Quotex Review: Is Quotex Legal in India or not?
What is Quotex?
Quotex is a binary trading platform that is known for smart investments. Since its inception, it has worked as a promising trading platform. It was established in 2019 and in these 5 years, it has given investors over 400 free tools for an easy trade.
Despite being an attractive trading platform with various attractive features and claims of being transparent, it’s legality has come into question in India.
Is Quotex Legal in India?
To give the context of its legality. As per the RBI report on November 24, 2023, 75 trading platforms were declared unauthorized. One of those unauthorized platform was Quotex. The report was published in newspapers like The Economic Times
Now the obvious question arises, is Quotex legal in India? The answer is it is no longer legally recognized in India. The RBI has prohibited the use of binary trading platforms in India. However, you can still trade at your own risk.
All the trading platforms regulating in India are registered under the SEBI, however Quotex is not. The reason is that it is a foreign brand and therefore SEBI has no control over how it regulates in the Indian market.
Is Quotex Safe to Place Trade for Indian Traders?
As mentioned above, Quotex is not legally recognized in India as it is not SEBI registered. Why is it important to be registered under SEBI? The Securities and Exchange Board of India ensures transparency and protects investors from any fraudulent activities.
However, it work independently, which makes it a risky trading platform. If you don't care if your investment is at risk and you cannot reach out for help from the regulating bodies, you can trade on the platform.
If you are a cautious trader, you should definitely find trusted alternatives to Quotex which SEBI regulates. This way, if you face any legal or financial issues, you can seek help from either SEBI or RBI.
Legal Implications and Considerations on Quotex
As I mentioned above, It is one of the binary platforms that is declared unauthorized in India. Just the fact that such a big regulating body has questioned its legality, is enough to consider it is not a safe platform.
Binary trading platforms such as Quotex are not accountable to either RBI or SEBI. Therefore, the authority has not issued any legal implications for the platform in India.
Regulations on anything means it is being monitored properly. However, the absence of regulations on Quotex leads to the fact that it is not legal and comes with a high risk of losing on investment. The legality of such platforms as Quotex is evaluated based on the considerations of the regulating bodies.
You should be aware of the rules and regulations of SEBI and RBI regarding binary trading platforms. Even though Quotex is a foreign platform, it still could be regulated under the SEBI by setting up an Indian office.
But they did not, as then they would have to be accountable to the regulator and work under the rules and regulations set by the body. This is the main reason that Quotex is not legally advisable for safe trading.
Various online trading platforms have sprung up in the past few years. However, you should always review them before you start trading. Check for their legality implications and choose the ones that SEBI regulates. After this quick Quotex review, I hope you make sound decisions before investing in the platform.
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