Quotex Broker Review

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Written By: Patrick Mahinge
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Is Quotex Legit in Kenya

We want to share with you our firsthand experience using the Quotex binary options trading platform in Kenya.

As the leading forex trade training academy in Kenya, we often get this question asked, “Is Quotex legit in Kenya?”

If you’re asking the same question, our detailed Quotex review aims to shed light on this online trading platform. We have compared Quotex with other similar trading platforms, so stay tuned as we dive into our comprehensive review!

Key Facts About Quotex's Legitimacy in Kenya

Quotex Safety and Regulation in Kenya

Is quotex a good broker in kenya

Unlike regulated platforms such as eToro, IQ Option, and Deriv, Quotex falls into the category of unregulated binary options trading platforms.

However, just because Quotex is not regulated by the Capital Markets Authority in Kenya (or any other financial regulatory authorit for that matter), doesn’t automatically disqualify it as a legit broker.

In the binary options trading landscape, other renowned platforms like Pocket Option and RaceOption also operate unregulated in various regions, yet they’ve built a strong reputation among traders. This demonstrates that regulation, while lending credibility, is not the only measure of a platform’s authenticity or effectiveness.

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Our first-hand experience with Quotex, having used the platform extensively, reveals a robust trading environment. Besides, Quotex implements top-tier security measures that ensure all your trades and transactions remain secure. It operates under On Spot LLC. Group, a company which, while based offshore, aligns with international norms of trading and financial safety regulations similar to platforms like ExpertOption.

In terms of regulation, here’s how Quotex compares with other popular binary options trading platforms in Kenya:

Quotex Deposit and Withdrawal Options in Kenya

  • The minimum deposit amount on Quotex is $10 (approximately 1,460 Kenya shillings at the time of writing), This makes trading on the platform accessible for beginners to start trading without a significant financial commitment.
  • Deposits are processed swiftly, with most methods crediting your account within minutes. This rapid processing allows traders to take advantage of market movements without delay.
  • Withdrawal times vary depending on the method chosen. Cryptocurrency transfers are typically the fastest, often completed within minutes. Bank transfers may take several business days.

Quotex Trading Conditions

  • Quotex offers a fee-free trading setup. Yes, you’ve got it right; there are no commission fees, service fees, or any other hidden charges. Simplifying the process, you only pay what you see and trade.
  • The minimum deposit on Quotex is $10 (approximately 1,460 Kenya shiilings)

Trade Size on Quotex

As a part of our in-depth analysis of Quotex’s trading conditions, we put a sharp focus on trade size.

Essentially, the minimum trade size on Quotex is just $1. This low entry point makes it accessible for traders of all experience levels, allowing beginners to test the waters without risking large sums of money.

Let’s consider an example to make it clearer. Let’s say you’re a new trader with an initial trading budget of $100.

On Quotex, you can effectively place up to 100 trades of $1 each, giving you maximum exposure and experience without dwindling your budget rapidly.

On the other hand, the maximum trade size on Quotex is $1000. This allows more seasoned traders or those with larger budgets to execute bolder strategies.

For instance, if you’re a seasoned trader with a budget of $5000, you could place five trades at the maximum amount, capitalizing on positive market situations.

Quotex Demo Account

The good news for beginners and those who wish to familiarize themselves with the Quotex platform before investing real money is that Quotex does indeed offer a demo account. 

This account, loaded with USD 10,000 virtual funds, allows you to simulate real trading situations and explore the platform’s various tools and features without risking a single cent of your hard-earned money.

A demo account not only introduces you to the mechanics of the platform but also allows you to hone your trading strategies. By practicing in a risk-free environment, you can gain confidence and skill, potentially increasing your success when you start trading with actual money.

What is Quotex

Quotex is a leading provider of online trading services, allowing individuals like you to engage in trading activities directly from your laptop or smartphone. It’s a platform designed for simplicity and ease of use, yet comprehensive enough for more experienced traders.

Yes. Quotex does offer Mpesa as a payment method. This simplifies the process for traders who prefer using Mpesa. So, whether you’re in Kenya, Tanzania, or any other country where Mpesa is accessible, you can easily deposit or withdraw funds on Quotex using this service. By embracing such convenient and widespread payment options, Quotex continues to cater to the needs of their diverse, global clientele.

Yes. Quotex is a legit online trading platform. However, it is not regulated by high-profile bodies such as the United Kingdom’s Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC). This essentially means that while Quotex practices legitimate operations, the absence of these high-profile regulatory affiliations may present certain risk factors that you as an investor should consider.

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