Quotex Broker Review

We want to share with you our firsthand experience using the Quotex binary options trading platform in Kenya.

As the leading forex trade training academy in Kenya, we often get this question asked, “Is Quotex legit in Kenya?”

If you’re asking the same question, our detailed Quotex review aims to shed light on this online trading platform. We have compared Quotex with other similar trading platforms, so stay tuned as we dive into our comprehensive review!

We understand that you may be cautious about trying out a new trading platform, so why should you trust our review of Quotex?

Well, we’ve spent a significant amount of time using this platform ourselves, understanding its nuances, and realistically evaluating aspects such as its range of assets, trading execution speed, and customer support. 

We’re passionate traders ourselves and have used similar platforms such as Olymp Trade, Binomo, and IQ Option. Our experience allows us to draw comparisons and focus on what matters to traders the most. 
<br.As proud Kenyans, we also understand local trading preferences better. We’re thoroughly versed with the Kenyan market dynamics and needs.

We also believe in complete transparency. Our review isn’t influenced by any external factors or bias. It’s borne out of our personal experience and hours of dedicated time spent on the platform. We have delved into the important aspects that you, as a trader in Kenya, would want to know about Quotex. 

Why You Can trust Our Reviews

Key Facts About Quotex’s Legitimacy in Kenya

• We have confirmed that Quotex operates under ON SPOT LLC Group , a company registered in St Kitts and Nevis. This brings an element of transparency.
• Throughout our operation on Quotex, we enjoyed prompt and dedicated customer support, which is a strong indicator of a legitimate platform.
• The platform uses SSL encryption for transactions, ensuring our funds and personal details were always secure.
• Quotex’s user-friendly interface and tools like analytic charts and economic calendar facilitated our options trading significantly, making it our go-to platform in Kenya.

Quotex Service Agreement

When it comes to exploring the details of a trading platform, part of our review process is taking calculated time to read, analyze, understand, and simplify the service agreements for you.

We purposefully dive into the fine print, as we know it is an area often overlooked but crucial to understanding the ins and outs of binary trading platforms.

We meticulously went through Quotex’s service agreement, which by the way is publicly available here. Our primary goal was to identify any hidden caveats or red flags that might negatively impact Kenyan traders.

Upon thorough examination, we found that Quotex’s service agreement is comprehensive, clear, and straightforward. It details the practices that they apply for a secure trading experience.

They properly outline the rules of engagement, trading restrictions, and terms of agreement. Everything is in the open for traders to understand what they are getting into and set realistic expectations.

Trustpilot is a credible platform recognized for its user-generated reviews on businesses worldwide. At the time of writing this, Quotex enjoys a high score of 4.5 out of 5 based on 595 reviews.A high rating on Trustpilot often indicates credibility and user satisfaction.

Open a Trading Account

Quotex Safety and Regulation in Kenya

Unlike regulated platforms such as eToro, IQ Option, and Deriv, Quotex falls into the category of unregulated binary options trading platforms.

However, just because Quotex is not regulated by the Capital Markets Authority in Kenya (or any other financial regulatory authorit for that matter), doesn’t automatically disqualify it as a legit broker.

In the binary options trading landscape, other renowned platforms like Pocket Option and RaceOption also operate unregulated in various regions, yet they’ve built a strong reputation among traders. This demonstrates that regulation, while lending credibility, is not the only measure of a platform’s authenticity or effectiveness.

Our first-hand experience with Quotex, having used the platform extensively, reveals a robust trading environment. Besides, Quotex implements top-tier security measures that ensure all your trades and transactions remain secure. It operates under On Spot LLC. Group, a company which, while based offshore, aligns with international norms of trading and financial safety regulations similar to platforms like ExpertOption.

In terms of regulation, here’s how Quotex compares with other popular binary options trading platforms in Kenya:

• Pocket Option: Pocket Option is regulated by the Mwali International Services Authority with license number T2023322. While not a strong regulation jurisdiction, this is better than not being regulated.
• ExpertOption: ExpertOption is an active member of the Financial Commission, and indepedent body that helps to resolve disputes between traders and brokers.
• Binomo: Like ExpertOption, Binomo is also an active member of The Financial Commision. The broker has been a Category”A” member of The Financial Commission since May 2018.
• Olymp Trade: Olymp Trade is licensed and regulated by the Vanuatu Financial Services Commission and is also a member of The Financial Commission.
• IQ Option: IQ Option is owned by Goshawk Finance LLC, a company registered in St Kitts and Nevis. There’s no information available about their regulation status and it’s safe to assume they are largely unregulated.
• Deriv: Deriv is regulated in 3 offshore juridictions including the British Virgin Islands, Labuan, and Vanuatu. It’s one of the most extensively regulated binary options brokers in Kenya.

Comparing Quotex’s Regulation with Other Brokers
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Broker	Regulatory Body	License Number/Status	Remarks
Pocket Option	Mwali International Services Authority	T2023322	Less strong regulation jurisdiction
ExpertOption	Financial Commission	Active Member	Helps resolve disputes between traders and brokers
Binomo	Financial Commission	Category “A” Member since May 2018	Active Member
Olymp Trade	Vanuatu Financial Services Commission, Financial Commission	Licensed Member	Regulated and member of the Financial Commission
IQ Option	Unregulated	None	Owned by Goshawk Finance LLC, no regulation status
Deriv	British Virgin Islands, Labuan, Vanuatu	Regulated in 3 offshore jurisdictions	Extensively regulated in Kenya

Trade With Deriv

Deriv is a multi-regulated trading platform. We’ve found it to be user-friendly and efficient, with an intuitive interface that’s easy to navigate. For us, Deriv stands out with its unique features and spectacular range of assets to trade that kept us engaged and interested. 

