Welcome to our comprehensive review of Quotex in Nigeria, a platform that’s been making waves in the online trading scene.
If you’re a Nigerian trader looking for a user-friendly platform with a wide range of assets to trade, you’ve probably heard of Quotex. But is it the right choice for you? Is it a legit trading platform?
In this article, we’ll delve deep into the workings of Quotex, exploring its features, fees, customer support, and more.
We’ll also address the burning question: just how safe is Quotex in Nigeria?
So, whether you’re a seasoned trader or a newbie looking to dip your toes into the world of online trading, stick around as we unpack everything you need to know about Quotex in Nigeria.
Quotex Overview
Quotex is a binary options broker that has been in operation since 2019. It offers over 400 binaries across various asset classes, including currencies, commodities, stocks, and cryptocurrencies.
The platform is known for its user-friendly interface, which provides a seamless trading experience with multiple charting styles, dozens of indicators, and daily signals. It’s owned and operated by On Spot LLC Group, a company registered in Seychelles and regulated by the International Financial Market Relations Regulation Centre (IFMRRC).
Quotex is available in Nigeria, and is one of the best trading platforms in the country. It offers a user-friendly interface that caters to both newcomers and experienced traders.
The best thing about Quotex is that it provides traders in Nigeria with access to a wide range of assets, including securities, Forex, commodities, and indices. This diversity makes it a versatile choice for traders seeking variety in their portfolios.
The platform offers over 400 assets for digital options trading, with contracts spanning from 5 seconds to 4 hours. This flexibility allows short-term traders to enjoy high potential returns, with payouts that can exceed 95%.
One of the other key features of Quotex is its intuitive and easy-to-navigate interface. The platform hosts dozens of generally used indicators that can be fine-tuned to a trader’s preference.
It also includes trading signals and market news, although access to these features requires a live account.
The Quotex platform is web-based, so there’s no need for any downloads or installations, making it easy for traders to access the platform from any device.
Quotex also offers a demo account with $10,000 in tradable finances. This demo account allows full access to trading features, providing an excellent opportunity for beginners to practice and understand the dynamics of the market before investing real money.
In terms of deposits and withdrawals, Quotex offers a variety of payment options, including cards, e-wallets, and cryptocurrencies. The platform allows traders to start trading with a low minimum deposit of $10, and there are no fees for deposits or withdrawals.
In a nutshell, Quotex offers several advantages for binary options trading including:
- Wide Range of Tradable Assets: Quotex provides access to over 400 assets for trading, including currencies, commodities, stocks, and cryptocurrencies.
- User-Friendly Interface: The platform is known for its intuitive and user-friendly interface, making it easy for traders of all levels to navigate.
- Advanced Charting Tools and Technical Indicators: Quotex offers advanced charting tools and technical indicators, which can help traders make informed decisions.
- Demo Account: Quotex provides a free demo account, allowing traders to practice and understand the platform before investing real money.
- No Trading Fees: There are no trading fees, deposit fees, withdrawal fees, or account fees on Quotex, making it a cost-effective choice for traders.
- High Payouts: Quotex offers high payouts of up to 98%, which is above average compared to other binary options brokers.
- Low Minimum Deposit: The platform allows traders to start with a minimum deposit of just $10, making it accessible for traders with different investment capacities.
- Short-Term Trades: Quotex is suitable for making short-term trades, with contract timeframes ranging from 5 seconds to 4 hours.
- Security Measures: While Quotex is not regulated by any authoritative financial authority, it offers several security measures to protect users’ funds.
- Copy Trading and Market Signals: Quotex offers copy trading and market signals, which can be beneficial for both novice and experienced traders.
Quotex Safety & Regulation In Nigeria
Quotex takes the safety and security of its users’ funds seriously, offering SSL encryption, 2-factor authentication, regulated payment methods, and negative balance protection.
Binary options trading is legal in Nigeria, and Nigerian citizens can trade stocks and foreign currencies as long as they follow the rules and regulations set by the Central Bank of Nigeria.
The Central Bank of Nigeria regulates the trading of stocks and foreign currencies, and Nigerian citizens can trade these as long as they follow the rules and regulations set by the bank.
However, compared to many other nations, Forex trading in Nigeria is not as highly regulated. This lack of regulation can lead to increased risk for traders, as there is no guarantee of profits and scams are fairly common in binary options trading.
However, Quotex is a member of the International Financial Market Relations Regulation Center (IFMRRC), which provides some reassurance, it’s crucial to remember that trading always involves risk.
