₹4000 Vanishes Without Refund: Quotex's Pattern of Missing Deposits Continues to Scam Traders

Despite multiple prior alerts from BrokersView, unlicensed forex broker Quotex continues to face serious allegations, this time over a client complaint alleging bank deductions for a deposit that was never credited to his Quotex trading account. 

On August 24, the complainant attempted to deposit ₹4000 into his Quotex live trading account via UPI/Bank transfer. Although the amount (due to a technical issue from Quotex, instead of ₹4000, an amount of ₹3999.59) was deducted from his bank account, the transaction status on Quotex showed “Processing.”

Eventually, the transaction status changed to “Failed.” However, despite being marked as “Failed” on Quotex, the ₹4000 has not been refunded and remains missing from his account.

He submitted multiple support tickets and waited for several days, but received no response from the Quotex support team.

Allegations of deposit theft have been a persistent issue in client complaints against Quotex. Last October, one trader claimed that a ₹3,000 deposit was never credited to his account. Despite submitting a bank statement and proof of payment, Quotex insisted the funds were not received. Similar cases also surfaced, with clients reporting missing deposits.

In March of this year, we issued another alert highlighting ongoing reports of missing deposits and denied withdrawals from Quotex clients. 

Operating across a network of domains, Quotex remains active to solicit investments without any regulatory authorization. Quotex’s deceptive and unscrupulous practices continue to expose traders to serious financial risks, despite warnings from global regulators.

Quotex’s website provides no regulatory details, and the jurisdiction it claims to operate from lacks a Forex regulator.

In 2021, Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) flagged Quotex for illegally offering financial and insurance services. Portugal’s Securities Market Commission (CMVM) followed with a warning in 2023, alerting to Quotex’s unlicensed financial intermediation activities. 

Most recently, in April 2025, the Securities and Exchange Commission of Pakistan (SECP) issued an investor alert over Quotex’s unauthorized activities.

BrokersView labeled Quotex as a Scam Broker back in 2021. Know more details on revealing Quotex as a scam broker here.

We continue to strongly advise against engaging with Quotex. Clients face a high likelihood of deposit theft or unprocessed withdrawals. Entrusting money to the unregulated platform exposes traders to serious financial loss and zero accountability.

If you've fallen victim to financial scams or faced potential fraudulent practices or misconduct by your brokers, reach out to us through Submit a Complaint.