6 minute read
Quotex Withdrawal Problem in Nigeria: What’s Really Going On?
from QUOTEX
If you're in Nigeria and struggling to withdraw your money from Quotex, you're not alone. Over the past few months, many Nigerian traders have reported difficulties with withdrawals on the Quotex platform. From failed transactions to unresponsive support, the frustration is mounting.
So, what’s really happening? In this article, we’ll go straight to the point, explain why Quotex withdrawals are failing in Nigeria, what you can do about it, and whether it’s still safe to trade on the platform.
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What Is the Quotex Withdrawal Problem in Nigeria?
The problem is simple but serious: Nigerian users are experiencing delays, errors, or complete failures when trying to withdraw funds from Quotex.
Here are the most common issues being reported:
· Withdrawals not processing after several days
· Errors when selecting withdrawal methods
· Missing or reversed transactions
· No response from Quotex customer support
· Bank transfers not working for Nigerian accounts
· Rejected requests without explanation
Many Nigerian traders have complained that their profits are “trapped” in their accounts, with no way to access their money.
Why Is This Happening?
There are four key reasons behind the current Quotex withdrawal problems in Nigeria:
1. Regulatory Pressure from the Nigerian Government
The Central Bank of Nigeria (CBN) has been cracking down on unregulated forex and binary options trading platforms. Since Quotex is not licensed by the Nigerian SEC or CBN, it operates in a legal gray area.
As part of broader anti-money laundering and financial control efforts, Nigerian authorities have restricted banking services to such platforms. This has disrupted payment channels used by platforms like Quotex to send money to Nigerian users.
2. Payment Gateway Restrictions
Many Nigerian payment processors and fintech companies have stopped working with binary options brokers due to regulatory concerns and risk management. As a result, withdrawals via local bank transfers or Naira-based methods are being blocked.
This leaves Nigerian traders with fewer, often unreliable, withdrawal options such as cryptocurrency or e-wallets, which come with their own problems.
3. High Fraud Risk and Chargebacks
Because of the high chargeback rates and fraud risks in Nigeria (due to the use of virtual cards and payment fraud), some international platforms have flagged Nigerian accounts as high-risk. Quotex may be manually reviewing or rejecting withdrawals from certain Nigerian IPs or bank accounts as a result.
4. Internal Issues at Quotex
Some users report slow responses and technical glitches on the Quotex platform itself. Whether this is due to a growing number of users, poor customer support, or intentional delays is unclear, but it contributes to the overall withdrawal problem.
Is Quotex Blocking Nigerian Users?
No, Quotex has not officially banned Nigerian users, but the withdrawal issues are effectively acting as a soft barrier.
New users can still sign up, trade, and deposit. However, getting your money out is where the real challenge begins. Many users have said that while deposits go through instantly, withdrawals get stuck for days—or never arrive.
How to Withdraw from Quotex in Nigeria (2025 Updated)
If you're currently trying to withdraw from Quotex in Nigeria, here are the methods that still work (with caution):
1. Cryptocurrency (Bitcoin, Tether, etc.)
Using crypto is currently the most reliable withdrawal method for Nigerians. You’ll need to:
· Add a crypto wallet (like Trust Wallet or Binance)
· Withdraw USDT (Tether) or BTC from your Quotex wallet
· Swap to Naira using a P2P exchange
Pros: Fast processing, avoids local banksCons: Price volatility, P2P risks, need for basic crypto knowledge
Tip: Always double-check the wallet address and use secure platforms like Binance P2P to convert crypto to Naira.
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2. E-wallets (Perfect Money, Advcash)
Some users have had success using international e-wallets like Perfect Money or Advcash, then converting their balance to crypto or using online exchangers to convert to Naira.
Pros: Decent success rateCons: Exchange fees, extra steps involved, may require VPN
3. Bank Transfer (Limited Use)
Bank transfers within Nigeria are unreliable at the moment, especially for larger withdrawals. Some users report success with smaller amounts (under $50), but it’s inconsistent.
Recommendation: Avoid bank transfers unless you're okay with delays and possible rejections.
What to Do If Your Withdrawal Is Delayed or Fails
If your withdrawal has been stuck for days or rejected, here’s what you should do:
Step 1: Check Withdrawal Status
Log in to your Quotex account and go to the Transactions or Finance section. If it says “Processing,” it may still go through. If it says “Rejected” or is stuck for more than 72 hours, move to the next steps.
Step 2: Contact Support (Persistent Follow-Up Needed)
Reach out via live chat or email (support@quotex.io). Be firm and professional. Include:
· Your account ID
· Transaction ID
· Screenshot of the issue
· Proof of payment method
Note: Many users report long wait times or unhelpful responses, so follow up daily and keep records.
Step 3: Try Smaller Amounts
If your large withdrawal is not working, try withdrawing a smaller amount, especially if using crypto. Sometimes limits are applied silently based on region or risk score.
Step 4: Use Community Forums for Help
Check or post your issue on Reddit (r/binoption), Quora, or Telegram groups related to Quotex in Nigeria. Other users may share recent success stories, workarounds, or active support contacts.
Is Quotex Still Safe for Nigerian Traders?
Here’s the harsh truth: Quotex is not officially regulated in Nigeria, and right now, withdrawal problems make it a high-risk platform for Nigerian traders.
If you're already using Quotex:
· Limit your deposits to what you can afford to lose
· Use crypto for both deposits and withdrawals
· Withdraw profits frequently rather than letting them accumulate
If you're considering joining Quotex as a Nigerian:
· Understand the withdrawal risks first
· Explore other platforms with better local support and compliance
Alternatives to Quotex for Nigerians
If you’re tired of the withdrawal drama, here are three alternatives that are more Nigeria-friendly:
1. Deriv.com
· Regulated and has better customer support
· Supports crypto withdrawals and Nigerian users
· Offers synthetic indices, forex, and binary options
2. Binomo
· Available in Nigeria with crypto withdrawals
· Not heavily regulated but has fewer payout complaints
3. Pocket Option
· Accepts Nigerian users
· Crypto-friendly with fast withdrawals
· More transparent support than Quotex
Final Thoughts
The Quotex withdrawal problem in Nigeria is real and growing. It’s not just a temporary glitch—it’s the result of regulatory pressure, platform limitations, and poor communication.
If you’re a Nigerian trader, you need to treat Quotex with caution. Always use crypto for faster withdrawals, avoid large balances, and stay updated with the latest workarounds shared by other Nigerian users.
Most importantly, don’t wait until it’s too late to withdraw your money.
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