8 minute read
Is Quotex Available in New Zealand? A Comprehensive Review
from QUOTEX
Yes, Quotex is fully accessible in New Zealand, allowing Kiwi traders to register, deposit funds, and trade binary options with ease. However, before jumping in, it’s crucial to understand what Quotex offers, its regulatory status, and whether it suits your trading goals. This article dives straight into the essentials, providing clear answers and practical insights to help you decide if Quotex is the right platform for you. Let’s explore!
💥 Trade with QUOTEX now: Open An Account or Visit Brokers
What Is Quotex, and Why Are People Talking About It?
Quotex is an online trading platform launched in 2019, specializing in binary options trading. For those unfamiliar, binary options are a high-risk, high-reward financial instrument where you predict whether an asset’s price (like stocks, currencies, or commodities) will rise or fall within a set timeframe.
Get it right, and you could earn up to 98% on your investment; get it wrong, and you lose your stake. It’s simple but not for the faint-hearted.
Quotex has gained traction globally, including in New Zealand, thanks to its user-friendly interface, low minimum deposit ($10), and a wide range of assets—over 400, including forex pairs, cryptocurrencies, stocks, and indices.
Plus, it offers a free demo account with $10,000 in virtual funds, making it appealing for beginners and seasoned traders alike. But is it all smooth sailing for New Zealanders? Let’s dive deeper.
Is Quotex Legal in New Zealand?
The short answer? Yes, binary options trading, including through Quotex, is legal in New Zealand. The Financial Markets Authority (FMA), New Zealand’s regulatory body, oversees financial markets to ensure transparency and protect investors.
While binary options are considered high-risk, they’re not banned, and platforms like Quotex can operate as long as they comply with local laws, such as the Financial Service Providers (FSP) Act.
However, here’s the catch: Quotex is not regulated by the FMA. Instead, it’s registered in the Seychelles and claims regulation by the International Financial Market Relations Regulation Center (IFMRRC), a non-governmental body.
This raises red flags for some traders, as IFMRRC isn’t as stringent as top-tier regulators like the FMA or Australia’s ASIC. While Quotex is accessible and legal for Kiwis, you should approach it cautiously and understand the risks of trading with an offshore broker.
How to Get Started with Quotex in New Zealand
Ready to give Quotex a try? Here’s a quick guide to setting up your account from New Zealand:
1. Sign Up: Head to the Quotex website or download their Android app (sorry, iOS users, it’s web-only for now). Click “Register,” enter your email, create a password, and select your preferred currency (NZD is an option, so no currency conversion headaches).
2. Verify Your Account: To comply with anti-fraud regulations, you’ll need to verify your identity. Upload a government-issued ID (like a passport or driver’s license) and proof of address, such as a utility bill. This step is standard and usually quick.
3. Deposit Funds: Quotex has a low entry point with a $10 minimum deposit. You can fund your account using credit/debit cards, e-wallets like Skrill or Neteller, bank transfers, or even cryptocurrencies like Bitcoin. Deposits are typically instant.
4. Practice with the Demo Account: Before risking real money, use the $10,000 demo account to test strategies and get familiar with the platform’s tools, like technical indicators and charting features.
5. Start Trading: Choose an asset, predict if its price will go up (Call) or down (Put), set your investment amount, and pick an expiry time (from 1 minute to a month). Then, place your trade and cross your fingers!
Pro tip: Start small and use the demo account extensively. Binary options are risky, and it’s easy to lose your investment if you’re not strategic.
💥 Trade with QUOTEX now: Open An Account or Visit Brokers
Why Quotex Appeals to New Zealand Traders
Quotex has some standout features that make it attractive for Kiwis:
· User-Friendly Interface: The platform is clean, intuitive, and web-based, so you don’t need to download clunky software. The Android app is a bonus for mobile traders.
· Low Entry Barrier: With a $10 minimum deposit and $1 minimum trade, it’s accessible for beginners or those testing the waters.
· Diverse Assets: Trade forex pairs (like NZD/USD), cryptocurrencies (Bitcoin, Ethereum), commodities (gold, oil), and indices (S&P 500, FTSE 100). There’s something for everyone.
· High Payouts: Some trades offer up to 98% returns, though payouts vary based on market conditionsFalling Action: conditions and asset type.