Deriv Official Website

Quotex Deposit and Withdrawal Options in Kenya

• We were able to make our initial deposit on Quotex using M-Pesa, a popular mobile payment system in Kenya. The transaction was seamless and our trading account was credited almost instantly. This stands shoulder to shoulder with other platforms like IQ Option and Olymp Trade which also support M-Pesa deposits. 

• The minimum deposit amount on Quotex is $10 (approximately 1,460 Kenya shillings at the time of writing), This makes trading on the platform accessible for beginners to start trading without a significant financial commitment.

• Deposits are processed swiftly, with most methods crediting your account within minutes. This rapid processing allows traders to take advantage of market movements without delay.

• Withdrawal times vary depending on the method chosen. Cryptocurrency transfers are typically the fastest, often completed within minutes. Bank transfers may take several business days.

Quotex Trading Conditions

• Quotex offers a fee-free trading setup. Yes, you’ve got it right; there are no commission fees, service fees, or any other hidden charges. Simplifying the process, you only pay what you see and trade.
• The minimum deposit on Quotex is $10 (approximately 1,460 Kenya shiilings)

Trade Size on Quotex

As a part of our in-depth analysis of Quotex’s trading conditions, we put a sharp focus on trade size.

Essentially, the minimum trade size on Quotex is just $1. This low entry point makes it accessible for traders of all experience levels, allowing beginners to test the waters without risking large sums of money.

Let’s consider an example to make it clearer. Let’s say you’re a new trader with an initial trading budget of $100.

On Quotex, you can effectively place up to 100 trades of $1 each, giving you maximum exposure and experience without dwindling your budget rapidly.

On the other hand, the maximum trade size on Quotex is $1000. This allows more seasoned traders or those with larger budgets to execute bolder strategies.

For instance, if you’re a seasoned trader with a budget of $5000, you could place five trades at the maximum amount, capitalizing on positive market situations.

Quotex Demo Account

The good news for beginners and those who wish to familiarize themselves with the Quotex platform before investing real money is that Quotex does indeed offer a demo account. 

This account, loaded with USD 10,000 virtual funds, allows you to simulate real trading situations and explore the platform’s various tools and features without risking a single cent of your hard-earned money.

A demo account not only introduces you to the mechanics of the platform but also allows you to hone your trading strategies. By practicing in a risk-free environment, you can gain confidence and skill, potentially increasing your success when you start trading with actual money.

Open a Demo Account

The Biggest Downside of Using Quotex in Kenya

While there are many advantages of using Quotex in Kenya, you shouldn’t overlook some potential downsides associated with its registration in St. Kitts and Nevis.

It might raise some concerns for discerning and cautious traders.

When dealing with binary options platforms registered in such offshore zones, there are always questions about their transparency and accountability coverage.

For instance, should any legal disputes arise, the remote location and differing jurisdiction could pose a challenge for Kenyan traders.

The isolation from main global financial districts might complicate matters when seeking resolution or trying to enforce any form of regulatory compliance.

You should keep these factors in mind when you compare Quotex with other platforms such as Binomo or IQ Option.

What is Quotex

Quotex is a leading provider of online trading services, allowing individuals like you to engage in trading activities directly from your laptop or smartphone. It’s a platform designed for simplicity and ease of use, yet comprehensive enough for more experienced traders.

Does Quotex Accept Mpesa?

Yes. Quotex does offer Mpesa as a payment method. This simplifies the process for traders who prefer using Mpesa. So, whether you’re in Kenya, Tanzania, or any other country where Mpesa is accessible, you can easily deposit or withdraw funds on Quotex using this service. By embracing such convenient and widespread payment options, Quotex continues to cater to the needs of their diverse, global clientele.

Is Quotex a Legit Broker?

Yes. Quotex is a legit online trading platform. However, it is not regulated by high-profile bodies such as the United Kingdom’s Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC). This essentially means that while Quotex practices legitimate operations, the absence of these high-profile regulatory affiliations may present certain risk factors that you as an investor should consider.

Quotex is a leading provider of online trading services, allowing individuals like you to engage in trading activities directly from your laptop or smartphone. It’s a platform designed for simplicity and ease of use, yet comprehensive enough for more experienced traders.

Yes. Quotex does offer Mpesa as a payment method. This simplifies the process for traders who prefer using Mpesa. So, whether you’re in Kenya, Tanzania, or any other country where Mpesa is accessible, you can easily deposit or withdraw funds on Quotex using this service. By embracing such convenient and widespread payment options, Quotex continues to cater to the needs of their diverse, global clientele.

Yes. Quotex is a legit online trading platform. However, it is not regulated by high-profile bodies such as the United Kingdom’s Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC). This essentially means that while Quotex practices legitimate operations, the absence of these high-profile regulatory affiliations may present certain risk factors that you as an investor should consider.