Is Quotex Legal in India?

Last updated Mar 12, 2024
Nikolay Zavarov - Author
Nikolay Zavarov
Andrey Bondarenko - Editor
Andrey Bondarenko

Quotex, launched in 2019, has swiftly carved out a niche in the competitive world of online trading, gaining particular acclaim for its digital options trading services. This platform has garnered a significant following worldwide, with a notable number of users hailing from India. Its popularity can be attributed to its intuitive interface and the opportunity for substantial profits, making it an attractive option for traders exploring varied investment avenues.

However, the legal standing of Quotex in India is ambiguous and in question. While Indian laws have not explicitly banned the use of international digital options trading platforms, the Reserve Bank of India has voiced its apprehensions regarding the potential risks tied to such trading practices. This has resulted in a legal grey area concerning using platforms like Quotex for trading purposes within the country.

This article seeks to illuminate and demystify the legal and regulatory concerns surrounding using Quotex in India. It aims to equip traders with the knowledge to navigate their trading activities confidently and informally.

Quotex Review

Логотип Quotex
RegisterTrading binary options carries high risks. You may lose all invested funds
Profitabilityup to 91%
Minimum Deposit$10
Countries of registration:
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Логотип FKWallet
Логотип YooMoney
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Логотип Binance Pay
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compare Quotex options types

Quotex is a digital options trading platform that has quickly gained attention for its user-friendly interface and range of trading opportunities. Established to cater to novice and experienced traders, Quotex offers a straightforward approach to trading, emphasising simplicity and accessibility. Despite its relatively recent entry into the market, Quotex has attracted a diverse user base thanks to its competitive features and trading conditions.

Quotex Advantages

  1. No commissions. Trading operations are free of commissions, making trading more cost-effective.

  2. Good selection of deposit and withdrawal methods. The process is efficient and user-friendly, with only $10 for deposits and withdrawals.

  3. Web platform. Offers a convenient and functional web-based platform equipped with various technical analysis tools.

  4. Technical support. Provides 24/7 support with a quick response time to assist traders.

  5. Demo account. A demo Quotex account is available for risk-free practice, which is ideal for beginners.

  6. Contests and tournaments. Traders can participate in contests with prize pools, which adds an extra incentive.

Quotex Disadvantages

  1. Lack of regulation. The absence of formal regulation or licensing presents increased risks for traders.

  2. Limited selection of assets. It offers fewer trading assets than many competitors, which may limit trading strategies.

  3. No desktop and mobile versions. The lack of dedicated desktop and mobile applications restricts trading flexibility and mobility.

  4. Limited analytics. The platform does not offer in-depth analytics or trading recommendations, which could impact decision-making.

  5. No educational materials. The scarcity of educational resources can be a significant drawback for beginners looking to learn.

Is Quotex Regulated in India?

Quotex, managed by ON SPOT LLC GROUP and registered in St. Kitts and Nevis, operates in India without a local regulatory authority license. Despite this, Quotex offers its services to Indian traders, navigating the complex online trading landscape within the country's legal frameworks. The country's laws, particularly the Foreign Exchange and Management Act (FEMA), impose certain restrictions on Forex and digital options trading yet do not explicitly ban the use of international platforms like Quotex.

Can Indians Use Quotex Trading App?

Indian residents indeed can access and trade on the Quotex trading platform. Quotex does not fall under the direct regulatory purview of Indian financial watchdogs such as the Securities and Exchange Board of India (SEBI). This situation places Quotex in a regulatory grey zone within the Indian market, where the legal framework, including the Foreign Exchange Management Act (FEMA), does not explicitly forbid the use of international platforms for digital options trading but does regulate foreign exchange transactions.

The legal landscape for binary options trading in India remains shrouded in uncertainty. According to the latest regulatory guidelines, engaging in binary options trading does not align with the legal and financial statutes set forth by Indian authorities. The country's leading financial watchdogs, the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), have yet to explicitly approve binary options trading activities.

Indian regulators' cautious approach is driven by concerns over binary options trading's inherently speculative nature and its association with fraudulent activities on a global scale. The aim is to protect Indian investors from the significant risks and potential for financial loss that binary options trading can entail.

Despite these domestic restrictions, Indian traders may find ways to participate in binary options trading through services offered by international brokers. However, engaging with such platforms exposes traders to considerable risk, as these operations lack oversight from Indian regulatory bodies. In disputes, fraud, or financial mismanagement, Indian customers might find themselves without viable options for legal redress or recovery of losses.

It is crucial for Indian residents to fully understand these legal limitations and the inherent risks involved in dealing with unregulated trading platforms. The Indian government and its financial regulatory agencies strongly advise against binary options trading and recommend that individuals proceed cautiously when considering investments in unregulated or offshore trading platforms.

Risks of Using the Quotex Trading App

  1. Lack of Local Regulation. Since Quotex is not regulated by SEBI or any other Indian regulatory body, Indian customers lack local legal protection. This absence of oversight means there's no guarantee of fund safety, fair trading practices, or dispute recourse.

  2. Legal Ambiguity. Trading on platforms like Quotex exists in a legal grey area. While not illegal, the lack of clear legal guidance on digital options trading through international platforms means traders operate without the backing of Indian law, potentially facing legal risks if regulations change.

