Is Quotex Legal in Singapore?

Last updated Apr 4, 2024

Quotex, a digital options trading platform, kicked off in 2019 and quickly made a name for itself. It's become trendy in Singapore, drawing users with its easy-to-use interface and the chance for good profits. This has made it a go-to for investors looking for different ways to grow their money.

But there's a question mark about whether Quotex is legal in Singapore. The city-state has strict rules for online trading, overseen by the Monetary Authority of Singapore (MAS). For Quotex to operate on the up and down in Singapore, it must follow MAS's rules to keep investors safe and the financial market stable.

This piece aims to clarify any confusion about Quotex's legal status in Singapore. We want to give traders the information they need to use Quotex wisely and follow the law.

About Quotex Broker

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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compare Quotex options types

Quotex is a binary options broker that launched in 2019. It quickly gained attention for its user-friendly web platform and various trading tools designed for novice and experienced traders. It stands out for its no-commission policy on trades, making it an attractive option for those looking to minimize trading costs. Additionally, Quotex offers a range of deposit and withdrawal methods, all with a low minimum threshold of just $10, ensuring accessibility for traders of all levels.

Quotex Advantages

  • No commissions: Trading operations come without commission, reducing trading costs.

  • Good selection of deposit and withdrawal methods: The process is affordable and efficient, with only a $10 minimum for deposits and withdrawals.

  • Web platform: Offers a user-friendly and functional web platform equipped with various technical analysis tools.

  • Technical support: Provides 24/7 support with quick response times to assist customers.

  • Free demo account: New clients can practice using the demo account feature risk-free.

  • Contests and tournaments: Traders can enter tournaments and win prizes, adding excitement to trading.

Quotex Disadvantages

  • Lack of regulation: The lack of formal regulation or licensing can increase risks.

  • Limited range of assets: Compared to competitors, Quotex offers fewer financial instruments.

  • No desktop and iOS platform versions: This limitation can restrict customers who prefer or require these platforms for their trading activities.

  • Limited analytics: The platform does not provide in-depth analytics or trading recommendations, which could impact decision-making.

  • No educational materials: Without educational resources, newcomers might find it challenging to get started or to improve their trading skills.

Is Quotex Regulated in Singapore?

Quotex is not regulated by any of the financial regulatory authorities in Singapore. The platform is managed by ON SPOT LLC GROUP, based in Saint Kitts and Nevis. It does not hold a formal financial license from recognized financial regulatory bodies.

Can Singapore Traders Use Quotex for Binary Options Trading?

Yes, traders from Singapore can use Quotex for binary options trading despite the platform not being regulated by Singaporean financial authorities. However, individuals should proceed cautiously and be aware of the risks involved. Since Quotex operates without a formal license from Singapore's regulatory bodies, investors are not afforded the protections typically provided by such oversight. Traders in Singapore must conduct thorough research, understand the risks, and consider the lack of regulatory safeguards before engaging in trading activities on platforms like Quotex.

Binary options trading is permitted in Singapore, allowing traders to engage in this form of investment without facing legal barriers. However, traders must understand that not every broker is authorized to operate in the Singaporean market. To legally offer binary options and Forex trading services in Singapore, brokers must secure a license from the Monetary Authority of Singapore (MAS), the country's financial regulatory authority.

The appeal of binary options trading among Singapore's well-informed and enthusiastic trading community has attracted numerous brokers to the market. Unfortunately, this includes some unregulated brokers who may pose risks to investors. The MAS has been proactive in implementing regulations to protect traders and mitigate the risk of scams, aiming to create a safer trading environment.

As Singapore does not have specific local brokers offering binary options online trading, investors often turn to offshore brokers. Traders need to verify the regulatory status of these offshore brokers by consulting with MAS or checking their licensing status. This due diligence helps select a legitimate broker, ensuring a secure binary options trading experience in Singapore.

Risks of Using the Quotex Trading Platform

  1. Regulatory Ambiguity. Quotex operates without the oversight of recognized regulatory authorities like the SEC in the United States or the FCA in the United Kingdom. This lack of formal regulation raises concerns about the platform's dedication to safeguarding user interests and ensuring a transparent trading environment.

  2. Challenges in Resolving Disputes. The absence of a robust legal framework means that Quotex users may face difficulties settling disputes. Without precise mechanisms for complaint resolution, traders might find themselves without recourse in conflict situations, potentially leaving them without a means to seek redress.

  3. Vulnerability to Market Dynamics. Trading through Quotex subjects users to the volatile nature of financial markets. The speculative aspect of trading here carries a high risk of loss despite the potential for significant rewards. Traders need to stay alert to sudden shifts in the market that could negatively impact their investments.

  4. The Temptation of Impulsive Trading. The prospect of quick gains on Quotex can tempt traders into making impulsive, emotionally charged decisions. Such behavior can negatively affect well-thought-out trading strategies and financial results, jeopardizing long-term trading viability and economic stability.

