How much does it cost to trade with Quotex? – All fees explained

The term “Trade” has a lot of significance in the global economy, and it has been prevalent for a long time, almost during the early civilizations. During that time, it was the barter system that became a popular trade strategy which was then eliminated when coins were replaced by centralized currencies and assets. Later on, people became more interested in the stock market, where commodities, shares, and other physical assets were used as the trading medium. However, the ROIs from the stock market aren’t impressive, which further gave birth to the forex and cryptocurrency trades. 

The forex market is the lifeline of the global economy because it is based on the currencies used as the medium of exchange in every country. Yes, the type of currency and their valuation will differ indeed, but the ultimate goal remains the same- to initiate the trades, gain profits, and invest the returns again. This is not only applicable for individual traders but also for different businesses, national banks, and centralized organizations. Perhaps that’s the very reason why the forex market is so volatile with a constantly changing supply and demand chain and customer base. 

In order to trade in the forex market, you have to choose a brokerage platform that is nothing but an online website or application where you can initiate different trades and see whether the outcome matches what you have placed the money for or not. Since the markets are decentralized, there is no organization that has the sole discretion of operating the trades, contributing to the price movements, or compensating for the loss of investments. 

Quotex is a similar type of brokerage platform which is not only simple and intuitive but also user-friendly and will keep you engaged for a long time. Therefore, you can easily open an account and start trading with it, provided you have the experience and are simply waiting for a wonderful platform to get started. 

Quotex has become quite popular amongst all kinds of traders, thanks to the amazing features it has incorporated and the flexibility of trading in the forex market. Besides, the platform provides in-built training and informational write-ups and videos. You can have a deeper insight into the operations of Quotex as a trading platform in the forex market. 

But that’s not what makes it one of the most preferred broker platforms. Rather, the lower minimum values for deposits and withdrawals, availability of a demo account for practicing the trades, and other such facts. In this article, we will share the details about the fees and commissions charged at Quotex during the transactions and other activities. With this complete guide, you won’t have to worry about giving up half of your wins or bonus credits just to meet the transaction/website fees levied against your account. 

What is Quotex, and what are the features of this brokerage? 

Quotex is an online brokerage platform that allows traders to access the forex market and ensure that they can start opening and closing a trade position based on the price movements, change in the demand and supply chain, trade volume, and so on. It does not need any additional verification to let the users enroll or register themselves with the platform. 

Besides ensuring that the traders can spend their time without worrying much about the fate of their investments, this online broker has ensured that all the features are genuine, readily available, and can be accessed with ease. 

Here, you can open two different types of accounts: 

1. A demo account is one where you don’t have to make any real-time-based currency. Rather, a certain amount will be credited to the wallet with which you can start with the trades. All you have to do is learn about opening the trade position at the right time and the forecasting based on the trend of price movement, supply and demand chain, market perspective, and more.
2. In order to start playing and getting some real wins, you have to open a live account. Here, the deposit you will make needs to be as per the company protocols. Also, withdrawals and bonuses are active only on a live account. 

Apart from these two account types, there are several other features that you should venture into. This will help you understand the specialty of the online broker and start with the trades at your convenience.

Features of Quotex 

1. Quotex will allow you to make deposits and withdrawals, having the minimum valuation of $10 in USD. 
2. You can use a wide range of payment methods, starting with cards (Visa and Mastercard), cryptocurrencies (USDT, Bitcoin, Ethereum, Litecoin, and more), banks, and e-platforms. 
3. It’s a perfect platform for traders who usually use day and copy trading techniques. 
4. You can practice trading in the demo account rather than investing in the live account and losing your money. 
5. Withdrawals can be canceled in the waiting stage, and no penalty will be charged for the cancellations. 
6. You don’t need to provide all the KYC and other details every time you will sign in. 
7. Registering a new live account will give you a 30% bonus. 
8. The cashback reward feature is available for the users based on a certain range of trades.
9. It’s much easy to set the time for closing the trades using the date and an electronic timer (hour: minutes: seconds)
10. There is nothing to be worried about the safety of your funds and other such personal information.

How to trade with currencies at Quotex?

If you are new to the Quotex platform or an amateur trader as a whole, trading might sound to be difficult for you. Therefore, it’s crucial to ensure that you understand the entire process of placing a trade correctly so that whatever you are investing in it can prove to be beneficial for you. In this section, we have discussed the process by which you have to initiate and lock the trade till its closure time. 

1. First, you have to register yourself with a live account. For this, you can either use the Email ID or sign up through Facebook or VK. 

2. Once you have a registered account, you have to deposit a certain amount to the wallet. There are several ways for depositing the balance like: 

• Bank: Bank of Vietnam
• Banking cards: Visa and MasterCard
• Cryptocurrencies: USDT, Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, ZCash, and more. 
• Electronic payment: MoMo payments and more

3. After this, you have to choose the currency in which you want to initiate the trade. For example, if you have deposited bitcoin, you have to use the exchange to convert it into a currency for forex trades and then start the trade. 

4. Once done, set the date on which you want to close your trade position. If you have set the same date as the opening, it will be a short position. On the other hand, if you choose some other date in the future, it will be a long position.

5. You also need to set the time in the form of hours, minutes, and seconds. This is one of the major benefits of electronic timers because you won’t be susceptible to the price movements that happen within seconds. 

6. After this, you have to study the trade curves present on the screen. Bars with green colors will signify a price increase, while the red color means a decrease in the prices. You will be able to check by how much the prices have changed, the time, and the trade volumes. 

7. Based on all the data, you have to make the prediction and select either the green or red option. 

8. Submit the trade, and the position will open in the market. You will be able to track it by hovering the cursor over the red square appearing on the screen.

