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Does Quotex Work in Nigeria? A Comprehensive Review
from QUOTEX
Yes, Quotex works in Nigeria. Nigerian traders can register, deposit, trade, and withdraw on the Quotex platform without any legal or technical restrictions from the broker itself. However, there are some important things you need to understand about using Quotex in Nigeria — including regulation, payment methods, safety, and legality.
This article goes straight to the point, answers the most common questions, and gives you a full breakdown of how Quotex operates in Nigeria in 2025.
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What is Quotex?
Quotex is a digital options trading platform that allows users to speculate on the price movement of various assets such as forex, cryptocurrencies, stocks, and commodities. The company is officially registered as Maxbit LLC, headquartered in St. Vincent and the Grenadines, and operates under the regulation of the IFMRRC (International Financial Market Relations Regulation Center), which is not a government body but a private regulator.
Quotex has gained popularity in many countries, including Nigeria, for its easy-to-use interface, fast registration, and low deposit requirements.
Is Quotex Available in Nigeria?
Yes, Quotex is available and accessible in Nigeria.
Nigerian users can access the official Quotex website, create an account, and start trading almost instantly. The platform supports users from Nigeria without restrictions, and there is no official Nigerian government ban or limitation on its use.
You can:
Open a free demo or real account
Deposit money in Naira through various local payment methods
Trade digital options and forex
Withdraw profits back to Nigerian banks or wallets
Is Quotex Legal in Nigeria?
Technically, Quotex is not regulated by Nigeria’s SEC (Securities and Exchange Commission). However, that doesn't mean it's illegal. There is currently no specific law in Nigeria that bans online options trading or platforms like Quotex.
That said, the Nigerian SEC does not endorse or regulate binary or digital options trading. This means you’re trading at your own risk, and your funds are not protected under Nigerian law if anything goes wrong with the broker.
Still, thousands of Nigerians trade daily on offshore platforms like Quotex, Deriv, Olymp Trade, and IQ Option without legal consequences.
Bottom line:
✔️ You won’t get into trouble for using Quotex in Nigeria
⚠️ But you won’t have legal protection if things go wrong either
How to Register on Quotex in Nigeria
Signing up is simple:
Go to Quotex: Open An Account or Visit Brokers 👈
Click “Sign Up”
Enter your email, password, and choose NGN (Nigerian Naira) as your account currency
Accept the terms and create your account
Start using the demo account or fund a real account
No ID is required to open a demo or live account. However, you may be asked to verify your identity before withdrawing larger amounts — especially if you’re using bank transfers or e-wallets.
Payment Methods for Nigerians
One of the biggest concerns for Nigerian traders is how to deposit and withdraw funds. Thankfully, Quotex supports Nigerian-friendly payment options in 2025.
✅ Deposit Methods:
Bank transfer via Flutterwave (available on most accounts)
USDT (Tether) – great for avoiding local currency issues
Perfect Money
Bitcoin and other crypto
Visa/Mastercard (sometimes restricted based on your bank)
Minimum deposit is $10 or the Naira equivalent.
✅ Withdrawal Methods:
Bank transfer (via third-party processors like Paystack or Flutterwave)
USDT or Bitcoin
Perfect Money
Withdrawals usually take 1–5 business days, depending on the method used.
Important tip: Always use the same method for deposits and withdrawals to avoid delays or verification issues.
Is Quotex Safe for Nigerians?
Let’s be honest: Quotex is not regulated by a top-tier authority like FCA or CySEC, so it’s not considered “high-security” like some major brokers.
However, this doesn’t automatically mean it’s unsafe. So far, Quotex has a decent reputation among Nigerian traders and international users. It has:
SSL encryption for website security
Account protection with 2FA (two-factor authentication)
No major scandals or fraud allegations as of 2025
Still, you should be cautious. Don’t deposit more than you can afford to lose, and always verify your withdrawal method before trading with real money.
Pros of Using Quotex in Nigeria
✅ Accessible: No geo-restrictions for Nigerians✅ Low deposit: Start trading with as little as $10✅ Fast registration: No ID needed to start✅ Demo account: Try it out risk-free✅ Naira support: Avoid currency conversion fees✅ Crypto-friendly: Deposit and withdraw in USDT, BTC, etc.✅ Simple interface: Great for beginners
Cons of Using Quotex in Nigeria
❌ Not regulated in Nigeria❌ No legal protection if the platform shuts down❌ Digital options are high-risk instruments❌ Some Nigerian banks may block card payments to brokers❌ No MetaTrader integration for advanced forex traders
Is Quotex a Scam?
No, Quotex is not a scam. It's a legitimate platform that has been operating since 2019 and is used in over 100 countries. Thousands of users, including Nigerians, successfully trade and withdraw their profits regularly.
However, just like any offshore broker, it’s important to remember:
It’s not risk-free
Your money is not insured
Profit is never guaranteed
If you’re looking for 100% safety, consider regulated forex brokers with licenses in Europe or the U.S. But if you’re okay with the risks and want to try binary/digital options, Quotex is one of the better choices available in Nigeria.
Can You Make Money with Quotex in Nigeria?
Yes, it’s possible — but it’s not easy.
Digital options (the main trading tool on Quotex) are high-risk, short-term trades. You predict whether the price of an asset will go up or down in a very short time (usually 1 to 5 minutes). If you're right, you earn a fixed return (up to 95%). If you're wrong, you lose your entire investment for that trade.
This makes it possible to make quick profits, but also easy to lose money fast.
Success on Quotex depends on:
Your trading strategy
Your emotional control
Risk management
Market knowledge
If you're just guessing or chasing fast money, you’ll likely lose. But with practice, discipline, and learning, some traders do make consistent profits.
Is Quotex Better Than Other Brokers in Nigeria?
It depends on what you’re looking for.
If you want simple, fast binary trading, Quotex is a solid option.
If you want regulated forex trading with advanced tools, consider brokers like:
FXTM (regulated by Nigeria’s SEC)
OctaFX
HotForex
IC Markets (offshore, but highly trusted)
Quotex is great for beginners who want to try short-term digital trading with small capital. But it’s not the best fit for long-term investors or advanced traders needing full market access.
Final Verdict: Should You Use Quotex in Nigeria?
Yes, if you understand the risks and trade responsibly.
Quotex works well in Nigeria, offers local-friendly deposit methods, and is one of the easiest platforms to start trading with. However, it is not regulated locally and carries significant risk due to the nature of digital options.
If you’re a Nigerian looking for a fast, simple way to try online trading, Quotex is a legit choice — just don’t treat it like a get-rich-quick scheme.
💥 Trade with QUOTEX now: Open An Account or Visit Brokers 👈
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