Over the last months, FinTelegeram has already issued three warnings against the illegal Russian broker Quotex. The new offshore entity Maxbit LLC, registered in St. Vincent & The Grenadines, allegedly operates the scheme. According to our information, the scam is operated via boiler rooms in Russia and Ukraine (which may soon be part of Russia). Deposits are possible via the Russian payment processors Perfect Money and Piastrix, various cryptocurrencies via Coinbase, and other crypto payments. The broker scheme is well-crafted and does look like a legitimate venture. But it isn’t! Quotex uses social media to solicit clients.
|Legal entity||Maxbit LLC (SVG)|
Quotex Ltd (old)
Awesomo Ltd (old)
|Company builder||Euro-Caribbean Trustees Ltd|
|Jurisdictions||St. Vincent & The Grenadines|
|Social media channels||Facebook, Instagram|
|Warnings||CNMV, Consob, The Financial Commission|
Maxbit LLC was established in SVG in Mai 2021 by Euro-Caribbean Trustees Ltd. It is already the third Quotex offshore operator.
The U.S. crypto exchange Coinbase is one of the payment facilitators of the illegal broker Quotex through Coinbase’s merchant platform (https://commerce.coinbase.com). It’s quite remarkable that the public-listed U.S. crypto giant Coinbase acts as a payment processor for an illegally operating Russian broker. Besides Coinbase, CoinPayments and ChangeCoins are the scam-facilitators for crypto deposits. The Russian payment processors Piastrix and Perfect Money are the broker’s FIAT payment options.
The Quotex platform is well crafted and not one of the many cheap white-label scams. The payment processors are perfectly integrated, and Quotex also maintains highly active channels in different social media outlets like Twitter, Facebook, or Instagram.
As of 24 Feb 2022, more than 31.100 people follow the broker on Instagram, which is explosive growth. On 4 Feb 2022, the broker had only 4,100 followers (see our review). On Trustpilot, the broker has a 4.7star rating with a corresponding “Excellent” trust level from more than 850 reviews. However, most of the 4- and 5-star ratings have been written by first-time reviewers, which smells like a fake.
Do not automatically believe Trustpilot reviews. More often than not, scammers use Trustpilot as a tool to fool potential victims into their fraud schemes. Stay far away from unregulated brokers such as Quotex a/k/a Quotex Market and save yourself money and frustration.
If you have any information about Quotex, please share it with us through our whistleblower system, Whistle42.