9. When the trade closes, you will be able to see whether you were able to win back the investment along with the returns or you lost it. 

What are the spreads and their utility in forex trading?

Spreads are considered to be the difference between the broker’s buy rate and sell rate during a currency exchange in the forex market. For example, let’s consider a trader who wants to buy currency A. In the forex market, no individual currency can be traded. Rather, an additional currency will exist in the pair form in such a manner that the first one will be the base currency, and the second one will be the quote currency. Usually, the base currency has more weightage than the quote currency, and therefore, the exchange rate is always positive. 

For example, USD/CAD or in the currency pair of US Dollars and Canadian Dollars, the USD is the base pair, and the CAD is the quote currency. Its exchange rate will be about 1.2000/1, which means that by spending USD 1.2000, you will get CAD worth $1. Now, coming to the spreads, let’s assume you are a broker. When you want to buy the USD (base currency) in exchange for CAD (the quote currency), you need to pay CAD 0.8333 to have USD 1. Similarly, at the time of selling the base currency in exchange for the quote currency, you will gain about CAD 1.2000 for USD 1. 

The difference between the exchange rates between these two values will be considered as the spread, and it will be denoted in terms of pips. It will vary from one currency pair to another and also the price movements. Just to make sure you are aware of everything related to the variation of the spreads, here are some of the factors that affect the overall value. 

• Broker rates

The first factor on which the spreads will depend is the rates charged by the concerned broker. It will comprise both the bid and sell price, which is why it’s very imperative to consider the changes. 

• Time of the day

Secondly, the spreads will also depend on the time of the day during which the trade is initiated. For example, the trade rates are usually high right before midnight because most day traders close their positions during this time. 

• The volatility of the market

Also, the market’s volatility is another factor that drives the spread. When the price starts to move against the set forecast, most traders will try to sell their assets so that they don’t have to suffer the loss. Similarly, when the price rises, they will buy the assets. Since the circulation of currency pairs and the coins in the liquidity pool will vary, so will the spreads. 

What is the difference between spreads and fees? 

Spreads and fees aren’t the same, which is why you should know the difference before you start trading on the Quotex platform. For your better reference, we have differentiated between these two factors that will help you understand how much you might have to give away for every trade or transaction. 

1. Spread is the difference between the bid and sell price rates of the broker. On the other hand, fees are levied on most transactions you will be carrying out on the broker platform. 
2. Also, spreads will vary according to the market volatility, but usually, the fees are constant and won’t be subject to market changes. 
3. You may have to suffer a few losses if the spreads are quite long, but as for the fees, you won’t have to bear the losses. 

List of fees that can occur when you trade

The following is the list of fees that can occur while trading with Quotex. They are as follows:

• Trading Fees
• Deposit Fees
• Withdrawal Fees
• Transaction Fees
• Inactivity Fees
• Overnight Fees

Unlike any other broker you may come across, Quotex functions differently, which is why it has become so popular. Usually, the platform won’t charge fees during the transactions, which is why you won’t have to worry a lot about giving up the profits you have made, no matter how much you have gained. 

Since there are several types of fees that can be charged by a broker, we have explained everything here below. 

Deposit fees 

At the time of making a deposit, a broker usually charges the traders. Sometimes, this fee is also charged by the payment method platform like the card, crypto exchange, or bank. At Quotex, no such fee will be charged, regardless of whether you are making your first deposit or the nth one. Also, it doesn’t matter what type of payment method you have chosen. However, this broker does levy a limitation on the minimum deposit amount, which is:

Payment Methods	Minimum Deposit
All payment Methods	$10 and equivalent
Bitcoin	$50 and equivalent

Withdrawal fees 

Just like the deposit fees, brokers also charge a withdrawal fee at the time of taking out the funds from the brokerage platform to your personal wallet. Here, the wallet type of card you are using won’t have any contribution impacting the fees. At Quotex, luckily, you won’t be charged with any form of fees at the time of taking out the funds, regardless of the time, the ongoing trade volume, payment type, and more. All you have to do is ensure that the minimum amount you want to withdraw should be equal to or greater than $10. 

Withdrawal Methods	Minimum Withdrawal
All Withdrawal Methods	$10 and equivalent

Transaction fees

Another thing that you need to work on is the transaction fee that is charged when you will make a certain transaction on the brokerage platform. It can be charged for transferring the cryptocurrencies into a fiat currency or vice versa. Sometimes, you may be charged when you want to convert one currency into another one where both the involved entities are either digital or fiat currencies. Luckily, no transaction fee will be charged at Quotex, and therefore, you can carry out the exchanges pretty easily and quickly.

Inactivity fees

Since you will have an account at a brokerage platform, the company has to spend a couple of bucks for the maintenance and security of the same. However, when you are not active on the account or haven’t traded for a certain amount of time, you will have to pay a fixed inactivity fee depending on the total time for which no activity has been performed on your account. Luckily, Quotex won’t levy any form of inactivity charges on you. 

Here is a small table describing the fees charged by Quotex.

Fee type	Purpose	Charges
Deposit fee	While making a deposit into the brokerage account	$0
Withdrawal fee	While withdrawing the funds from the Quotex account	$0
Transaction fee	Any transaction like currency exchange	$0
Inactivity fee	If the account is inactive for a certain time period	$0

Conclusion

Here, we have discussed almost everything you have to know about the Quotex fees and other charges that a trader may have to deal with. Unlike other platforms, Quotex doesn’t levy any charges on the participants, which is one of the main reasons the traders love this platform so much. Apart from this, you won’t even have to pay any form of compensation charges, overnight funding charges, and spread costs.

 

FAQ – The most asked questions about cost to trade with Quotex :

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Last Updated on January 27, 2023 by Arkady Müller