Is Quotex legal in Russia? – Honest review for trader

Introduction:

With the recent pandemic causing people to stay indoors, trading has become an ideal way to earn cash in the safety of our homes. It is not the most stable source of income, but it still has been gaining popularity even before the pandemic.

It is no surprise that traders have difficulty looking for a broker. After all, there are so many options out there, and it seems like each company has its own gimmick, features, and even promos. When choosing a broker, you have to look at a couple of important things. Included in this list is the credibility of the broker, the assets offered, and what it has to offer.

All these are important, but some forget to look at the availability of the broker. They did their research and are ready to sign up with the broker, but as soon as they fill out the registration form, they notice that the broker is not available in their country.

In this article, we will answer if Quotex is legal or available in Russia. We will also give you information about the broker and what it has to offer to traders based in your country.

(Risk warning: Trading involves risks)

Getting to know the broker Quotex

Quotex, a company operated by Awesomo Ltd, is a registered online broker that is based in Seychelles. The organization responsible for its license is the IFMRRC or the International Financial Market Relations Regulation Center.

The company was created in 2019. However, it only started operating as an online broker in November 2020. Although this broker is fairly new to the market, it has already gained popularity among brokers all over the world.

Is Quotex legal in Russia?

The simple answer to this question is yes. Quotex is legal and is allowed to provide its services to traders based in Russia. There is no law against trading forex, crypto, or any other assets in this country. Russian traders can utilize all the features, services, and promos provided by Quotex.

Is Quotex safe for traders in Russia? 

Quotex is relatively safe for traders in Russia. However, it is not monitored by an official regulatory company. Instead, the broker is a member of the International Financial Market Relations Regulation Center. The IFMRRC is a third-party company that focuses on regulating brokers based on its credibility and services.

Quotex also prioritizes the safety of its users. The website is SSL Certified to protect any data you share with the broker. This includes your personal information and bank or card details.

(Risk warning: Trading involves risks)

Trading platform review for traders in Russia

Quotex has a web-based platform that can be opened via your web browser of choice. Clients don’t need to clear up space for the platform since they don’t need to download it. A web-based platform is highly convenient and easy to access as long as you have a stable connection to the internet.

One of the features of the trading platform is drawing tools to help you read charts. It offers trading signals to its clients as well. Trading signals help you decide on which asset to invest in. It has an accuracy of more than 70%, but you should do a bit of research as well before you execute a trade.

The interface is easy on the eyes, and you can also customize it. It’s very simple and easy to navigate. It can also be viewed in English, Vietnamese, Polish, Russian, Tagalog, Hindi, Italian, German, Spanish, Chinese, Ukrainian, and many more.

Four asset classes are available on the web-based platform. There are more than ten indices, two cryptocurrencies, four commodities, and 20+ forex pairs. Some of the available forex pairs are EUR/CHF, NZD/JPY, USD/CAD, AUD/JPY, and many more.

The process of opening or executing trades is straightforward. This makes it easier for clients to trade any of the available assets. Step one, choose an asset to trade. Step two set the time according to your preference. Step three, type in how much you want to invest in that particular asset. The last step is to determine how you think the market will move. You will need to choose either Up or Down.

Once you set up a trade, you just have to wait for the market to move. You will need to change the settings from time to time to prevent any losses. So it’s a good idea to check back as well from time to time. Although it’s worth noting that you can not use leverage when executing trades for any asset class.

One feature that most traders look for is the demo account. Quotex offers this, and it is completely free. Anyone can use it to train, hone their skills, or try out new trading strategies. The broker provides demo account users a virtual fund of $10,000. This can be used to trade in a simulated environment that mirrors the live market.

Fees

Quotex charges its clients different fees. The amount depends on the asset you are trading. So make sure to read up on this before you open up a trade. Information on this can be found on the website and web-based platform. This broker does not charge a commission, withdrawal, and deposit fee.

Offers for Russian traders

Traders in Russia can enjoy Quotex’s deposit bonus. Depending on how much you add to your account, you can get up to 35% of the amount you deposit. Another generous promo provided by Quotex is the first-time deposit bonus. If you top up at least $100, you get an extra 80% of that amount. The more you deposit the first time, the more extra funds you get.

Mobile Application

Sadly, Quotex has established a mobile application only for android devices yet. It’s quite new, after all. But you can still trade on your mobile device with iOS. You can open up the trading platform on your web browser and trade from there. It has the same features found on the desktop version.

Opening a Quotex account in Russia

Quotex does not require its clients to fill out an elaborate form to open an account. All you need to do is input your email address and password. A drop-down box of available currencies is also found below the form, and you will need to choose which one you want to use. Another way to open an account is to link either your Facebook or Google account.

(Risk warning: Trading involves risks)

Once you sign in on the web-based trading platform, you will see three different account types. These are Standard, Pro, and VIP.

