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Quotex might showcase appealing investment opportunities and you may have come across recommendations for Quotex in emails, forums, chat groups or on social media. This may raise the question whether it is a secure service provider.
Quotex is not a trusted broker because it is not regulated by a financial authority with strict standards. We recommend you open an account only with brokers that are overseen by a top-tier and stringent regulator. All the 100+ brokers reviewed on the BrokerChooser website meet this criteria.
Why I do not recommend QuotexAs a brokerage safety expert, I meet many people who have lost their money to shady brokers and scammers. These are my key findings on the safety profile of Quotex:
- Avoid Quotex as it is not regulated by a top-tier regulator.
- Select from 100+ top-tier-regulated brokers featured in our unique Find My Broker tool.
Our data on Quotex was:
- collected from regulatory databases,
- last updated on February 28, 2024,
- reviewed by our legal team.
BrokerChooser's brokerage experts track more than 30,000 brokers for safety info and regularly monitor nearly a dozen warning lists published by regulators worldwide to update and expand our database of brokers. Being traders ourselves, we meticulously analyze over 100 brokers using real money, which grants us the expertise to evaluate the safety credentials of any given broker.
Top 5 brokers Stock Forex CFD Interactive Brokers TradeStation Global Zacks Trade Get your personalized toplist :Avoid Quotex as it is not regulated by a top-tier regulator
You should avoid brokers that are not regulated at all.
Having said that, the fact that a broker is regulated is not sufficient to guarantee the safety of your money. The entity that regulates the broker makes a crucial difference.
Our brokerage experts put regulators into three categories:
Top-tier regulators are regulatory or self-regulatory authorities that apply, oversee and enforce the strictest requirements and standards to ensure that brokers supervised by them do not engage in fraudulent activities. Oversight by a top-tier regulator is a good indicator that the broker adheres to the highest regulatory standards and practices, including but not limited to offering fair pricing, transparent trade execution and a regulated trading environment.
Our experts compiled a list of some of the most reputable top-tier financial regulators in the following table.
| Name of regulator | Country of operation |
|---|---|
| SEC (Securities and Exchange Commission) | United States |
| FCA (Financial Conduct Authority) | United Kingdom |
| BaFin (Federal Financial Supervisory Authority) | Germany |
| ASIC (Australian Securities and Investments Commission) | Australia |
| FINMA (Swiss Financial Market Supervisory Authority) | Switzerland |
Quotex is not regulated by any of the above top-tier regulators, therefore we recommend that you avoid it.
By contrast, mid-tier regulators tend to operate in a less sophisticated legal and regulatory environment and have less stringent oversight than top-tier regulators, which might result in a less comprehensive protection for investors.
Brokers regulated by mid-tier authorities typically have less strict financial and operational requirements to meet, which might often result in less scrupulous operations or might increase the likelihood of fraudulent practices.
Low-tier regulators tend to offer the least comprehensive oversight of brokerage firms. Brokers regulated by low-tier authorities typically face fewer requirements and less strict enforcement of compliance. These regulators often provide minimal or no investor protection mechanisms and compensation funds, leaving clients with limited safeguards.
There is a high probability that brokers regulated by low-tier authorities might apply unfair pricing practices, opaque trade execution methods and schemes that may lead to conflict of interest with their clients. Dealing with brokers regulated by low-tier authorities carries a higher risk of encountering unscrupulous brokers, or even scams or fraud.
Select from 100+ top-tier-regulated brokers featured in our unique Find My Broker tool
The BrokerChooser team conducts extensive evaluations of brokers, focusing on critical factors such as regulatory compliance, financial stability, customer service quality and transparency of operations.