Quotex has also implemented several security measures to protect its users’ funds, including
- SSL encryption
- 2-factor authentication
- Regulated payment methods, and
- Negative balance protection
Quotex Minimum Deposit in Naira
Starting your trading journey can be both exciting and confusing. And one of the key decisions you’ll need to make is how much capital to start trading with. This decision can significantly impact your trading experience, especially on platforms like Quotex.
Quotex requires a minimum deposit of $10. This is quite competitive when compared to other binary options trading platforms available to Nigerian traders.
For instance, Pocket Option requires an initial deposit of $50, Binary Cent has a minimum deposit of $500, and RaceOption requires a minimum deposit of $250.
Binarium, another top-rated binary options broker in Nigeria, however has a lower minimum deposit requirement of $5.
The $10 minimum deposit on Quotex makes it an attractive binary options broker for beginners who might not have a large amount of capital to start with. However, the amount you choose to deposit can have implications for your trading strategy and potential returns.
Starting Small – $10 – $50
Starting with a small deposit, such as the $10 Quotex minimum deposit, can be a good way to familiarize yourself with the platform and the dynamics of the market without risking a significant amount of money.
This approach allows you to test your trading strategies and learn from your mistakes without severe financial consequences.
The minimum trade amount on Quotex is $1, which means even with a small deposit, you can execute several trades and gain experience.
However, trading with a small account also has its limitations. The size of your trades will be limited, which means your potential profits will also be smaller.
Furthermore, a series of unsuccessful trades could quickly deplete a small account, potentially leading to a loss of your entire initial deposit.
Medium Capital: $50 – $200
A medium-sized capital offers a balance between risk and potential returns. It allows for more flexibility in managing trades and can absorb losses better than a smaller account.
Advantages:
- Greater room to apply money management strategies
- Potential for higher profits than smaller accounts
- More realistic trading experience
Disadvantages:
- Higher financial exposure Potential for more significant losses
Scaling Up – $200 and above
Starting with a larger deposit can give you more flexibility in your trading. You’ll be able to place larger trades, which could potentially lead to larger profits.
Additionally, a larger account can better absorb the losses from unsuccessful trades, giving you more room to learn and adjust your strategies.
However, it’s important to remember that larger trades also come with larger risks. If a trade goes against you, you could lose a significant portion of your account. Therefore, it’s crucial to have a solid understanding of risk management strategies and to never risk more than you can afford to lose.
For beginners in Nigeria, I recommend starting with a small to medium capital, ideally around $50. This amount is enough to give you a taste of real trading while keeping risks manageable. It also allows you to execute multiple trades and test different strategies.
In addition, I highly recommend using Quotex’s demo account before you start trading with real money. This allows you to practice your trading strategies and understand the platform better without any financial risk.
Practice Makes Perfect
Regardless of the size of your initial deposit, one of the best ways to prepare for live trading is by practicing with a demo account. Quotex offers a free demo account, allowing you to practice your trading strategies in a risk-free environment before you start trading with real money
Quotex Deposit & Withdrawals in Nigeria
Quotex provides a range of payment options for deposits and withdrawals. These include
- Bank cards (Visa/Mastercard)
- Electronic payment wallets like Perfect Money and Piastrix
- Mobile Payment system
- Cryptocurrencies like Bitcoin and Ethereum.
How to Deposit and Withdraw
- To deposit or withdraw funds from Quotex, you need to log in to your account and navigate to the deposit or withdrawal menu.
- Choose a payment method and enter the payment address, also known as the purse, for the selected method.
- For instance, if you choose to withdraw using Bitcoin, enter the Bitcoin address where you want to receive the funds and specify the amount you wish to withdraw.
We recommend using electronic payment systems like Perfect Money and Piastrix for deposits and withdrawals due to their convenience and speed.
Cryptocurrencies like Bitcoin and Ethereum can also be a good option, especially if you are comfortable with crypto transactions. However, keep in mind that the value of cryptocurrencies can be volatile, which might affect the value of your deposits and withdrawals.
Bank transfers can be a reliable method, but they may take longer to process, ranging from a few hours to several business days.
It’s important to note that you need to use the same payment method for both deposit and withdrawal on Quotex. If you wish to change the method, you should contact customer support for assistance.
Also, before initiating a withdrawal, you need to complete the account verification process on Quotex. This step ensures the security of transactions and helps prevent fraud
Quotex Trading Conditions
The trading conditions on Quotex are quite flexible, with contracts spanning from 5 seconds to 4 hours. This flexibility is particularly beneficial for short-term traders.
