Is Quotex legal in Brazil? – Real review and overview

Introduction:

The process of looking for the ideal broker takes a lot of time and effort. You create a list of potential brokers, check out their websites one by one, and even look at countless user reviews. Once you finally find the broker that has all the services and assets you need, you get excited and quickly sign up.

But what if that broker is not available in your country? You just wasted your time researching about the company only to find out that it doesn’t cater to traders from your country. This is why it’s important to also do research on the availability of that broker.

In this article, you will get to know Quotex and its features and offerings. We will weigh the pros and cons of this broker and provide you with the information that you need. Lastly, this article will plainly answer the question “Is Quotex legal in Brazil?”.

(Risk warning: Trading involves risks)

What is Quotex in Brazil? – Getting to know the broker

Quotex is an online broker that is operated by a company called Awesomo Ltd. Awesomo Ltd is based in Seychelles and is a known member of the International Financial Market Relations Regulation Center or IFMRRC.

Quotex was formed back in 2019, but it was only issued a license to operate as a broker in November 2019. But despite being quite new to the trading world, Quotex has already made a name for itself with its top-notch trading platform and its wide range of assets offered.

Is Quotex legal in Brazil or not?

Yes, Quotex, a licensed broker, is legal in Brazil. Traders from this country can fully enjoy the promos, services, and features offered by this broker. There is also no law forbidding traders in Brazil from trading forex or any other asset class.

Is Quotex safe for traders in Brazil?

Quotex holds a license to operate as an online broker in Brazil. It was issued by the IFMRRC or the International Financial Market Relations Regulation Center. It’s important for you to understand, however, that the IFMRRC is not an official regulatory body. The IFMRRC is an independent organization that regulates brokers based on the services they offer.

When it comes to protecting its clients’ information, Quotex’s website is protected by an SSL Certificate. This is responsible for keeping hackers or other third parties out of their system. You can rest assured that any bank or personal details you input on the website is safe.

(Risk warning: Trading involves risks)

Trading platform review for traders in Brazil

Quotex does not require its clients to download its trading platform. Instead, you can easily access it from your browser of choice on any device. This web-based platform offers a user-friendly interface as well as various trading tools. More than ten drawing tools are also available for you to utilize when reading charts.

The charts featured on the web-based platform are simple and easy to understand. You can fully customize the interface as well to match your preference. The platform can be viewed in a wide range of languages. You can choose between English, Arabi, Persian, French, Indonesian, Malay, Thai, Portuguese, Ukrainian, Chinese, Spanish, German, Tagalog, Hindi, Italian, Polish, Russian, Vietnamese, and Turkish.

As for the assets available, Quotex offers cryptocurrency, forex, commodities, and indices. In total, there are 14 indices that you can trade. The commodities available, on the other hand, are USCrude, UKBrent, Gold, and Silver.

If you want to trade cryptocurrencies, you can choose between Ethereum or Bitcoin. Lastly, Quotex has more than 20 forex pairs that you can trade. Examples of the available currency pairs are:

• CAD/JPY
• USD/CAD
• AUD/JPY
• NZD/JPY
• EUR/CHF

You can utilize the trading signals found on the web-based platform. This gives you an idea of which asset could possibly yield more profitable results. Now, keep in mind that this is not 100% accurate. But Quotex’s trading signals are known to have an accuracy of more than 80%.

Setting up trades on Quotex’s website is a straightforward process. The first thing you need to do is choose an asset to trade. Next, fix the time frame to your desired settings. After that, input the amount you wish to invest in your chosen asset. Once that’s done, simply choose whether you think the market will go up or down. These are the only steps you need to take to set up a trade. But it’s a good idea to check back every now and then to calibrate the settings depending on the market’s movement.

If you’re not feeling quite confident to open up trades yet, you can hone your skills on the free demo account. You can find this feature on the web-based platform. The demo account gives you access to the platform, and it mimics live trading situations. It also comes with $10,000 in virtual cash. 

The downside to using this platform is you can’t use leverage when trading. 

(Risk warning: Trading involves risks)

Fees

The great thing about Quotex is the company does not charge commission rates, withdrawal, and deposit fees. However, the fees when opening a trade depend on the asset you are trading. You can read more about this on Quotex’s website. 

Offers for traders in Brazil

Quotex offers its clients a deposit bonus of up to 35%. However, the bonus depends on how much you deposit. The higher the deposit, the higher the bonus. Additionally, for your first top-up, you will get an extra 80% if you deposit at least $100. The bonus cash you receive will help increase your capital and, possibly, also increase your chances of making a profit.

Mobile Application

As of writing this article, Quotex does not have a mobile application for its trading platform. This doesn’t mean that you can’t trade on a mobile device, though. You can still open the trading platform on your mobile device’s browser. This is compatible with any device or browser.

Opening a Quotex account

You can successfully open a Quotex account in less than a minute. The only information you need to type down is your email address and password. You will need to choose which currency you want to use as well. The available currencies are as follows: USD, GBP, EUR, BRL, BTC, IDR, MYR, RUB, INR, KZT, RUB, VND, UAD, and THB. Alternatively, you can opt to sign up with your Google or Facebook account.