If you are only starting out and want to test the waters, you should sign up for a Standard account. Its minimum deposit of only $10 is ideal for traders who don’t wish to invest too much into this profession.

The Pro account is great for active traders. Pro account users are given an additional 2% profit on any of their winning trades. Its minimum deposit, however, is $1,000.

If you are a veteran trader who wants to possibly earn a fortune from this profession, you should register for a VIP account. Although its minimum deposit is $5,000, you get an added 4% on your profitable trades.

How to deposit money in Russia

On the web-based platform’s upper right corner, you will find a Deposit+ button. Clicking on that will open up the deposit tab. Here, you will find the payment methods supported by the broker. You can choose between credit or debit cards, wire transfer, various e-wallets, or cryptocurrency.

Click on the payment method you want to use and input the amount you want to deposit. Bank or card credentials will be required if you choose any of the two payment methods. The amount you deposited will be credited to your account within one to five business days.

• Multiple payment methods for russian traders
• Credit Cards
• Electronic Wallets
• Cryptocurrencies
• Bank transfers
• $ 10 minimum deposit
• $ 10 minimum withdrawal
• No fees

How to withdraw money

The payment methods mentioned above can also be used as withdrawal methods. To get to the withdrawal tab, click on the button labeled “Withdrawal”. This is found right next to the deposit button.

The same method applies. Choose your payment method, input the amount, and provide the necessary information. Deposits usually take between one to three business days.

Quotex customer service

Quotex uses a ticket system as their support service. You can open a ticket directly from the web-based platform. The average response time is between a couple of hours and a couple of days. Rest assured that your concern will be addressed by knowledgeable customer service representatives.

Alternatively, you can send an email to [email protected] or [email protected], depending on your concern or query. The main office of the broker can be found in Suite 1, Second Floor, Sound and Vision House, Francis Rachel Str., Victoria, Mahe, Seychelles.

Advantages and disadvantages

Advantages of Quotex:

Quotex offers a lot of advantages to its clients. One of which is the user-friendly web-based trading platform. Beginners won’t have a hard time navigating their way through the platform. It’s easy to understand, and the process of opening a trade is quite simple and straightforward.

The platform’s trading signals, as well as drawing and trading tools, are also quite useful. Although, you should remember that trading signals are not always 100% accurate. The charts are easy to read, and you can even customize them to either light or dark mode.

Bonuses never fail to catch the eyes of potential clients. Quotex is more than generous when it comes to their deposit bonus as well, especially for your first deposit. Assuming you invest at least a hundred dollars or more, the 80% extra funds will surely help increase your capital, which translates to possibly higher gains.

A wide range of payment methods is supported by this broker. More options mean more convenience for the clients. Some prefer to use their card or transfer funds from the bank. Others want to go for a more relatively safe route, which is to deposit funds using an online wallet. Unlike most brokers, Quotex also allows you to invest using various cryptocurrencies.

Fees are unavoidable when you enter the trading profession. The good thing about trading with Quotex is they don’t charge for commission. Depositing and withdrawing funds is also easier since this broker does not charge fees for these two.

The low minimum deposit requirement is also counted as an advantage. Some brokers require a minimum of $20 or $50. With Quotex, you can start trading with only $10 in your account. This is what makes it great for beginners or traders who want to test out the capabilities of the broker with real cash.

The most important feature is the free demo account provided by Quotex. You can avail of this service without having to register or sign up using your email or social media accounts. When using a demo account, you’re training on an exact replica of a live account. The only difference is you will be trading with virtual cash, and any profit you gain won’t translate to actual cash. A demo account is useful for training, creating new strategies, or testing out theories that you find on educational materials online.

Disadvantages of Quotex:

Let’s move on to the disadvantages. An important feature that Quotex doesn’t offer is the use of leverage. Although the use of leverage increases the risk, a lot of traders prefer trading with leverage because this exponentially increases their gain. The lack of the ability to use leverage when trading is essential to a lot of traders.

Compared to other brokers, Quotex does not have much to offer when it comes to educational material. If you take a look at the website of other companies, they offer eBooks, video tutorials, and webinars. Quotex does not have an educational tab on the website. However, they do have an FAQ tab where you can find some educational information.

Lastly, a lot of traders are skeptical when it comes to brokers who are not regulated by official regulatory bodies. Quotex is one of the youngest brokers out there since it has only been operating since November 2020. However, they do hold a license issued to them by the International Financial Market Relations Regulation Center. Still, a lot of traders prefer to partner up with brokers who are officially regulated by reputable companies. 

Conclusion: Quotex is fully legal in Russia

In this article, we gave you a good overview of the broker Quotex. It is a fully legal service in Russia. Traders can register with it and start investing in the financial markets. We recommend using Quotex if you want to trade Binary Options.

(Risk warning: Trading involves risks)

FAQ – The most asked questions about Quotex Russia :

Last Updated on January 27, 2023 by Arkady Müller