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Open a Quotex account →01Executive summary
Quotex is a binary options platform founded in 2019 and registered in Saint Kitts and Nevis (Caribbean). It grew fast in Brazil, racking up millions of users — but also thousands of complaints. The proposition is simple: you bet on whether an asset will go up or down over very short periods (1 to 5 minutes) and, if you are right, you get a fixed return. If you are wrong, you lose everything.
The model sounds attractive, but it hides unfavorable math: with an 85% payout and a full 100% loss, you have to be right on at least 54% of your trades just to break even. In practice, most people lose money — and those who do profit report serious difficulty withdrawing.
02Regulation: where is it registered?
Quotex operates under the company Maxbit LLC, registered in Saint Kitts and Nevis — an offshore jurisdiction without rigorous financial supervision. It holds no license from any internationally recognized regulator (such as CySEC, the FCA or ASIC).
In Brazil, the situation is clear: the CVM does not authorize the offering of binary options to Brazilian investors, under its ruling 681/2017. Quotex has never obtained CVM authorization and operates in what Brazilian law considers an irregular situation.
In practice, that means that if you run into problems — a blocked account, an unpaid withdrawal, a deducted balance — there is no formal recourse in Brazil. There is no deposit insurance, no compensation fund and no regulatory channel to dispute it.
What does that mean in practice? If Quotex decides to block your account or not pay a withdrawal, the only option is to sue an offshore company in a foreign jurisdiction. Many people try — there are at least 81 lawsuits in Brazil — but enforcement is extremely difficult.
03The platform and how it works
Quotex's web platform is proprietary (it does not use MetaTrader) and has a clean interface, with candlestick charts, basic indicators and fast execution. There is also a mobile app. The experience of using it is praised by many users — the problem is not the interface, but what happens when you try to withdraw.
04Complaints: what the data says
This is the core of this analysis. The Reclame Aqui numbers are striking:
The pattern in the complaints
The reports follow a recurring pattern that deserves attention: the deposit works normally (Pix lands instantly), the trades run without problems — but when the user tries to withdraw, the trouble starts. The most frequently cited problems include:
Withdrawals that never arrive: Users report withdrawals approved by the platform that simply are not credited to their bank account. There are reports of waits of days, weeks and even months.
Account blocked after a profit: A frequent pattern — the user makes a profit, requests a withdrawal and has the account suspended for an alleged "rule violation", without the platform specifying which rule was broken.
Automated, evasive support: On Reclame Aqui, Quotex replies that it is "not affiliated" with the site and redirects users to its own channels. Many users report getting no reply at all, or only automated messages.
Balance deducted with no explanation: Some reports indicate that the balance simply disappears from the account, with the company claiming a breach of terms without presenting any evidence.
Important context: It is true that every financial platform gets complaints, regulated brokers included. However, the volume of complaints against Quotex (6,500+), combined with the lack of regulation and the consistent pattern in the reports, paints a worrying picture that goes beyond the normal level of market dissatisfaction.
05The math of binary options
Whatever the platform, binary options have a mathematical structure that favors the house. With an 85% payout (typical on Quotex), the math is simple:
If you win: you get 85% of the amount staked. If you lose: you lose 100%. To break even, you would need to win 54,05% of your trades — and that is before counting emotional factors, overtrading and the natural tendency to raise exposure after losses.
Studies show that most retail traders in binary options lose money. Not for lack of technical knowledge, but because of the structure of the product itself.
06APIs, scalping and bots on Quotex — what is real
A large share of the people who look up Quotex want to automate: "Quotex Python API", "scalping bot", "automatic indicator". It is worth separating what exists from what is just a sales pitch.
Quotex does not offer an official, public API. There is no documentation for connecting a Python bot in an authorized way. The solutions going around (unofficial libraries, browser automation, "scalping bots" sold in Telegram groups) work by reverse-engineering internal channels — and are therefore unstable, can stop working with any platform update and violate the terms of use, which can result in a blocked account and the loss of your balance.
