Quotex Review India — Legal Status, Risks & Best Alternatives

Quotex markets itself as:

• Beginner-friendly

• Fast and easy to use

• Suitable for short-term trading

• Offering high payouts

It attracts users with:

• A free demo account

• Low minimum deposits

• A clean, modern web interface

However, Quotex does not operate from India, does not have a physical office in India, and is not registered with Indian financial regulators.

Quotex India Overview

Below is a quick overview of Quotex from an Indian trader’s perspective:

This overview alone highlights why Indian users must proceed with caution.

Current Legal Status of Quotex in India

Is Quotex Legal in India?

No. Quotex is not legally approved in India.

Quotex does not hold a license or registration from:

• The Securities and Exchange Board of India (SEBI)

• The Reserve Bank of India (RBI)

It operates as an offshore trading platform, which places it outside the direct jurisdiction of Indian financial regulators.

Many websites incorrectly claim that Quotex is “legal in India” simply because Indians can access the website. This is misleading. Accessibility does not equal legality or regulatory approval.

Check out legal trading options in India.

SEBI’s Position on Binary Options

SEBI regulates all recognized and permitted investment and trading products in India, including:

• Equity shares

• Futures & options (F&O)

• Currency derivatives

• Mutual funds

• ETFs

Binary options are not recognized, regulated, or permitted by SEBI.

Indian exchanges such as NSE and BSE do not offer binary options. Any platform offering binary options to Indian residents is operating outside the Indian regulatory framework.

This means:

• No investor protection

• No grievance redressal mechanism

• No regulatory oversight

RBI & FEMA Implications

The Reserve Bank of India (RBI) regulates foreign exchange transactions under the Foreign Exchange Management Act (FEMA).

Under FEMA:

• Sending money abroad is allowed only for approved purposes

• Speculative offshore trading platforms fall into a grey or restricted category

Funding an offshore binary options platform like Quotex may:

• Violate FEMA regulations

• Be treated as an unauthorized remittance

• Expose users to penalties if flagged

Indian traders using Quotex bear full responsibility for compliance, with no protection from Indian authorities.

Check out the rules for FEMA-Compliant trading here.

Is Quotex Allowed in India?

This is where most confusion exists.

Accessible vs Allowed

• ✔️ Indian users can access Quotex

• ✔️ Indian users can open accounts

• ✔️ Indian users can deposit funds

But:

• ❌ Quotex is not approved by Indian regulators

• ❌ It is not legally protected

• ❌ It is not officially allowed under SEBI or RBI rules

So while usage may not immediately result in punishment, it operates in a legal grey area with zero protection.

~ Platforms like Quotex operate offshore, which raises serious concerns about legality. You can read our detailed analysis in this Quotex legal status in India guide.

Safety & Regulation — What Indian Traders Need to Know

No Legal Recourse

Because Quotex is offshore:

• Indian laws do not apply

• Complaints cannot be filed with SEBI or RBI

• Dispute resolution depends solely on the platform’s internal policies

This places Indian traders at a significant disadvantage.

Risk of Loss & Market Volatility

Binary options trading is inherently risky:

• Trades expire in minutes or seconds

• Market movements are unpredictable

• Emotional decision-making leads to losses

Many traders report losing their entire capital quickly, especially beginners.

Risks of Trading on Quotex in India

Indian traders face multiple layers of risk:

Withdrawal Risks

• Delayed or denied withdrawals

• Sudden account reviews after profits

Psychological Risks

• Addictive trading behavior

• Over-trading due to short time frames

• Emotional decision-making

These risks make Quotex unsuitable for most retail traders.

Quotex Account Types

Quotex offers three different types of accounts to cater to various trading needs and financial capabilities of traders.

• Standard Account: Entry-level, minimum deposit $10, basic features.
• Pro Account: Experienced traders, minimum deposit $1000, advanced tools & benefits.
• VIP Account: Professional traders, minimum deposit $5000, premium services & perks.

Quotex Demo Account

The Quotex demo account provides a comprehensive range of features designed to help new traders become familiar with the platform and practice trading strategies. The account is equipped with virtual funds, allowing users to simulate real trading without risking real money. It mirrors the live trading environment, presenting the same tools, charts, and assets as a real account. This includes access to a wide range of markets, including Forex, commodities, stocks, and indices. With the demo account, users can also access educational resources to improve their trading skills. This feature-rich demo account is an invaluable tool for beginners to gain trading experience and for seasoned traders to test new strategies.

Islamic Account

The Quotex Islamic Account is a special trading account designed to comply with the Islamic principles of finance. This account is built on the concept of Halal trading, which is free from Riba (interest) and adheres to the principles of Islamic Sharia law. It ensures that the trading operations do not involve any kind of interest, hidden fees, or commissions, which is strictly prohibited in Islam. This makes it a suitable option for Muslim traders in India who want to engage in online trading while staying within the bounds of their religious beliefs. The Quotex Islamic Account provides the same features and opportunities as conventional trading accounts but without any non-compliant elements.

Assets Available on Quotex

Quotex allows speculation on:

• Forex pairs (EUR/USD, GBP/USD)

• Cryptocurrencies (Bitcoin, Ethereum)

• Commodities (Gold, Oil)

• Global indices (S&P 500, NASDAQ)

However, none of these trades are executed through Indian exchanges.

Deposits & Withdrawal Options

Withdrawals

Reported issues include:

• Delayed withdrawals

• Additional verification after profits

• Temporary account restrictions

• Requests for repeated KYC documents

Is Quotex a Scam or Just Unregulated?

Quotex is best described as unregulated, not necessarily an outright scam.

However:

• It operates without Indian regulation

• It offers high-risk products

• Users bear full responsibility

While some users may successfully trade or withdraw funds, others face losses or disputes with no legal support.

Quotex vs SEBI-Regulated Trading Platforms

Quotex Alternatives for Indian Traders

• Equity trading: This allows you to buy and sell shares of publicly listed companies, giving you a stake in their ownership and potential for capital appreciation and dividends.
• Futures & options: These are derivative contracts that allow you to speculate on the future price movements of assets like stocks, commodities, or indices. They can be used for hedging or leveraging your investments.
• Currency derivatives: These contracts enable you to trade on the exchange rates between different currencies, which can be useful for managing currency risk or speculating on currency movements.
• Long-term investment products: These include options like mutual funds, Exchange Traded Funds (ETFs), and bonds, which are designed for building wealth over the long term through diversified investments.

• Regulatory protection: SEBI ensures that these platforms adhere to strict guidelines and regulations, protecting you from fraud, manipulation, and unethical practices.
• Transparent pricing: These platforms are required to provide clear and transparent pricing information, so you can make informed decisions about your trades and investments.
• Investor grievance mechanisms: In case you have any disputes or complaints, SEBI-regulated platforms have established mechanisms for addressing and resolving investor grievances in a fair and timely manner.

FAQs – IQ Option India

Why Choose Quotex in India?

Final Verdict — Should Indian Traders Use Quotex?

Quotex operates in a legal and regulatory grey area for Indian users. While access is possible, it comes with:

• No regulatory protection

• High financial risk

• Potential FEMA compliance issues

• No guaranteed dispute resolution

For most Indian traders — especially beginners — Quotex is not recommended. Safer, SEBI-regulated alternatives offer transparency, legal protection, and long-term sustainability.