Quotex Review Saudi Arabia 2026: Is It Worth Using?

Summary

What Is Quotex?

Quotex is an online platform for fixed-time contracts: you forecast whether an asset's price will sit above or below its current level once a set expiry passes. Launched in 2019, it has picked up a following across several Middle Eastern and South Asian markets, and Saudi Arabia is one of the countries where traders find it through social media and word of mouth rather than any local marketing presence, since Saudi authorities specifically prohibit forex-style advertising and sponsorship inside the Kingdom.

The company behind it, ON SPOT LLC GROUP, is registered in Saint Kitts and Nevis. Quotex holds no licence from Saudi Arabia's Capital Market Authority (CMA), and no licence from the FCA, CySEC, or ASIC either. It references membership in IFMRRC, a private industry certification body. That's not a government regulator, and it doesn't substitute for oversight from any Saudi authority.

Key Features of the Platform

Trading instruments. Fixed-time contracts on forex pairs, commodities, stock indices, individual stocks, and cryptocurrencies. You pick a direction, a stake starting from $1, and an expiry window. Payout percentages (typically 60–95%) show before you confirm the trade.

Platform technology. Runs on the Quadcode engine, accessible via browser at qxbroker.com or through an Android APK. The web version loads reasonably well on mobile data, which matters given how much of Saudi Arabia's retail internet traffic runs through mobile networks.

Charting tools. Basic charting with common indicators: RSI, Bollinger Bands, moving averages. Adequate for the platform's format, not built for deep technical analysis.

"Islamic account" marketing claim. Quotex's own blog states its accounts don't charge swap (overnight interest) fees and describes this as compatible with Islamic finance principles. That claim addresses only the riba (interest) side of Islamic finance. It doesn't resolve the separate and more central objection that Islamic scholars raise against the fixed-time contract structure itself — see the religious considerations section below. A swap-free label is not the same thing as a Sharia-compliance certification from a recognised fiqh body.

No platform-side trading fees. Quotex doesn't charge commissions per trade or fees on deposits and withdrawals. The costs Saudi traders actually pay come from crypto exchange spreads on the USDT route, not from anything Quotex charges directly.

Account Types and Demo

Quotex runs a single account structure. Every registered user gets both a demo and the ability to fund a real account.

Demo account. Loads automatically after signup. $10,000 in virtual funds, full access to all assets and features, resettable on request, no expiry. Demo funds can't be withdrawn; the point is practice, not payout.

Real account. Minimum funding is $10. Minimum trade size is $1. No document upload is required to open or fund a basic account, though identity verification may be requested before a withdrawal is processed.

Deposit and Withdrawal in Saudi Arabia

Quotex has no direct integration with mada, Saudi Arabia's domestic debit card network. That's not a Quotex-specific gap; mada cards are co-branded with Visa or Mastercard for international acceptance, but cross-border charges to an overseas trading platform still depend on your issuing bank's own policy, and declines for this merchant category aren't uncommon. Saudi traders who use Quotex generally route through crypto instead:

USDT via Binance P2P (the route most traders use). You buy USDT on Binance P2P, paying with a local bank transfer or a supported Saudi payment method, then withdraw that USDT to your Quotex deposit address on the network Quotex supports (check which network Quotex's deposit page specifies before sending). Cryptocurrency sits in an unusual position in Saudi Arabia: SAMA and CMA have publicly stated that virtual currencies are unregulated inside the Kingdom and warn that trading them carries risk, but there is no specific law criminalising an individual for buying, holding, or peer-to-peer trading crypto. Binance operates P2P markets for Saudi riyal openly.

Bank card. Quotex accepts Visa/Mastercard-branded cards where the issuing bank permits international transactions to a trading platform. A mada-branded debit card carries a Visa or Mastercard co-badge for international use, but approval for this specific merchant category isn't guaranteed and depends entirely on your bank's own policy.

Withdrawal times. Quotex states 1–5 business days depending on the method. Crypto withdrawals tend to move faster than card withdrawals once support processes the request.

Minimum deposit. $10, roughly 37 SAR at current exchange rates (the riyal has been pegged to the US dollar since 1986, so this figure is stable in a way it isn't for several other markets this site covers).

Full step-by-step process: How to Deposit on Quotex from Saudi Arabia

Minimum Deposit and Fees

$10 is low relative to most platforms in this category, and Quotex charges nothing on its own side for deposits or withdrawals. What adds to the real cost for Saudi traders:

• Binance P2P spread on USDT purchases, typically in the low single digits as a percentage
• Any margin the P2P seller builds into their SAR rate versus the market rate
• Network withdrawal fee charged by Binance when moving USDT to your Quotex address

There's no single published fee figure for funding a Quotex account from Saudi Arabia, because the actual cost depends entirely on which P2P seller you trade with and the rate they quote.

Platform Usability

Web. qxbroker.com works in any modern browser and holds up reasonably well on mobile connections, which matters given how much of Saudi Arabia's internet traffic runs on mobile data.

