Quotex Review: Is Quotex Legal in India or not?

If you've searched "Quotex Review: Is Quotex Legal in India or not?", you're probably thinking of trying your luck on the platform. Maybe a friend told you it's a shortcut to earn money. But before you jump in, let's review this Quotex app.

What is Quotex?

Quotex is a binary options trading platform. In simple words, it’s like guessing if the price of gold, USD, or Bitcoin will go up or down in the next few minutes. If your guess is right, you earn money. If wrong, you lose your money. You bet ₹500 that Bitcoin will go up in the next 60 seconds.

If it goes up, you get ₹950.
If not, you lose your ₹500.

Is Quotex Legal in India?

No, Quotex is not legally recognized in India. On November 24, 2023, the Reserve Bank of India (RBI) released an official report listing 75 trading platforms as unauthorized, and Quotex was one of them. This news was also published in trusted newspapers like The Economic Times.

In short, binary trading platforms like Quotex are not allowed in India. But can you still use it? Yes, you can still access and use Quotex, but at your own risk. If anything goes wrong, like withdrawal issues or account suspension, no legal body in India will protect you.

Why isn't Quotex legal?

It’s a foreign platform.
It is not registered under SEBI, the Securities and Exchange Board of India, which regulates all legal trading platforms in the country.
Platforms like Zerodha, Upstox, Groww, and Angel One are SEBI-approved and follow Indian rules. Quotex does not.

So, using Quotex is like playing cricket without an umpire, no rules, no protection, and no one to call out foul play.

Is Quotex Safe to Place Trades for Indian Traders?

No, Quotex is not safe for Indian traders. Here’s why:

Not registered under SEBI: SEBI (Securities and Exchange Board of India) is the body that protects traders in India. If a platform is SEBI-registered, it means your money is monitored and protected. Quotex is not.
No regulation from RBI or SEBI: Since it works independently, no Indian authority can stop it from doing anything shady, including freezing your account or denying withdrawals.
No Indian customer support: If you face a problem, you can’t call or email anyone in India for help. You’re basically stuck.
Withdrawal delays are common: Many Indian users have complained about their money being stuck or delayed for days.

If you don’t care about safety, you can still use Quotex, but be ready to lose your money without any help. But if you’re a smart or cautious trader, it’s better to use platforms like Zerodha, Groww, or Upstox, which are SEBI-regulated. That way, if something goes wrong, you can report the issue and expect support.

Legal Implications and Considerations on Quotex

Quotex has been officially marked as unauthorized in India. That alone is a big red flag. When a major regulator like the RBI questions a platform, it’s a strong sign that the platform isn’t safe for Indian users.

Why is this serious?

Quotex is not regulated by SEBI or RBI
It’s not legally accountable to any Indian authority
There are no legal protections if you lose money or face fraud

Regulated platforms are watched closely by Indian authorities. That means if something goes wrong, there’s a system in place to help you. With Quotex, there’s no such system.

Could Quotex be regulated?

Yes, if Quotex wanted to operate legally in India, it could open an Indian office and register under SEBI. But it hasn’t done that, most likely to avoid Indian rules and accountability.

Also Read: WazirX Review: Is WazirX Legal in India or Not?

Conclusion

In conclusion, Quotex might look like a shortcut to earn fast money, but it's not legal, not safe, and not regulated in India. If you really want to try it, do it with demo money first. But don’t risk your real cash unless you're okay with losing all of it. For long-term, legal, and safe investing, use SEBI-approved platforms like Zerodha, Groww, or Upstox.

About the Author

Pranjal Shandil

Writing has the power to change perspectives and build new ones. I believe that as a writer, I can provide the readers with a different perspective of what they are reading. My passion for writing drives me to create content that resonates with the readers.

View All Articles by Pranjal Shandil