Quotex has three different account types for you to choose from. These are Standard, Pro, and VIP. Each of these accounts has its own minimum deposit requirement and perks. 

If you’re just starting out, the Standard account should be your first choice. Its minimum deposit is only $10. This is ideal if you’re not ready to invest a large amount of money in trading.

If you’re an active trader who is looking to potentially earn hundreds or thousands of dollars, the Pro account is for you. It comes with a 2% increase in profitability on all the available assets. However, its minimum deposit is $1,000.

Lastly, for veteran traders, the VIP account gives you an extra 4% in profits for any asset you invest in. The minimum deposit for this account type is $5,000. Regardless of the account you choose, you can still utilize Quotex’s deposit promo.

How to deposit money in Brazil

To deposit cash into your account, click on the Deposit button in the upper right corner of the web-based platform. This will take you to the deposit page, where all the available payment methods are displayed. You can choose between a number of e-wallets, bank wire transfers, or cryptocurrency. 

Just choose which method you want to use, fill out the necessary information, and input the amount you want to deposit. It’s important to note that the funds will show up in your account within one to two business days. 

• Credit cards are available
• Cryptocurrencies are available
• Electronic wallets are available
• Only $10 minimum deposit
• Minimum withdraw amount is $10
• No fees for transactions

(Risk warning: Trading involves risks)

How to withdraw money

The payment method you choose when you deposit funds will also act as your withdrawal method. You can withdraw funds by clicking on the Withdrawal button found right next to the Deposit button. All you need to do is type in the amount you want to withdraw.

If you’re withdrawing a large amount of cash, Quotex might ask for additional information before they process your withdrawal requests. You will get the amount you chose to withdraw within one to three business days. 

Quotex customer service

Quotex does not have a live chat feature on the website or trading platform. Instead, it utilizes a ticket system where you can input your concern and send in a ticket. Alternatively, you can email them at [email protected] for financial questions or [email protected] for general assistance. 

If need be, you can also send them mail or pay them a visit. The main office’s address is Suite 1, Second Floor, Sound and Vision House, Francis Rachel Str., Victoria, Mahe, Seychelles.

Advantages and disadvantages

Now that you have all the general information on Quotex, let’s talk about the pros and cons of this particular broker. As we all know, there is no perfect broker. The information you find here will help you make an informed decision as to whether or not Quotex is the broker for you.

Advantages:

First up on the list of advantages is its simple but top-notch trading platform. It is relatively easy to navigate since you can do almost everything with one click of a button. It’s also convenient how you can change how the charts look. 

Next is its deposit bonus. Only a few brokers offer this type of promo to their clients. Not to mention the whopping 80% bonus for your first deposit. Keep in mind that you can only enjoy the 80% bonus if you deposit $100. The extra cash should help increase your chances of profit.

Speaking of deposits, Quotex supports a wide range of payment methods for traders based in Brazil. This is highly convenient since you have a lot of options in case one of the payment methods does not suit you.

Another advantage is the low minimum deposit requirement for the Standard account. $10 is quite small, but it’s ideal for skeptical or new traders. However, don’t expect to earn hundreds of dollars if you only invest $10. Remember, the more you invest, the more you can possibly gain. 

The zero commission feature is also an eye-catching advantage. Zero commission means fewer things to worry about. Additionally, there are no deposit or withdrawal fees. This is usually enough to convince traders that Quotex is the right broker for them.

The best feature that Quotex has to offer is its free demo account. Anyone can access this, and you don’t even need to register to practice trading on a demo account. The fact that it mirrors live market situations makes it ideal training grounds for newbie traders or clients who wish to test out different trading strategies without risking their hard earned cash. 

Quotex is also quite generous when it comes to the virtual funds provided on the demo account. $10,000 is more than enough for you to train or devise new strategies before you execute a live trade.

Disadvantages:

Now let us talk about the disadvantages of the broker. One important feature that Quotex left out is the ability to use leverage when trading. The use of leverage usually helps increase your profit or gain. The lack of leverage can be a deal-breaker for brokers who prefer trading with it.

Another disadvantage is the lack of a mobile application. Mobile apps are usually easier to use, especially on a phone or tablet. Traders who prefer working on a phone or tablet would prefer a mobile app over a web-based platform. This is because, more often than not, the web version is slow and buggy on mobile devices. But the app is available for Android devices!

Lastly, traders often question the credibility of Quotex since it is not regulated by an official regulatory body. But this is quite normal since it has only been around for less than a year. Although Quotex holds a license issued by an independent regulatory body, we still urge you to be extra careful when trading with this particular broker.

Conclusion: Quotex is legal in Brazil

As shown in our review about Quotex for Brazil traders. This broker is fully legal in Brazil. You can start trading there with no issues. Brazil traders are welcome. We recommend this broker for trading Binary Options. The platform is user-friendly and has a lot of opportunities for binary traders. The conditions are at their best. You should give it a try!

(Risk warning: Trading involves risks)

FAQ – The most asked questions about Quotex Brazil :

Last Updated on January 27, 2023 by Arkady Müller