering to determine the best fit. And remember, you can always open accounts with multiple brokers to take advantage of different features, spreads, and market access. The forex world is your oyster.