· Demo Account: The $10,000 virtual balance lets you practice risk-free, perfect for honing your skills.
· 24/7 Support: Live chat, email, and phone support are available, though response times can vary based on user reviews.
· Trading Tools: Quotex offers technical indicators (Moving Averages, Bollinger Bands), customizable charts, and real-time market news to help you make informed decisions.
· Bonuses: New users can get a 30% deposit bonus, and there’s a 10% cashback on losses, though bonuses come with terms (more on that later).
The Risks and Red Flags to Watch Out For
While Quotex is accessible and feature-rich, it’s not without risks. Here’s what New Zealand traders should be aware of:
1. Regulatory Concerns: As mentioned, Quotex isn’t regulated by a top-tier authority like the FMA. The IFMRRC certification offers some oversight, but it’s not as robust. This means your funds may not have the same protections as with a locally regulated broker.
2. Withdrawal Issues: Some users on platforms like Trustpilot and BrokersView report delays or issues with withdrawals, such as accounts being locked or funds not appearing. While others praise smooth transactions, these complaints are concerning. Always test withdrawals with small amounts first.
3. Bonus Traps: The 30% deposit bonus and other promotions sound great, but the fine print states that bonus funds aren’t directly withdrawable. You must trade with your deposited funds first, which can lock your money in the platform.
4. High-Risk Nature of Binary Options: Binary options are inherently risky, with an 80% loss rate for retail traders, according to some sources. The simplicity can be deceptive, and impulsive trading can lead to significant losses.
5. Mixed Reviews: Quotex has a 4.3/5 rating on Trustpilot based on nearly 5,000 reviews, with many praising its ease of use and fast execution. However, negative reviews highlight withdrawal problems and poor customer service, so do your due diligence.
Tips for Safe Trading with Quotex in New Zealand
To minimize risks and maximize your experience, follow these tips:
· Use the Demo Account: Practice extensively to understand the platform and test strategies without risking real money.
· Start Small: Begin with the minimum $10 deposit and small trades ($1) to get a feel for the platform before committing more funds.
· Diversify Assets: Don’t put all your eggs in one basket. Spread your trades across different asset classes to reduce risk.
· Research Thoroughly: Check user reviews on Trustpilot, BrokersView, and forums to gauge Quotex’s reputation. Look for patterns in complaints about withdrawals or account issues.
· Set a Budget: Only trade what you can afford to lose. Binary options are not a get-rich-quick scheme.
· Use a VPN (If Needed): If you encounter access issues (though unlikely in New Zealand), a VPN might help, but ensure it’s legal in your region.
Alternatives to Quotex in New Zealand
If Quotex’s offshore regulation or mixed reviews give you pause, consider these FMA-regulated alternatives:
· Interactive Brokers: Known for low fees and a wide range of products, including forex and stocks. It’s a trusted choice for serious investors.
· IG: Offers a robust platform with excellent educational tools and a variety of trading options, including CFDs.
· Admirals (Admiral Markets): Provides low forex CFD fees and fast account opening, ideal for diversified trading.
These brokers are regulated by top-tier authorities, offering more security but potentially higher fees or minimum deposits compared to Quotex.
Is Quotex Worth It for Kiwi Traders?
Quotex is a viable option for New Zealand traders looking for a low-cost, user-friendly platform to trade binary options. Its $10 minimum deposit, demo account, and diverse asset offerings make it accessible, especially for beginners. However, the lack of FMA regulation, withdrawal concerns, and the high-risk nature of binary options mean it’s not for everyone.
If you’re a cautious trader who’s done your homework and understands the risks, Quotex could be a fun way to dip your toes into binary options trading. But if security and regulation are your top priorities, consider sticking with FMA-regulated brokers like Interactive Brokers or IG.
Final Thoughts
So, is Quotex available in New Zealand? Absolutely, and it’s legal for Kiwi traders to use. With its intuitive platform, low entry point, and high payout potential, it’s an attractive option for those willing to navigate the risks. Just be sure to start small, use the demo account, and research thoroughly to avoid pitfalls. Trading is never a sure bet, but with the right approach, you can make informed decisions and maybe even score some wins.
💥 Trade with QUOTEX now: Open An Account or Visit Brokers
Read more:
