Is Quotex legit? Binary Options Broker Review

This is the shortest "who runs it" section we've written, because there's almost nothing to report: Quotex's official site names no founder, no CEO, no team. The one page that would normally carry this — /about-us/ — returns a geo-block message ("Quotex is currently not available in your region") instead of content, on every retrieval path we tried.

What the site does name, in its footer, is the current legal operator: ON SPOT GROUP LLC, based at a P.O. box address in Charlestown, St. Kitts and Nevis — a jurisdiction whose financial regulator does not license or supervise forex, CFD, or binary options brokerage.

That's not the only name that's ever been attached to Quotex's domains. Italy's securities regulator, CONSOB, ordered www.quotex.io and www.quotex.com blocked in December 2021 for offering unauthorized investment services — and named the operator at the time as Maxbit LLC, registered in Saint Vincent and the Grenadines, a different offshore entity in a different country. Nothing on the current site discloses that the operating company behind these exact domains changed. We can't tell you why it changed — we found no public record of a sale, mislaid press release, or explanation — only that it did.

• No founder, executive, or team member named anywhere on the site
• Same domains, different offshore operator than in 2021 — undisclosed

Two things here are primary-sourced, not aggregator hearsay:

Italy, December 2021. CONSOB's Resolution No. 22116 explicitly finds that Maxbit LLC was providing CFD trading in currencies, cryptocurrencies, indices and commodities to Italian investors via quotex.io and quotex.com "without being authorised to provide investment services to the Italian public," and orders the infringement to cease.

Pakistan, April 2025. The Securities and Exchange Commission of Pakistan issued a public press release naming "Qxbroker (Quotex)" directly, stating plainly that "Quotex is NOT authorized to operate in Pakistan," and referring the platform to Pakistan's Federal Investigation Agency and Telecom Authority for blocking.

Worth noting: Quotex's own footer voluntarily excludes several countries from its service area — the USA, Canada, Hong Kong, EEA member states, Israel, Russia. Pakistan is not on that list, even though its regulator had, by the time of this audit, already published a specific warning naming this exact brand.

We also found consistent reporting from broker-review sites (TradersUnion, WikiFX, ClearRank, and others) that regulators in Indonesia, Portugal, and Malaysia have separately flagged Quotex. We were not able to reach a primary regulator document for any of those three within this session, so we're reporting them here as unverified by us, not as confirmed findings — the two above are the ones we checked ourselves against the regulator's own publication.

• CONSOB (Italy): domains ordered blocked, Dec 2021 (primary source)
• SECP (Pakistan): public warning naming Quotex directly, Apr 2025 (primary source)

Independent of the regulatory record, Quotex's Trustpilot page (under its qxbroker.com listing) currently carries a warning that Trustpilot itself issues only when it has taken action: "This company's rating is unavailable due to a breach of our guidelines," with a note under Contact info reading, verbatim, "We've removed a number of fake reviews for this company." The numeric TrustScore is suppressed as a result, even though the raw review count (4,879) and star distribution are still shown.

To be fair to the evidence: what's still visible isn't uniformly damning. The star breakdown shows 87% five-star and 6% one-star, and recent reviews are genuinely mixed — several describe fast onboarding or (eventually) resolved withdrawals. But a platform actively flagged by Trustpilot for review manipulation means we can't treat any of that underlying sentiment data as reliable on its own — which is the point of the finding, not a claim that every positive review is fake.

The recurring theme in the negative reviews we could read is withdrawal speed and regional platform slowness, with at least one case where support attributed a platform-side problem to the customer's own internet connection.

• Trustpilot: "We've removed a number of fake reviews for this company"
• Numeric TrustScore currently suppressed by Trustpilot itself

We can't responsibly write a "consider Quotex if…" list here. Unlike a company with a checkered-but-real record, Quotex's combination of findings — no named accountable individual anywhere on the platform, an undisclosed change of the offshore entity behind its own domains, and two independently-confirmed regulator actions in different countries and different years — describes a structure that is hard to hold accountable if something goes wrong, regardless of how any individual trade or withdrawal happens to go.

If you're considering it anyway:

• Confirm your own country's regulator hasn't issued a warning against Quotex, Qxbroker, or ON SPOT GROUP LLC — check directly, not via a review site, since Quotex's own footer excludes some countries but evidently not all the ones regulators have flagged.
• Never deposit more than you could lose entirely with no recourse: there is no licensed regulator to complain to if a withdrawal is refused, because the platform holds no license anywhere we found.
• Treat Trustpilot sentiment on this listing with real skepticism — Trustpilot itself says it has already removed fake reviews from this exact profile.

We rate Quotex Avoid · 25/100 — not because we found proof of an individual being defrauded, but because the accountability structure itself — anonymous, entity-hopping, actively named by two regulators — is the kind of risk this audit format exists to flag before someone deposits money, not after.

• No accountable named individual behind the platform
• Two regulators, two countries, two different years — same brand

"This company's rating is unavailable due to a breach of our guidelines." / "Breach of guidelines — We've removed a number of fake reviews for this company."— Trustpilot guideline-breach warning on Quotex's own page · trustpilot · negative

"My withdraw is still Processing for more than 48 Hours... This App is not Recommended for Safe Investment or Trading."— 1-star, Ali Sheraz — slow withdrawal · trustpilot · negative

"Their platform is operating really slow in South Africa. I tried contacting them but they said the problem is my network."— 1-star, Refiloe Matabane — platform slow in South Africa · trustpilot · negative

"I just started using this platform a few days ago and honestly it feels very simple to handle. Creating an account took only a few minutes."— 5-star, labib bhai — easy onboarding · trustpilot · positive