- The platform offers high potential returns, with payouts exceeding 95%.
- Quotex allows you to start trading with a minimum investment of $1, which is a significant advantage for traders who prefer to start with a small investment.
- The minimum deposit is $10, and the platform offers a 30% deposit bonus.
In terms of assets, Quotex offers a wide variety. Traders can access around 15 major exchanges, such as Dow Jones and FTSE 100, and trade popular commodities like oil, gold, and silver.
There are also 27 Forex pairs available, ranging from major to exotic options.
One of the key features of Quotex is its user-friendly interface. The platform is easy to navigate, and traders can customize the interface to suit their trading preferences.
Real-time data updates are provided, allowing traders to make informed decisions.
However, it’s important to note that Quotex is not without its drawbacks. The platform lacks regulatory oversight, and there are limited educational resources and support available. Also, leveraged trading is not available on Quotex, and shares are not included in the available trading instruments.
Frequently Asked Questions About Quotex in Nigeria
How Long Has Quotex Been Around?
Quotex has been around since 2019. As of 2024, this means Quotex has been operational for approximately five years. In this short period, Quotex has aimed to position itself as a competitive platform by offering a range of analytical tools, trading signals, and a user-friendly interface to attract traders.
Is Quotex Legit?
Yes. Quotex is a legit online trading platform.
What is Purse in Quotex?
The “purse” in Quotex refers to your account balance or the funds you have available for trading. It’s essentially your financial reservoir on the platform, from which you can execute trades, invest in different assets, and manage your financial strategies.
The concept is straightforward, but its management is key to a successful trading journey.
Your purse balance is dynamic, changing with every trade you make. When you deposit funds into your Quotex account, these are added to your purse, increasing your available balance.
Conversely, when you make a trade, the investment amount is deducted from your purse. If the trade is successful, your purse grows, reflecting the profit earned. However, unsuccessful trades will decrease your purse, highlighting the inherent risks of trading.
How Many Quotex Accounts Can I Have?
You can have only one Quotex account. Quotex has a clear stance on the number of accounts an individual can have: it strictly prohibits having multiple accounts. This policy is in place to ensure fair trading practices and prevent any potential market manipulation.
When you sign up for Quotex, you’re agreeing to their terms and conditions, which include this specific rule against multiple accounts.
The reason behind the one-account rule is straightforward.
Allowing traders to operate more than one account could lead to unfair advantages, such as artificially inflating trading volume or manipulating market conditions by coordinating trades across multiple accounts.
Such practices could harm the trading environment for everyone on the platform.
By limiting users to a single account, Quotex aims to maintain a level playing field for all traders, ensuring that the platform remains a fair and competitive space for trading.
If you’re considering trying to bypass this rule by creating multiple accounts, it’s important to be aware of the consequences.
Quotex actively monitors for violations of their terms, including the use of multiple accounts.
If detected, this can lead to the blocking of all associated accounts. This not only disrupts your ability to trade on the platform but could also lead to the forfeiture of any funds in those accounts. It’s a risk that’s not worth taking, especially when the integrity of your trading activities is at stake.
How to Verify Quotex Account in Nigeria
- Identity Verification: You’ll be required to provide a scanned copy or a clear photo of a government-issued ID (passport, driver’s license, or national ID card). Ensure that the document is valid and matches the information on your Quotex account.
- Address Verification: Some platforms, including Quotex, may ask for proof of address. This can be done by uploading a recent utility bill or bank statement in your name that shows your current residential address.
The verification process on Quotex is straightforward and aligns with the standard practices of online trading platforms.
It’s designed to protect both the trader and the platform from fraudulent activities and ensure compliance with regulatory standards. While the process may seem cumbersome to some, it’s a necessary step to ensure a secure and trustworthy trading environment.
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Quotex has continued to barn my account as soon as I try to upload my government ID card the next message I receive is my account is blocked why? Is it that they don’t want Nigerians to use the platform for trading? I wanted to go through verification before I top up my account. Before they just continued to barn my account and I am a new user and already a verified trader on pocketoption. I don’t know why quotex continued to barn my account? Please I need help. Because I have sent numerous emails messages and contacting them but no reply at all.
Hey Sam. It’s unfortunate to hear that you’re having issues with Quotex in Nigeria. Have you tried to reach out to their customer support to find out what might be the issue with your proof of address verification? The trading platform does not have any particular issues with traders from Nigeria.