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Is Quotex Registered in Pakistan? It is Legal? Review Broker
from QUOTEX
Short answer: No, Quotex is not officially registered or licensed by any financial regulatory authority in Pakistan.
If you're in Pakistan and considering trading on Quotex, it's essential to understand the legal and financial implications of using this platform. In this article, we break down exactly what Quotex is, its legal status in Pakistan, whether it's safe for Pakistani users, and what alternatives exist for traders looking for secure and regulated platforms.
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What is Quotex?
Quotex is an online trading platform that offers binary options and digital trading for assets like forex, cryptocurrencies, commodities, and stock indices. Founded in 2020, it quickly gained popularity in several countries, particularly due to its user-friendly interface and low deposit requirement (as little as $10).
Unlike traditional forex brokers or stock trading platforms, Quotex is primarily a binary options platform. That means users speculate whether the price of an asset will go up or down over a specific period. If they predict correctly, they earn a fixed return—often up to 90%. If they're wrong, they lose the entire stake.
Binary options are highly controversial in many countries because of their high risk and association with online scams.
Is Quotex Regulated Globally?
Quotex claims to be operated by Awesomo Ltd., registered in St. Vincent and the Grenadines, a well-known offshore jurisdiction. It is not regulated by any Tier-1 financial authority like the:
· U.S. Commodity Futures Trading Commission (CFTC)
· UK’s Financial Conduct Authority (FCA)
· Australia’s ASIC
· Pakistan’s SECP (Securities and Exchange Commission of Pakistan)
Instead, Quotex is a member of the International Financial Market Relations Regulation Center (IFMRRC), a non-governmental, non-binding regulatory body. However, the IFMRRC is not recognized as a legitimate regulator by any major financial authorities globally.
Is Quotex Registered or Legal in Pakistan?
As of now, Quotex is neither registered nor licensed to operate as a financial or trading service provider in Pakistan. The platform has not been approved by the Securities and Exchange Commission of Pakistan (SECP), which regulates financial markets and online trading in the country.
The SECP has also issued several public warnings against unlicensed trading apps and platforms, cautioning users to avoid entities that do not have a local license. While Quotex has not been specifically named in all circulars, it falls under the same category of unregulated foreign brokers operating without local permission.
In fact, many Pakistani banks have blocked transactions to and from certain online trading platforms. Some internet service providers (ISPs) have also restricted access to binary options websites based on government directives.
Can You Still Use Quotex in Pakistan?
Technically, yes—but with limitations and significant risks.
Many Pakistani traders still access Quotex via VPNs or alternative payment methods like:
· Cryptocurrency (especially Bitcoin and Tether/USDT)
· Perfect Money
· E-wallets
However, since Quotex operates outside Pakistan’s legal and financial framework, users are not protected if something goes wrong. If the platform blocks your account, refuses to pay, or shuts down, you have no legal recourse through Pakistani authorities.
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Risks of Using Quotex in Pakistan
Here’s a closer look at the risks of trading on Quotex without proper regulation:
1. No Investor Protection
Since Quotex is unregulated in Pakistan, there’s no investor protection policy, compensation scheme, or official dispute resolution mechanism.
2. Withdrawal Issues
There have been numerous complaints across forums and social media about delays or non-payment of withdrawals. Since there’s no oversight body, you rely entirely on Quotex’s discretion.
3. Legal Complications
Using unregistered financial services may violate Pakistan’s foreign exchange or anti-money laundering laws. It’s unlikely that individual traders will be prosecuted, but enforcement action against platforms could impact your access or funds.
4. High Risk of Loss
Binary options are a high-risk product, even for experienced traders. The simplicity of the platform can lure beginners into thinking it’s easy money, which is far from reality.
Why Quotex is Popular in Pakistan (Despite the Risks)
Even with the legal gray area, Quotex has become popular among Pakistani youth for several reasons:
· Low minimum deposit ($10)
· High return potential (up to 90%)
· No KYC required for small transactions
· User-friendly mobile app
· Crypto payments accepted
Social media influencers and Telegram groups have also played a big role in promoting Quotex through affiliate links and “signals” groups, sometimes promising unrealistic profits.
But make no mistake: just because it's accessible doesn't mean it's safe or legal.
What Does the SECP Say About Such Platforms?
The Securities and Exchange Commission of Pakistan has repeatedly warned citizens against investing in unlicensed online trading platforms. While Quotex is not always mentioned by name, the SECP has clearly categorized binary options and offshore brokers as "unauthorized financial activities."
Moreover, the SECP’s guidelines emphasize the need for brokers to be registered, maintain capital adequacy, submit audits, and comply with anti-money laundering laws—requirements that Quotex does not fulfill in Pakistan.
In some instances, the Federal Investigation Agency (FIA) has also intervened in cases involving crypto or binary options scams, particularly when linked to money laundering or unauthorized fund transfers.
How to Check If a Trading Platform is Legal in Pakistan
If you’re not sure whether a platform is registered, follow these steps:
1. Check SECP’s official website: Look for the list of registered brokers or financial service providers.
2. Verify local licenses: A legal platform must display its SECP license number and registration details.
3. Ask your bank: Many local banks maintain internal blacklists of suspicious or blocked platforms.
4. Avoid platforms registered in offshore zones like St. Vincent and the Grenadines, Marshall Islands, or Belize unless they are also regulated by Tier-1 authorities.
Alternatives to Quotex for Pakistani Traders
If you're looking for legal, secure ways to trade online, here are some regulated alternatives:
1. OctaFX (Registered under the name Octa Markets)
· Popular in Pakistan
· Offers forex and CFD trading
· Occasionally collaborates with Pakistani banks
2. XM Broker
· Regulated by ASIC, CySEC
· Supports Urdu language and has strong customer support for Pakistan
3. Interactive Brokers
· Fully licensed globally
· Offers access to international markets including stocks and forex
4. Binance (for Crypto only)
· While not officially registered in Pakistan, it's widely used
· Has better security and operational scale than Quotex
Always double-check the current legal standing, as crypto platforms in Pakistan operate in a legal gray zone.
Final Verdict: Should You Use Quotex in Pakistan?
No, you should avoid using Quotex if you're based in Pakistan.
While the platform is easy to access and may offer high short-term returns, the lack of regulation, investor protection, and legal status in Pakistan makes it a risky and potentially illegal choice for local traders.
If you’re serious about trading—whether it’s forex, crypto, or stocks—go with a regulated broker that complies with Pakistani financial laws or at least holds licenses from Tier-1 international regulators.
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