We have already issued a warning against Quotex in the summer of 2021. Now the broker scam operates with the new offshore entity Maxbit LLC, St. Vincent & The Grenadines, and with the new domain (https://quotex.market). However, according to our information, the scam is actually operated via boiler rooms in Russia. Deposits are possible with various cryptocurrencies via Coinbase and other crypto payment providers, as well as via Russian payment processors Piastrix and Perfect Money.
|Legal entity||Maxbit LLC|
Quotex Ltd (old)
Awesomo Ltd (old)
|Jurisdictions||St. Vincent & The Grenadines|
One of the payment processors of Quotes is the U.S. crypto venture Coinbase, enabling Quotex victims to make their deposits with cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Ripple, or Tether. This is done 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 scam’s FIAT payment options.
The Quotex platform is actually 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. On Instagram, the broker is followed by more than 4,100 people. On Trustpilot, the broker has a 4.6-star rating with a corresponding “Excellent” trust level from around 300 reviews. However, the majority of the 4- and 5-star ratings are produced 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.