There are various popular trading platforms in India and Quotex is one of them. As the number of fraudulent and unsafe trading platforms increases, traders are always afraid of trying a new platform. This is the reason that many traders ask “Is Quotex legal in India?”.
In this article, we will give you complete details about Quotex and provide your answer to “Is Quotex legal in India”.
What is Quotex?
Quotex is a platform for binary trading established in 2019. The platform offers smart investments and has more than 400 free tools that help traders perform trading easily. It is a promising platform that attracts a huge number of traders. It has various amazing features and functions are completely transparent. However, its legal standard is still a matter of concern among traders in India.
Is Quotex Legal in India?
75 trading platforms were declared illegal in India as per the RBI report published on 24th November 2023 and Quotex was also listed in them. So, the direct answer to “Is Quotex legal in India” is No. The Quotex has lost its authorization in India as the RBI has restricted the binary trading platform usage. However, if you still want to use it, you can use it at your own risk. RBI will not be answerable for any fraud.
Quotex is not registered under SEBI which is why it is a foreign platform and SEBI is not responsible for its functions and how Indian traders use it.
Is Quotex Safe for Trading in India?
If you think Quotex is legal in India, then you are wrong. It is not registered with SEBI which means there is no protection for the traders against fraud if they use Quotex. However, it still works independently and traders use it at their risk. If you are too open to take risks, you can use it but remember you will not be able to reach out to authorities if any fraud happens. Smart and responsible traders always look for a legal platform. It is advised to search for a legal platform rather than using Quotex.
Is the Quotex App Legal in India?
The Quotex App is legal and available to download in India. Users can install the app on Android or iOS devices. However, the app is not governed by Indian laws if you download it on a desktop and it operates under international policies. The users are advised to carefully read and understand the app’s terms and conditions and keep gaining knowledge about global financial regulations.
Is Binary Trading on Quotex Legal in India?
Yes, Binary trading options are legal in India using Quotex but there is certain essential information that traders must know:
- No Ban: No Indian financial law bans binary trading options.
- Regulation Gap: There is no Indian oversight which means the binary trading options are governed by international policies such as IFMRRC.
Binary options include high risk and traders must know the potential volatility and stick to the guidelines of the platform.
The Quotex Legal Implications
As we have already discussed quotex is not legal in India, which means this platform is not at all safe to use. The platform is not accountable to SEBI and RBI. Therefore, there are no legal implications regarding Quotex.
Traders must know that SEBI and RBI policies decide the working of binary trading platforms. Quotex is a foreign platform, but it requires SEBI authorization before legally working in India. However they have not acquired the registration which is the main reason, it is not advised for use in India.
In the last few years, India has seen an upsurge in the number of binary trading platforms working in India but traders must check their legal status before starting to use them.
There is also a Quotex app, which is available in India but it is also not legal. So, make sure you are not risking your investment.
Conclusion
Many people have wrong information that Quotex is legal in India, but the reality is, that it is an illegal platform. The traders who are using them are taking a pure high risk on their investment because SBI or RBi will not be able to help them in any way if they lose their money. Also, the Quotex App is illegal in India for to same reasons. So, the answer to your question “Is Quotex legal in India” is “No”.
FAQ’s
I am confused should I use Quotex or not?
Ans. As a trader, you must always choose the trading platforms which are registered under SEBI. Quotex is not registered under SEBI, so it is illegal. If you use this, your investment will be at a big risk.
Is it legal to conduct binary trading in India?
Ans. RBI has restricted foreign exchange and binary trading in India. RBI or SEBI don’t endorse such trading options and there are no legal policies available for binary trading.
Can I download the Quotex app?
Ans. You can download the Quotex app, but you must know the fact that it is not authorized in India. If you are using this app, it will be at your risk.
