The Spanish regulator CNMV has issued an investor warning against the illegally operating broker Quotex (http://www.quotex.io) earlier this week. Seychelles-registered Awesomo Ltd and Quotex Ltd allegedly operate this. The scam has registered with the International Financial Market Relations Regulation Center (IFMRRC) and received a Certificate of Compliance. Well, the IFMRRC is a fake regulator, and the certificate is worth nothing. The payment processors we found are Onepayways, AdvCash, Perfect Money, Piastrix, and Coinbase. The latter is processing crypto payments.
Through Coinbase, Quotex’s clients can make their deposits with several cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Ripple, or Tether. This is done through Coinbase’s merchant platform (https://commerce.coinbase.com). It’s quite remarkable that the public-listed U.S. crypto giant Coinbase acts as a payment processor for an illegally operating broker.
The Quotex platform is actually well crafted and not one of the many cheap white-label scams. The payment processors are perfectly integrated, and Quotex also maintains highly active channels in different social media outlets like Twitter, Facebook, or Instagram. On Instagram, the broker is followed by more than 4,100 people. On Trustpilot, the broker has a 4.8-star rating from around 300 reviews.
Despite the good Trustpilot reviews and massive promotion on social media, stay far away from unregulated brokers and save yourself money and frustration.