Quotex Cryptocurrency: How to Deposit Using Crypto
Quotex allows you to use cryptocurrency as a deposit option. Learn all you need to know about depositing in Quotex with cryptocurrency.
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- 6 min read
WHAT IS QUOTEX?
Quotex is an online trading broker that allows you to trade multiple asset classes with a minimum deposit amount of just 10 USD. The broker provides a free demo account, multiple deposit options, and an active multilingual customer support center.
Cryptocurrency and the Quotex Platform
Quotex allows the use of cryptocurrency to deposit into your account. Before using this deposit option, you’ll need to set up a cryptocurrency wallet if you don’t already have one.
A cryptocurrency wallet enables you to store, send, and receive digital currencies securely.
Once you have a wallet, Quotex will provide you with a unique wallet address. This address is where you’ll send your cryptocurrency.
In your cryptocurrency wallet, you’ll initiate a transaction to send the desired amount of cryptocurrency to the provided wallet address. You must enter Quotex’s address and the amount you want to deposit.
After initiating the transaction, the cryptocurrency network will validate and confirm the transaction.
Once the transaction is confirmed, Quotex will monitor the blockchain for incoming transactions to the provided wallet address. When they detect the deposit, they will credit your account with the corresponding value in USD.
DEPOSIT PROCESS USING CRYPTO
The process of depositing into Quotex using cryptocurrency is simple if you follow the steps below.
Steps for Depositing with Crypto
- On the open trade execution window, click the green “Deposit” button in the top right corner.
- Select the appropriate deposit option from the options provided by Quotex. In this case, select the cryptocurrency option.
- Enter the deposit amount in the allocated slot.
- Quotex offers optional deposit bonuses of up to 35%. Select the deposit bonus option you desire.
- To complete the deposit process, click the blue “Deposit” button at the bottom of the open tab.
Advantages of Using Crypto to Deposit Funds
Depositing funds using cryptocurrency has many advantages, including the following:
- Cryptocurrencies provide a higher security level than traditional payment methods. Cryptocurrency transactions are encrypted and secured using advanced cryptographic techniques.
- While transactions are on a public blockchain, they typically don’t reveal personal information about the parties involved, keeping that information more private and secure.
- Cryptocurrencies are borderless, meaning they can work for deposits regardless of geographical location. This benefits international transactions, eliminating the need for currency conversions and associated fees.
- Cryptocurrency transactions often have lower transaction fees than traditional banking or payment systems.
- Cryptocurrency transactions can be processed quickly, especially when compared to traditional banking systems that involve intermediaries and may have processing delays. Cryptocurrency transactions are typically confirmed within minutes, allowing faster access to deposited funds.
TYPES OF CRYPTOCURRENCIES SUPPORTED BY QUOTEX
Quotex supports multiple cryptocurrencies, like Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and more. Here is all you need to know about the accepted cryptocurrencies.
Bitcoin (BTC)
Bitcoin is a digital cryptocurrency created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. It is the first and most well-known cryptocurrency, often called the “original” or “king” of cryptocurrencies.
Ethereum (ETH)
Ethereum (ETH) is a popular cryptocurrency created in 2015 by Vitalik Buterin. Ethereum offers a unique feature set beyond simple digital currency transactions, primarily with its ability to support smart contracts and decentralized applications (DApps).
Litecoin (LTC)
Litecoin (LTC) emerged as a cryptocurrency in 2011, branching off from the Bitcoin blockchain through a process called forking. The motivation behind its creation was to address the growing apprehensions of centralization within Bitcoin and counter large-scale mining companies’ dominance.
The aim was to ensure a fairer distribution of mining power. Although Litecoin’s efforts to prevent the concentration of mining control were not entirely successful, it has evolved into a cryptocurrency that can be mined and a decentralized payment system facilitating peer-to-peer transactions.
Ripple (XRP)
Ripple is a digital payment network and protocol built on blockchain technology, featuring its native cryptocurrency called XRP. The primary function of Ripple revolves around facilitating payment settlements, asset exchanges, and remittances.
It operates similarly to the SWIFT system, which banks and financial intermediaries utilize to conduct secure international money transfers and handle various currencies.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a digital currency developed to reintroduce decentralization to the cryptocurrency space. It emerged through a process known as a “hard fork” in 2017, wherein the original Bitcoin blockchain split into two separate chains.
Other Supported Cryptocurrencies
Quotex supports many other cryptocurrencies as deposit options. They include:
- Binance Pay
- USD Tether (ERC-20)
- USD Tether (Polygon)
- USD Coin (BSC)
- USD Tether (TRC-20)
- USD Tether (BEP-20)
- USD Coin (TRC-20)
- Binance USD(BUSD BSC)
- Solana
- Dai
- Monero (XMR)
- Zcash (ZEC)
Security and Safety Considerations When Using Crypto to Deposit Funds
- Secure wallet: Choose a reliable and secure cryptocurrency wallet to store your funds. Hardware wallets like Ledger or Trezor offer offline storage and enhanced security features.
- Enable two-factor authentication (2FA): Enable 2FA on your cryptocurrency wallet. Two-factor authentication adds an extra layer of security by requiring a second verification step, usually a code generated by a mobile app or sent via SMS.
HOW TO WITHDRAW FUNDS FROM QUOTEX WITH CRYPTO
To withdraw funds with crypto on Quotex, follow the steps below.
Steps for Withdrawing Using Crypto
- Log in to your account on Quotex and navigate to the withdrawal section by clicking the “Withdraw” button. Look for the option to withdraw funds using cryptocurrencies.
- Choose the specific cryptocurrency you want to withdraw from the available options. Enter the amount you wish to withdraw.
- Provide the destination wallet address where you want the withdrawn funds to go.
- Quotex will then create a transaction on the cryptocurrency blockchain. This transaction needs to be confirmed by the network, which can take some time depending on the cryptocurrency’s network congestion and associated fees.
- Once the withdrawal transaction is on the blockchain, the withdrawn funds will move to the provided wallet address.
BOTTOM LINE
Quotex is an online trading broker that allows you to deposit and withdraw cryptocurrency funds. It supports numerous types of cryptocurrencies, and the steps to deposit and withdraw are simple.
