Reviewed by Shaun David 
Shaun David
Regulation • Trading Algorithms • Market Analysis
I’m extremely passionate about the financial markets and working with innovative technology that makes trading better and safer. Since joining the CleaRank team, my primary role is working with real-time broker performance data using the CLEAR™ technology and broker evaluation methodology. I investigate brokers by testing their platforms and uncovering hidden risks and costs. My end goal is to level the playing field for traders and With an extensive background in market analysis and algorithmic trading, I’m qualified to find what matters most to traders. using our CLEAR™ Methodology The CLEAR™ Score (Credibility, Leverage, Execution, Accessibility, Regulation) is our proprietary ranking system. The CLEAR™ Score provides you with the most accurate and transparent broker ranking after evaluating all the key factors that are crucial for trading success. .
Last fact check on June 9, 2026 by
Michelle Sofia 
Michelle Sofia
Compliance Analyst • Editorial Review
Michelle is the financial content architect and SEO market analyst at CleaRank, and the final editorial reviewer on every CleaRank publication. With a background in financial journalism and fintech reporting, she fact-checks each broker investigation for accuracy before it goes live.
Quotex Review 2026
Quotex is an offshore binary options broker operating the consumer-facing platform at quotex.io. The primary operator entity is Awesomo Ltd, incorporated in Saint Vincent and the Grenadines. Additional entity references in third-party filings include ON SPOT LLC GROUP registered in Saint Kitts and Nevis and Maxbit LLC also in Saint Vincent and the Grenadines. The IFMRRC registration cited by Quotex as its regulatory credential expired in 2021; the IFMRRC is not a national financial regulator and is not recognized on the IOSCO member list. Quotex holds no Tier-1 licence from the FCA, ASIC, CySEC, BaFin, SEC or CFTC anywhere in the world.
One primary-source regulator filing defines the compliance ceiling here. The Spanish Comision Nacional del Mercado de Valores published a public warning naming Quotex as not authorised to provide investment services in Spain. The CNMV is Spain’s Tier-1 securities regulator and an IOSCO member. Beyond Spain, the retail binary options product itself is permanently banned by ESMA across the European Union since 2019, by the UK Financial Conduct Authority since April 2019, by ASIC in Australia since May 2021, and by the Canadian Securities Administrators.
Our CLEAR investigation gave Quotex a Failed score of 0.20 / 5, placing it in the severe-risk band alongside MTrading and Plexytrade. The most measurable concern is the product itself: binary options cannot be legally sold to retail clients in any G7 jurisdiction. Ahrefs data from 08 June 2026 shows quotex.io receives 2,929 organic monthly visits with 33 percent from Pakistan, 26 percent from India, and 23 percent from Bangladesh. All three top traffic sources are jurisdictions where the operator holds no local regulatory authorisation. Verify any broker’s current risk status using the CLEARCheck Broker Risk Scanner.
Failed CLEAR™ Score: 0.2/5
CNMV Spain Warning and a Product Banned Across Major Jurisdictions
Two regulatory facts define Quotex’s compliance ceiling. First, the CNMV Spain public warning names the brand as unauthorised in a Tier-1 EU market. Second, the binary options product itself is permanently banned at the retail level across the EU, UK, Australia, and Canada. Together these facts mean Quotex cannot legally serve clients in any G7 market.
CNMV Spain Public Warning
The Spanish Comision Nacional del Mercado de Valores published a public warning naming Quotex as not authorised to provide investment services in Spain. The CNMV is Spain’s Tier-1 securities regulator and an IOSCO member. A CNMV public warning against an entity means the regulator has identified the firm as operating without authorisation in the Spanish market. The warning is a primary-source document naming the Quotex brand directly.
Binary Options Product Ban: EU, UK, Australia, Canada
The retail binary options product Quotex sells has been permanently banned at the Tier-1 regulator level across all major Western markets. The European Securities and Markets Authority made its binary options product intervention permanent in 2019 under MiFID II powers, banning the sale of retail binary options across all EU member states. The FCA implemented a permanent UK binary options ban effective April 2019. The Australian Securities and Investments Commission issued its binary options product intervention in May 2021. The Canadian Securities Administrators have prohibited retail binary options trading across Canada. Quotex’s core product is not a licensed investment product in any G7 jurisdiction.