How Can Singaporeans Safely Trade Binary Options?

Here are several strategies to enhance safety while engaging in binary options trading:

  1. Choose Regulated Brokers: Focus on brokers regulated by reputable authorities such as the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC). These bodies enforce strict standards, although their protection doesn't extend to Singaporean laws.

  2. Research Broker Reputation: Thoroughly investigate a broker's history and reputation before engaging with them. Reviews from other traders and warnings from regulatory bodies can be invaluable in assessing a broker's trustworthiness and operational integrity.

  3. Be Aware of Trading Risks: Acknowledge the speculative nature of binary options trading. Invest only what you can afford to lose, and be mindful of the increased risk of encountering fraudulent schemes in less regulated markets.

  4. Use Demo Accounts: Look for brokers offering demo accounts. These allow you to familiarize yourself with their platforms and practice trading strategies without risking real money.

  5. Consult Legal Experts: Given Singapore's complex regulatory environment, consulting with a legal expert knowledgeable in local financial laws might be advantageous.

  6. Exercise Caution with Offshore Brokers: While offshore brokers can provide access to binary options markets, they often do not meet the regulatory standards upheld in Singapore. Be wary of the risks, especially regarding dispute resolution and the potential for fraud.

  7. Educate Yourself: Use educational resources to thoroughly understand binary options, market analysis, risk management, and effective trading strategies.

  8. Start Small: Begin trading with a conservative amount of capital to minimize potential losses as you learn.

  9. Stay Informed on Regulatory Changes: Keep up to date with any changes in the legal and regulatory landscape for binary options trading, both locally and internationally.

By following these guidelines, Singaporeans can approach binary options trading with a strategy designed to minimize risks and protect their investments. However, it's important to remain cautious and aware of the speculative nature of binary options trading, even when taking measures to trade safely.


Where Is Quotex Available?

Quotex is available in many countries worldwide and provides a platform for digital options trading. However, due to regulatory restrictions, Quotex does not offer its services to individuals in several specific jurisdictions. These include the United States, Canada, countries within the European Economic Area (EEA), Hong Kong, Israel, and Russia.

Is Quotex Regulated and Licensed?

Quotex operates under ON SPOT LLC, which is registered in Saint Kitts and Nevis. It does not hold a formal license from some more recognized financial regulatory bodies, such as the FCA in the UK, CySEC in Cyprus, or ASIC in Australia. This lack of regulation from top-tier authorities means traders should exercise caution and conduct thorough research before trading.

Is Quotex Available on Mobile Devices?

Yes, Quotex offers a mobile trading experience through a web-based platform and mobile app for Android devices.

What Is the Minimum Deposit in Quotex?

The minimum deposit required to start trading on Quotex is $10.

Can You Trust Binary Trading Platforms?

The trustworthiness of binary trading platforms varies widely. Before trading, it's crucial to research and verify any platform's regulatory status, reputation, and security measures. Regulated platforms are considered more reliable as they must adhere to strict financial standards and practices.

How to Check a Broker's Regulatory Status?

To verify a broker's regulatory status, visit the official website of the financial regulatory authority in the broker's country of registration. Most regulators provide an online database or search tool where you can look up the registration and licensing status of trading platforms and financial service providers.

Is Trading Binary Options Considered Gambling?

Binary options trading can be classified as gambling or investing depending on the trader's approach and the regulatory context in their jurisdiction. While some view it as a speculative investment, others argue that its high risk and short-term nature align more closely with gambling. Regulatory authorities in some countries have banned binary options trading on this basis.

How to Start Trading Binary Options?

To start binary trading, follow these steps:

  1. Research and select the best binary options broker that fits your trading needs.

  2. Register for an account and make the minimum deposit required.

  3. Educate yourself on how binary options work and develop a trading strategy.

  4. Use demo accounts if available to practice trading without risking real money.

  5. Begin trading with small amounts to gain experience and minimize risk.

Can Foreigners Trade Binary Options in Singapore?

Yes, foreigners can trade binary options in Singapore through international brokers that accept Singaporean clients.


In conclusion, while Quotex offers an accessible platform for binary options trading, its legal status in Singapore remains a complex issue due to the lack of regulation by the Monetary Authority of Singapore (MAS) or other local financial regulatory bodies. This absence of oversight presents potential risks for Singaporean traders, including challenges in dispute resolution and the possibility of engaging with a platform that may not fully align with local legal and financial standards.

For Singaporeans considering Quotex for their trading activities, it is crucial to weigh these factors carefully. Engaging with regulated brokers, understanding the inherent risks of binary options trading, and staying informed about the regulatory landscape is essential to safeguarding one's interests. Ultimately, while the allure of binary options trading on platforms like Quotex can be significant, traders must navigate these waters cautiously, prioritizing safety and compliance.

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.