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
- We have confirmed that Quotex operates under ON SPOT LLC Group , a company registered in St Kitts and Nevis. This brings an element of transparency.
- Throughout our operation on Quotex, we enjoyed prompt and dedicated customer support, which is a strong indicator of a legitimate platform.
- The platform uses SSL encryption for transactions, ensuring our funds and personal details were always secure.
- Quotex's user-friendly interface and tools like analytic charts and economic calendar facilitated our options trading significantly, making it our go-to platform in Kenya.
Quotex Safety and Regulation 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.
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:
- Pocket Option: Pocket Option is regulated by the Mwali International Services Authority with license number T2023322. While not a strong regulation jurisdiction, this is better than not being regulated.
- ExpertOption: ExpertOption is an active member of the Financial Commission, and indepedent body that helps to resolve disputes between traders and brokers.
- Binomo: Like ExpertOption, Binomo is also an active member of The Financial Commision. The broker has been a Category"A" member of The Financial Commission since May 2018.
- Olymp Trade: Olymp Trade is licensed and regulated by the Vanuatu Financial Services Commission and is also a member of The Financial Commission.
- IQ Option: IQ Option is owned by Goshawk Finance LLC, a company registered in St Kitts and Nevis. There's no information available about their regulation status and it's safe to assume they are largely unregulated.
- Deriv: Deriv is regulated in 3 offshore juridictions including the British Virgin Islands, Labuan, and Vanuatu. It's one of the most extensively regulated binary options brokers in Kenya.
Quotex Deposit and Withdrawal Options in Kenya
- We were able to make our initial deposit on Quotex using M-Pesa, a popular mobile payment system in Kenya. The transaction was seamless and our trading account was credited almost instantly. This stands shoulder to shoulder with other platforms like IQ Option and Olymp Trade which also support M-Pesa deposits.
- 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.
Does Quotex Accept Mpesa?
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.
Is Quotex a Legit Broker?
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.