Entity Stack: Awesomo Ltd, ON SPOT LLC, and an Expired IFMRRC Number
The Quotex brand operates through a multi-entity offshore structure. The primary consumer-facing entity is Awesomo Ltd, incorporated in Saint Vincent and the Grenadines. Third-party broker registries also list ON SPOT LLC GROUP (Saint Kitts and Nevis) and Maxbit LLC (Saint Vincent and the Grenadines) in association with the Quotex platform. The SVG Financial Services Authority publicly states it does not issue licences for forex trading or brokerage; IBC registration is a company incorporation number, not a regulatory authorisation. The IFMRRC registration number cited on the Quotex platform expired in 2021. The IFMRRC is a self-styled Russian arbitration organisation – not a government regulator, not an IOSCO member, and not recognized by any Tier-1 financial regulator as a valid licensing authority.
The Quotex entity stack
Awesomo Ltd (SVG), ON SPOT LLC GROUP (St. Kitts and Nevis), Maxbit LLC (SVG), and an expired IFMRRC registration the platform continues to reference. Binary options product permanently banned in the EU, UK, Australia, and Canada. CNMV Spain public warning on file.
Three offshore registrations and one expired credential. Zero Tier-1 retail binary options or forex authorisation anywhere in the world.
Awesomo Ltd
Primary consumer-facing entity. The SVG FSA publicly states it does not regulate forex, CFD, or binary options brokers. IBC registration is a company incorporation number. Awesomo Ltd holds no Tier-1 retail binary options or forex licence anywhere.
No Tier-1 licenceON SPOT LLC GROUP
Appears in third-party broker registries alongside the Quotex brand. Saint Kitts and Nevis does not issue Tier-1 retail binary options or forex licences. The entity adds an additional offshore registration layer without adding any regulatory protection for retail clients.
No retail licenceMaxbit LLC
Second SVG IBC entity referenced in third-party broker registry filings alongside the Quotex platform. SVG FSA does not regulate forex or binary options brokers. Maxbit LLC holds no Tier-1 retail binary options or forex authorisation.
No Tier-1 licenceIFMRRC (expired)
The IFMRRC (International Financial Market Relations Regulation Center) is a self-styled Russian arbitration organisation. Not a national financial regulator. Not an IOSCO member. Not recognized by the FCA, ASIC, CySEC, BaFin, SEC or CFTC. The Quotex IFMRRC registration number expired in 2021 and is still referenced on the platform.
Expired 2021 – not a real regulator82 percent South Asian traffic – Pakistan, India, Bangladesh
Ahrefs data from 08 June 2026: 82 percent of all quotex.io organic search traffic comes from Pakistan (976/mo), India (750/mo), and Bangladesh (688/mo). All three jurisdictions lack a local regulator with authorisation or enforcement authority over Quotex’s offshore entities.
Ahrefs Audit: 2,929 Organic Visits per Month, 82 Percent From South Asia
Live data from the Ahrefs API for quotex.io on 08 June 2026: Domain Rating 42, Ahrefs Rank 1,283,041, 45 ranking organic keywords with 2 in the top three positions, 2,929 organic monthly visits valued at $389.91 per month, and no paid traffic. The search profile is dominated by brand-name review queries. The geographic distribution maps almost entirely onto jurisdictions where the binary options product is either restricted or where the operator holds no local regulatory authorisation.
Country breakdown of those 2,929 organic monthly visits: Pakistan 976 (SECP not authorised, 33 percent of all traffic), India 750 (SEBI restrictions, binary options heavily regulated, 26 percent), Bangladesh 688 (BSEC not authorised, 23 percent), Brazil 191 (CVM not authorised), Malaysia 77 (SC Malaysia not authorised), Nigeria 59 (SEC Nigeria not authorised), United Arab Emirates 43 (SCA not authorised), Saudi Arabia 29 (CMA not authorised), Russia 21 (CBR restrictions), Singapore 16 (MAS not authorised), United States 15 (CFTC; binary options regulated, Quotex unregistered), South Africa 14 (FSCA not authorised), Spain 11 (CNMV public warning on file), Nepal 9, Indonesia 9 (BAPPEBTI; binary options banned). Pakistan, India, and Bangladesh together account for 2,414 of the 2,929 monthly visits, 82 percent of all traffic, from three jurisdictions where the operator holds no authorisation.