Android app. Distributed as an APK directly from qxbroker.com rather than through the Google Play Store. Expect a security prompt during installation. That's standard for side-loaded apps generally, not a Quotex-specific problem, and it reflects a wider industry pattern: Google Play banned binary options trading apps outright in 2018, so no platform in this category distributes through the official Play Store.

iOS. App Store availability varies by region and account. The web platform is the more consistent option for iPhone users in Saudi Arabia.

Regulatory Status in Saudi Arabia

Saudi Arabia's Capital Market Authority (CMA) regulates securities, listed derivatives, and authorised persons conducting securities business inside the Kingdom. The Saudi Central Bank (SAMA) governs banking and the domestic forex/currency-exchange sector. Neither has a licensing category that covers offshore retail fixed-time contract platforms like Quotex, and neither, as far as our research found, has issued a public statement naming Quotex or qxbroker.com specifically.

What we did find is a notably more institutionalised enforcement posture than in most markets this site covers. A Permanent Committee for Awareness and Warning against unlicensed Forex activity and unlicensed digital currencies, chaired by the CMA and formed by Royal Order, operates with the Ministry of Interior, Ministry of Media, Ministry of Commerce, and SAMA as members. This committee, together with joint CMA/SAMA/Ministry of Commerce statements dating back to at least 2017 and repeated since, has run public awareness campaigns specifically warning Saudi residents against unlicensed forex trading and unlicensed digital-currency schemes, and Saudi authorities do not license forex companies to advertise or sponsor events inside the Kingdom at all. That's a materially more active stance than a regulator simply staying silent on a category. Full detail, including the religious dimension, which is a separate and additional factor unique to this market: Is Quotex Legal in Saudi Arabia?

What this means practically:

• No CMA or SAMA licence or investor-protection scheme applies to a Quotex account.
• No specific regulatory statement naming Quotex was found, but Saudi Arabia's institutional machinery for warning against this general category of unlicensed forex and crypto activity is unusually well-resourced and active compared with several other markets.
• A separate religious consideration sits alongside the regulatory one: many Islamic scholars classify fixed-time/binary options as impermissible under Sharia. That's not this site's judgment to make, but it's a factor Saudi readers should weigh with the same seriousness as the legal picture.

External references: Capital Market Authority | Saudi Central Bank (SAMA)

Pros and Cons

Pros - Low minimum deposit ($10) and minimum trade ($1) - Free, resettable demo account with no time limit - Web platform performs reasonably on mobile data connections - USDT via Binance P2P works in practice, funded with local bank transfer or supported Saudi payment methods - No per-trade commissions or platform-side fees - Riyal's dollar peg means the SAR-equivalent minimum deposit doesn't fluctuate the way it does in several other markets this site covers

Cons - Not licensed by CMA; no Saudi authority oversees this kind of platform - No direct mada integration: funding realistically runs through crypto or an issuer-approved international card charge - Saudi Arabia runs an unusually active, Royal-Order-mandated committee warning specifically against unlicensed forex and crypto activity, a more assertive posture than most markets this site covers - Many Islamic scholars and fiqh bodies classify binary/fixed-time options as impermissible (haram), generally on the grounds that the structure resembles gambling (maysir) rather than legitimate trade — a consideration with no equivalent on most other country pages this site publishes - No local investor protection or dispute mechanism if something goes wrong - Fixed-time contracts carry high inherent financial risk - Android app requires side-loading (not on Google Play Store per Quotex's own distribution, though third-party listings exist)

If you've weighed the risks above and still want to explore the platform, you can open a Quotex account and start with the demo before funding anything real.

Methodology: How We Assessed Quotex

1. Platform testing. We accessed the web platform directly and evaluated the interface, asset range, charting tools, and demo account functionality.
2. Deposit and withdrawal research. We reviewed how Binance P2P functions with SAR, mada's card-network scope for international transactions, and cross-checked minimum deposit and trade figures against Quotex's own documentation.
3. Regulatory research. We checked CMA's and SAMA's public statements and websites, the Permanent Committee for Awareness and Warning against Forex's mandate and membership, Saudi Arabia's public position on cryptocurrency, and Quotex's own terms of service and legal entity disclosure.
4. Religious/Sharia research. We reviewed published fatwas and fiqh rulings on binary and fixed-time options trading from recognised Islamic authorities, presented here as a factual, sourced consideration rather than this site's own religious position.
5. Fact verification. Key figures (minimum deposit, demo balance, withdrawal timeframes, SAR/USD rate) were cross-checked against multiple independent sources.

This review reflects information available as of July 2026. Platform terms, payment routes, and regulatory posture can change, so verify current conditions at qxbroker.com and check CMA's and SAMA's websites before depositing any funds.

Last updated: 5 July 2026. BrokerGrove — independent reviews for Saudi traders. Published by Aariz Khan. This is an independent website not affiliated with Quotex.

Sources used in this review: - Capital Market Authority — official portal - CMA — Standing Committee warning on virtual currencies - SAMA — MCI, CMA and SAMA warn public against unlicensed forex activities - Ministry of Commerce — Permanent Committee for Awareness and Warning against Forex - International Islamic Fiqh Academy — Decision No. 63 (1/7) on binary options - mada — Saudi Payments Network, official site - qxbroker.com — official platform