Key Things to Know Before Using Quotex Broker as a Trader

Deciding on a broker is one of the most important decisions you’ll make as a trader. The right broker can provide you with the tools, resources, and trading conditions to help support your success. As you consider different brokers, Quotex broker should definitely be on your radar.

Quotex is a newer online broker that has been gaining popularity over the last couple of years. They offer trading across a range of asset classes, including stocks, ETFs, forex, commodities, indices, and cryptocurrencies. They also provide access to both basic and more advanced trading platforms.

However, even though Quotex presents some exciting opportunities, there are a few key things you should know before opening an account. Being informed ahead of time will ensure you choose the best broker for your needs and set yourself up for trading success.

Understand Quotex’s Target Users

The first thing to understand about Quotex is who their typical customers are. Quotex broker specifically tailors their services to active traders who engage in frequent transactions. They provide access to features that these types of traders rely on like advanced charting, Level 2 market data, indicators, and multi-screen layouts.

Casual long-term investors who only make occasional trades may find the added features unnecessary. And the $30 minimum monthly commission fee could potentially eclipse any cost savings from commissions. Understanding Quotex’s target users helps clarify if it aligns with your trading style and needs.

Review Commission and Fee Structures

One of the main selling points of Quotex brokers is low trading commissions. Their commission fee is $2.50 per side ($5 round turn), which is extremely competitive. Even if you’re an active trader making hundreds of trades, this can significantly reduce costs compared to other brokers.

However, it’s important to note there is a $30 minimum monthly commission charge. If you don’t generate at least $30 in commissions through your trading activity, you’ll be charged the difference. This ensures Quotex maintains a predictable revenue stream. Less active traders may actually find themselves paying more in commissions over time because of this.

There are no deposit, account, or data fees, which keeps costs down. But you will pay fair market spreads when trading forex and indices. And ECN fees apply for removing liquidity when trading high-volume stocks & ETFs. Review Quotex’s full commission and fee schedule so you know what to expect.

Verify Available Trading Tools & Platforms

Quotex gives you a choice of trading on MetaTrader 4 (MT4) or their proprietary Quotex Trader platform. Having options appeals to traders with different preferences and experience levels. But you’ll want to dig into the specifics of tools, analysis features, layouts, and advanced functionality.

For example, casual traders may only require basic charts and order entry systems. But active stock, options, and day traders may rely heavily on Level 2 data, indicators, news feeds, screeners, depth of book views, and direct access order routing. Verify Quotex provides access to the trading components essential for your strategy.

They also offer a web trading platform in addition to downloadable desktop software. While the convenience of web access sounds ideal, performance is often slower and less reliable. Make sure Quotex’s web platform meets your connectivity and responsiveness needs if you plan to use it regularly.

Check Available Asset Classes for Diversity

Quotex provides trading access to a decent range of securities across stocks, ETFs, forex, indices, commodities, bonds, futures, and cryptocurrencies. Having diversity allows you to spread your trading capital across different asset classes.

However, verify they offer the specific assets you want to trade. For stocks and ETFs, check if they provide direct access to US, Canadian, European markets or other global exchanges you want to trade on. Review their currency pairs for majors, minors, and exotics. And see specifically which cryptos, indices, futures, options, and other asset classes are supported on their platforms.

Review Account Funding and Withdrawal Options

Funding your Quotex broker account is easy and fast, with several options available. You can use Visa, Mastercard, or wire transfer to deposit USD, EUR, GBP, or cryptos instantly. Card payments support small minimum deposits equivalent to $1.

Withdrawing your money is also reliable but can only be returned through wire transfer. Other brokers additionally support other convenient options like ACH or electronic wallets. See what works best for your situation.

Also, understand any deposit and withdrawal fees if they apply. And confirm expected delivery times so you know how long transfers take.

Evaluate Overall Customer Support Resources

Quotex focuses heavily on providing quick customer support through live chat, email, and phone support. Having direct access to help when you need it is invaluable for trading issues.

But also check out their resource knowledge base for answers to popular questions and self-help. Things like platform tutorials, trading guides, FAQs, glossary definitions, and webinars can get you up to speed quickly on using their systems without having to contact support.

Be sure to research reviews from actual Quotex customers as well. This gives you candid insight into other traders’ experiences with platform quality, order execution, spreads, withdrawals, and customer service.

Start Live Trading Gradual Once Approved

Lastly, once your Quotex account is funded and ready to trade live, take a gradual measured approach at first. Don’t jump in too aggressively until you adjust to real market conditions.

Place smaller share-size trades and get used to the order entry systems. Double-check orders before submitting them and confirm executions on your account statements. See how fast or slow your market data feeds stream in. And reach out to customer service if anything seems abnormal or concerning.

Easing your way into live trading helps build confidence in Quotex’s platform performance and tools. You can then scale up share sizes and frequencies over time once everything meets your trading requirements.

Choosing the best broker for your needs is critical to succeed as a trader. Hopefully, reviewing these key things gives you a balanced perspective on what Quotex broker offers. Match their tools and services up against your personal trading style and strategy to determine if they are a good fit to help you achieve your financial goals.