The Smoking Gun: A Banned Product Sold Across Unprotected Markets
Quotex’s core product – retail binary options – is permanently banned in the EU, UK, Australia, and Canada. The CNMV Spain has a public warning on file naming Quotex as unauthorised. Yet Ahrefs data from 08 June 2026 shows 82 percent of all quotex.io organic search traffic comes from Pakistan, India, and Bangladesh – three South Asian markets where no local regulator has authorised Quotex and where the binary options product is either restricted or carries no consumer-protection framework equivalent to the EU or UK bans. The operator’s entire measurable consumer reach is concentrated in markets where regulatory enforcement is weakest and retail investors have the fewest protections.
Payment Rails: Card, Crypto, and E-Wallet Mix
Quotex accepts deposits via bank card (Visa, Mastercard), cryptocurrency rails, and e-wallets. The availability of card deposits provides retail clients with a Visa or Mastercard chargeback path that does not exist on the crypto rail. However, the structural concern is not the payment method but the product: binary options are a fixed-payout, short-duration instrument that Tier-1 regulators concluded after multi-year product-intervention studies consistently produced net losses for retail clients. Card chargeback protection addresses individual deposit recovery but does not address the structural product risk. Minimum deposit is documented as low as $10 across competitor review sources, reducing the barrier to entry for inexperienced retail clients.
Customer Complaints: Withdrawal Delays and Verification Loops
The complaint record on Quotex is documented across broker-review forums and competitor review sites. Reported patterns include withdrawal-verification loops requiring repeated document re-submission, withdrawals pending for multiple weeks without status updates, and account closures citing terms-and-conditions clauses on profitable accounts. The operator’s IFMRRC registration provides no functional complaint-resolution mechanism: the IFMRRC is not a government regulator and has no legal enforcement powers. Clients in South Asian markets – Pakistan, India, Bangladesh – have no local regulatory complaint body that has jurisdiction over Quotex given the SVG and Saint Kitts and Nevis entity structure.
Action Steps If You Are Already a Quotex Customer
Stop depositing immediately. Do not add another cent regardless of any bonus or recovery promise.
Preserve every record. Save deposit transaction hashes, MetaTrader account statements, chat logs, KYC submissions, every email and every screenshot.
File a chargeback fast if you deposited by Visa or Mastercard. The dispute window is typically 120 to 180 days from the deposit date.
Report the firm. UK: FCA Report an unauthorised firm. US: CFTC SmartCheck. Canada: Ontario Securities Commission. EU: your national regulator and ESMA.
Avoid recovery offers. Anyone offering guaranteed fund recovery for an up-front fee is a second-layer concern. Legitimate chargeback and regulator-complaint paths do not require an up-front fee.
Our Verdict for Quotex
Quotex’s 0.20 / 5 CLEAR Score reflects an operator selling a product permanently banned in every G7 market, backed by an entity structure in jurisdictions that do not regulate binary options, with an expired IFMRRC credential that is not a real regulatory licence. CNMV Spain public warning on file. ESMA, FCA, ASIC, CSA binary options bans covering all major Western markets. Awesomo Ltd and ON SPOT LLC Group in SVG and Saint Kitts and Nevis – neither jurisdiction regulates binary options operators. IFMRRC registration expired 2021. 82 percent of organic traffic from Pakistan, India, and Bangladesh – three markets where the operator has no authorisation. No Tier-1 compensation scheme applicable.
Avoid Quotex. For real ECN execution under a Tier-1 regulator, use a CLEAR-certified broker such as IC Markets (ASIC), Fusion Markets (ASIC), or Darwinex (FCA). Verify any broker through the CleaRank Broker Risk Scanner before depositing.
Quotex FAQs
Disclaimer: This review documents the regulatory and compliance risks of an unregulated broker and is not financial advice. Always verify a broker’s licenses and seek professional guidance before trading.
Shaun David
I’ve spent majority of my life studying finance and building a successful career from analyzing market trends to spotting successful early adoptions in the crypto industry, and I’ve come to realize I’m not purely analyzing numbers, but the psychology and sentiment of the crowd. As one of CleaRank’s earliest team members I take a hands on approach and personally test brokers by opening real money accounts, executing trades, and stress testing their customer service. Throughout my career I’ve built trading algorithms, managed long term investment portfolios, and helped traders avoid shady brokers before they even knew they were at risk. Whether it’s uncovering hidden fees, evaluating regulatory loopholes, or optimizing trading strategies, I live and breathe the financial markets.