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Red-Listed Offshore Broker Quotex Continues Its Strong Growth!

Fintelegram assigns red compliance rating to offshore broker Quotex
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The offshore broker Quotex has been active for several years and, during this time, has used various offshore entities as official operators. Until recently, this was Maxbit LLC, registered in St. Vincent & The Grenadines. In our current review, we have found Soft Horizon Ltd in Saint Lucia in the Service Agreement. Quotex is vast and has around 10 million website visitors per month, according to Similarweb. Due to the lack of regulatory permission, we have added Quotex to our Red Compliance list.

Key data

BrandsQuotex
Quotex Market
Domainshttps://qxbroker.com
https://quotex.com
https://quotex.io
https://quotex.market
Social mediaFacebook, Instgram, Twitter
Legal entitiesMaxbit LLC
SOFT HORIZON LTD
Quotex Ltd (old)
Awesomo Ltd (old)
JurisdictionsSt. Vincent & The Grenadines
Seychelles
Russia
St. Lucia
Payment processorsCoinbase
ChangeCoins
CoinPayments
Piastrix
Perfect Money
Compliance ratingRed
Trustpilot4.9-star rating with an “Excellent” trust level
WarningsCNMV, Consob, CMVM

Short narrative

Quotex operates with different domains. With the domain QXbroker.com, Quotex was very successful in South America over the last months. Out of almost 9 million website visitors, more than 50% came from South American countries.

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, and Instagram. On Instagram, almost 44,000 people follow the broker.

On Trustpilot, the broker has a 4.9-star rating with a corresponding “Excellent” trust level from around 5,300 reviews. This is quite impressive feedback from its traders.

Compliance Check

Quotex has no regulatory permission to offer its financial products that we are aware of. According to its website, the broker does not accept clients from North America, Hong Kong, Russia, or the EEA regions. Until a few months ago, Quotex accepted traders from EEA countries. Several EEA regulators have issued warnings against Quotex between 2021 and 2023.

According to Similarweb data, Quotex operates primarily in South American jurisdictions, the United Arab Emirates, and Asia. Quotex does not have regulatory permission for these jurisdictions either.

It seems that Quotex is not a scam. Due to the lack of regulatory permission, we place the offshore broker on our Red Compliance List.

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If you have any information about Quotex, please share it with us through our whistleblower system, Whistle42.

CategoriesRed Compliance

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