Add to that the product's unfavorable math (section 05): no "infallible" bot changes the fact that the payout is below 100%. Automating a losing strategy only speeds up the loss.
Want real automation? The safe route is to use assets and brokers with an official, documented API. See the comparison of trading APIs and the tutorial on the Deriv API in Python — where you can run a bot stably and within the rules.
07Quotex vs. regulated brokers
| Criterion | Quotex | Regulated forex broker (e.g. Exness) |
|---|---|---|
| Regulation | None recognized | CySEC, FCA, ASIC |
| CVM | Not authorized | No (but accepts Brazilians) |
| Product | Binary options (all or nothing) | Forex, CFDs (risk management) |
| Withdrawal | 6,500+ complaints | Automated, fast |
| Stop loss | Does not exist | Yes, configurable |
| Compensation fund | No | Yes (ICF up to €20k) |
| Recourse in a dispute | No formal channel | The regulator's ombudsman |
08Income tax
Under Brazilian rules, profits from binary options must be declared as capital gains in foreign currency, taxed at 15% on the gain. Payment is made through a monthly DARF, Brazil's tax payment form (code 4600), and the annual return must include the amounts under "Assets and Rights". Failing to comply can generate fines and interest.
09Who it is for (and who it is not for)
You might consider it if:
- You understand this is high-risk speculation, not investing
- You only trade with money you can afford to lose entirely
- You already know the risks of unregulated platforms
- You use the demo account to test strategies, without depositing
Avoid it if:
- You are looking for consistent or supplementary income
- You cannot afford to lose the amount you deposit
- You expect support and regulatory protection if something goes wrong
- You were referred by an influencer promising an "infallible method"
10Frequently asked questions
Is Quotex legal in Brazil?
Trading on Quotex as an individual is not a crime, but the platform operates irregularly according to the CVM, which does not authorize the offering of binary options to Brazilians. That means there is no regulatory protection for the investor.
Does Quotex pay withdrawals?
There are reports of withdrawals paid normally and reports of withdrawals blocked or never credited. The volume of withdrawal complaints (the main grievance on Reclame Aqui) indicates it is a recurring problem, especially for larger amounts or after a run of profits.
Why was my account blocked?
Quotex claims a "violation of the terms of use" as its standard reason, but rarely specifies which clause was broken. This is one of the most reported patterns in the public complaints.
Can I sue Quotex?
You can file a lawsuit in Brazil (there are 81+ in progress), but enforcing it against an offshore company is complex and expensive. There is no guarantee of recovering the money.
Is there a bot that makes money on Quotex?
There is no "infallible bot" for binary options. The product's mathematical structure (a payout below 100%) makes consistent profit extremely unlikely over the long run, regardless of automation.
Is Quotex trustworthy?
Quotex has more than 6,500 complaints on Reclame Aqui, 81+ lawsuits and was named in the Minas Gerais inquiry into pyramid schemes. It has no recognized regulation and no CVM authorization. The platform itself works, but the history of blocked withdrawals and the absence of regulatory protection make its reliability low, especially for larger amounts.
Does Quotex have a Python API?
There is no official, public Quotex API. Unofficial libraries and browser automations exist, but they are unstable, violate the terms of use and can get your account blocked. For stable automation within the rules, use assets with a documented API (such as Deriv).
Does automated scalping work on Quotex?
"Scalping indicators" and bots sold in groups rarely deliver what they promise and depend on unofficial integrations. Even when they work technically, they do not get around the sub-100% payout that favors the platform.
📊 Independent analysis and alternatives: It is worth comparing Quotex side by side with regulated platforms before you decide. See the full platform comparison on MelhorBroker and the IQ Option vs Quotex comparison — to understand the differences in regulation, payout and safety.
Want to trade more safely?
If you are after automated trading with serious regulation, take a look at regulated brokers that offer real protection for your capital.