  3. Financial Risks. The lack of regulatory oversight amplifies the inherent risks of trading digital options. These include the risk of significant financial loss due to market volatility and the potential for fraudulent practices by unregulated platforms.

  4. Currency Conversion and Transfer Issues. Trading on international platforms involves currency conversion and cross-border transactions, which might be subject to scrutiny under FEMA. Traders might face challenges and additional costs related to depositing and withdrawing funds in foreign currencies.

  5. Cybersecurity Risks. Without regulatory oversight, there is also an increased risk of data breaches and cyber-attacks. Traders' personal and financial information might be at higher risk on platforms not bound by stringent cybersecurity regulations.

How Can Indians Safely Trade Binary Options?

For Indian individuals drawn to the allure of binary options trading, navigating the market with an informed and cautious approach is paramount, particularly in light of India's ambiguous regulatory framework. Here are several strategies Indian traders can employ to partake in binary options trading as securely as possible:

  1. Grasp the Regulatory Environment. Gain a thorough understanding of India's stance on binary options. The activity falls outside the regulatory purview of the Securities and Exchange Board of India (SEBI), rendering it an unofficial financial activity.

  2. Choose Regulated Brokers Abroad. Prioritize brokers regulated by reputable international authorities. Regulatory bodies like the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) indicate a broker's credibility. However, they do not provide the same level of protection as Indian regulators.

  3. Investigate Broker Reliability. Conduct extensive research into any broker's track record. Look for feedback on trading forums and review sites, and check for any warnings issued by financial regulatory agencies to gauge a broker's trustworthiness and operational integrity.

  4. Be Aware of the Risks. Acknowledge the inherent risks and speculative nature of binary options trading. It's crucial to invest only funds you are prepared to lose and to be vigilant about the potential for scams in unregulated markets.

  5. Practice with Demo Accounts. Utilize demonstration accounts from reputable brokers to get accustomed to their platforms and test trading strategies without risking real money.

  6. Consult Legal Experts. Considering the legal complexities surrounding binary options in India, seeking advice from a legal professional with expertise in Indian financial legislation could prove invaluable.

  7. Exercise Due Diligence with Offshore Brokers. Although accessible, offshore brokers carry additional risks. These platforms might not offer the level of security and transparency that comes with regulation by Indian authorities.

  8. Educate Yourself Thoroughly. Leverage educational materials to deepen your understanding of binary options, market trends, and practical trading tactics.

  9. Start with Minimal Investments. Initiate your trading journey with modest investments to mitigate potential losses as you gain experience.

  10. Stay Informed on Regulatory Changes. Regularly update yourself on any shifts in Indian regulatory policies affecting binary options trading and stay informed about international regulatory news.

These steps can help mitigate risks and navigate the binary options market more safely. Nonetheless, it's vital to consider the inherently high-risk nature of binary options trading and the possibility of losing your investment, especially when engaging with platforms not regulated by Indian financial authorities.


In India, trading apps that comply with the regulations of the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) are considered legal. This includes platforms like Interactive Brokers, Zerodha, Upstox, and Angel Broking, which offer various financial services, including stock trading, mutual funds, and commodities trading.

Can I Trade on Quotex Using My Mobile Phone?

Yes, you can trade on Quotex using your mobile phone. Quotex offers a mobile-optimized website that allows traders to access their accounts and trade directly from their smartphones. Additionally, Quotex provides a dedicated mobile app for Android devices, offering a convenient and accessible trading experience.

Does Quotex Offer Demo Accounts?

Yes, Quotex does offer demo accounts. These accounts help new traders familiarize themselves with the platform and practice trading strategies without risking real money. The demonstration account comes pre-loaded with virtual funds, allowing users to experience the platform's features and tools in a risk-free environment.

Is Quotex Real or Fake?

Quotex is a real online trading platform that offers binary options trading on various financial assets. It is operated by ON SPOT LLC GROUP and registered in Saint Kitts and Nevis. However, potential users should conduct their research and exercise caution, as with any trading platform, to ensure it meets their trading needs and to understand the risks involved in trading binary options.

What Financial Assets Can You Trade on Quotex?

On Quotex, traders can trade binary options across various financial assets. These include major currency pairs, commodities like gold and oil, cryptocurrencies such as Bitcoin and Ethereum, and indices. This wide range of assets provides traders multiple opportunities to trade based on their interests and market analysis.

What Payment Methods Does Quotex Accept?

Quotex accepts a variety of payment methods to accommodate traders from different regions. These include traditional methods like credit/debit cards and e-wallets such as Perfect Money, FKWallet, and YooMoney. Quotex also supports cryptocurrency deposits, allowing traders to fund their accounts using Bitcoin, Ethereum, Tether and other major cryptocurrencies.


In conclusion, while Quotex offers an accessible platform for binary options trading to Indian residents, its legal status in India remains ambiguous due to the lack of direct regulation by Indian financial authorities such as SEBI and RBI. Traders interested in using Quotex must navigate this uncertainty cautiously, fully understanding the potential legal and financial risks. Traders must conduct thorough research, choose regulated brokers where possible, and remain informed about the evolving legal landscape regarding binary options trading in India. Despite the allure of quick profits, the paramount importance of safeguarding one’s investments cannot be overstated, especially in markets that operate in regulatory grey areas.

Nikolay Zavarov - AuthorNikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.