6 minute read
Is Quotex Real or Fake in Pakistan? Review Broker
from QUOTEX
If you're in Pakistan and considering online trading, you've probably come across Quotex — a platform that's gained popularity for binary options trading. But with scams and fraudulent brokers on the rise, it’s essential to ask: Is Quotex real or fake in Pakistan?
The short answer is: Quotex is a real trading platform, but it is not regulated by Pakistan’s financial authorities, and it comes with certain risks. Let’s break down exactly what this means and whether you should trust Quotex as a Pakistani trader.
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What Is Quotex?
Quotex is an online trading platform launched in 2019 by a company called Awesomo Ltd., registered in St. Vincent and the Grenadines. It specializes in binary options trading, where traders predict whether an asset’s price will go up or down within a fixed time frame. If the prediction is correct, you earn a profit. If not, you lose your stake.
Quotex offers trading in:
Currency pairs (Forex)
Cryptocurrencies
Commodities (like gold and oil)
Stock indexes
The platform is known for its user-friendly interface, fast trade execution, and low minimum deposit ($10). These features have helped it grow rapidly, especially in regions like South Asia, including Pakistan.
Is Quotex Legally Allowed in Pakistan?
Here’s where things get tricky. While Quotex is accessible from Pakistan and widely used by local traders, it is not licensed or regulated by any Pakistani financial authority, such as:
SECP (Securities and Exchange Commission of Pakistan)
SBP (State Bank of Pakistan)
This means Quotex operates in a legal gray area in Pakistan. It's not explicitly banned, but it’s also not officially recognized or overseen by local regulators.
Furthermore, binary options trading is considered high-risk and speculative. In many countries — including the U.S. and the EU — binary options are banned or heavily restricted. While Pakistan has not issued an outright ban, the SECP has warned investors multiple times to be cautious about unregulated offshore brokers.
Is Quotex a Scam?
Based on current evidence, Quotex does not appear to be an outright scam. Here’s why:
1. Positive User Reviews
Thousands of traders across the globe — including many from Pakistan — report that Quotex processes deposits and withdrawals reliably. Users frequently praise the platform’s design, fast payout processing (typically within 1–3 days), and responsive customer support.
2. No Hidden Fees
Quotex doesn’t charge any fees for deposits or withdrawals. The only costs traders face are related to their trades — primarily the risk of loss.
3. Fast Deposits and Withdrawals
Pakistani traders can deposit money through e-wallets, cryptocurrencies, and even local payment agents. Withdrawals are processed relatively quickly, with many users confirming smooth payouts.
However, it's important to note that positive user reviews do not replace proper financial regulation. While Quotex may currently act in good faith, the lack of oversight means there is no legal protection if things go wrong.
What License Does Quotex Have?
Quotex is registered under IFMRRC (International Financial Market Relations Regulation Center) — a self-regulatory organization, not a government body. IFMRRC provides a certificate, but it’s not the same as a government-issued license like those from the UK's FCA, CySEC (Europe), or SECP (Pakistan).
In short, IFMRRC offers minimal oversight, and its authority is limited. So, while Quotex may follow internal policies and handle withdrawals properly now, there’s no external enforcement mechanism to protect your money.
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How Does Quotex Work in Pakistan?
For Pakistani users, the process is straightforward:
Sign up using your email or social login.
Deposit funds using cryptocurrency, e-wallets like Perfect Money, or via third-party local agents.
Trade assets by predicting price movements within fixed timeframes.
Withdraw profits using the same method used for deposit.
While Quotex doesn’t support direct Pakistani bank integration or local credit cards, traders can use crypto wallets (e.g., Binance, USDT) to transfer funds in and out of the platform.
Risks for Pakistani Traders
Even if Quotex isn’t a scam, there are real risks you need to understand before using it in Pakistan:
1. No Regulatory Protection
Since Quotex is not regulated in Pakistan, you have no legal recourse if the company freezes your account, delays your withdrawal, or changes its policies.
2. Currency Conversion Losses
You will need to trade in USD, so you may lose money due to currency conversion fees and the fluctuating PKR-USD exchange rate.
3. High Risk of Loss
Binary options are essentially all-or-nothing bets. They are extremely risky, and many traders lose money — especially beginners who don’t fully understand the strategy.
4. Dependence on Third-Party Payment Agents
Some Pakistani users rely on “local agents” for deposits/withdrawals. This introduces another layer of risk — these agents are not licensed, and they could delay payments or even disappear.
Red Flags to Watch Out For
While Quotex has a decent reputation so far, you should stay alert. Here are some signs of trouble to watch for:
Unsolicited investment offers on WhatsApp/Telegram promising guaranteed profits with Quotex.
Fake Quotex websites or cloned login pages used for phishing.
People asking for your Quotex credentials to “help you trade.”
Social media “gurus” demanding a fee to share secret strategies or signals.
Always deal directly with Quotex via its official website. Never share your login details or wallet credentials with third parties.
Who Should Avoid Quotex in Pakistan?
If any of the following apply to you, Quotex may not be a good choice:
You expect guaranteed profits or are not ready for high-risk trading.
You don’t understand technical analysis or market behavior.
You prefer regulated, long-term investing (like stocks or mutual funds).
You are looking for Shariah-compliant trading options — binary options are generally considered non-compliant due to their speculative nature.
Is Quotex Halal or Haram?
This is a sensitive question in Pakistan, and it depends on your interpretation. Generally speaking, most scholars consider binary options haram because:
They resemble gambling more than investment.
They are based on speculation, not asset ownership.
There is no real exchange of goods or services.
If you're concerned about the religious permissibility of trading, you should consult with a qualified Islamic scholar before using Quotex or any similar platform.
Tips for Safe Trading on Quotex in Pakistan
If you decide to trade on Quotex, follow these safety tips:
Start small — never deposit more than you’re willing to lose.
Avoid third-party agents — use trusted payment channels.
Practice with a demo account before using real money.
Don’t chase losses — stick to your strategy.
Withdraw profits regularly to reduce platform risk.
Final Verdict: Is Quotex Real or Fake in Pakistan?
Quotex is real, but it is not officially licensed or regulated in Pakistan. The platform functions and pays out as expected for most users, but it carries significant risks — including the lack of legal protection, high chance of financial loss, and concerns about religious permissibility.
If you are a well-informed, risk-tolerant trader, Quotex can be a useful tool. But if you're looking for a secure, regulated, and low-risk investing experience, this platform may not be for you.
As always, do your own research, never invest money you can’t afford to lose, and approach all offshore trading platforms with caution.
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