Does Quotex work in India? A Comprehensive Review

Yes, Quotex works in India. Indian traders can register, deposit, trade, and withdraw funds on the Quotex platform. However, while the platform is accessible in India, there are some legal, financial, and strategic considerations to be aware of before you start trading.

In this article, we’ll explore how Quotex operates in India, whether it's legal, how Indian users can deposit and withdraw funds, and what risks and benefits come with using the platform. Let’s dive in.

💥 Trade with QUOTEX now: Open An Account or Visit Brokers 👈

What Is Quotex?

Quotex is an online trading platform that offers binary options trading on various financial assets including currency pairs (Forex), commodities, stock indices, and cryptocurrencies. The platform is known for its user-friendly interface, demo account feature, fast execution, and relatively low deposit requirements.

Founded in 2019, Quotex is operated by Awesomo Ltd, a company registered in St. Vincent and the Grenadines. While this gives the platform global accessibility, it also means it's regulated under offshore jurisdictions.

Is Quotex Legal in India?

Legality of Binary Options in India

Binary options trading is not regulated by the Securities and Exchange Board of India (SEBI). In fact, SEBI has issued warnings against binary options platforms in general, especially those that operate without oversight from Indian authorities. This doesn’t necessarily mean it’s illegal, but it does mean you’re trading at your own risk.

Many platforms, like Quotex, continue to accept Indian traders, but it's important to understand that:

• Quotex is not SEBI-registered

• The Reserve Bank of India (RBI) restricts outward remittances for speculative purposes under the Liberalized Remittance Scheme (LRS)

• You won’t have any legal recourse in Indian courts if something goes wrong with your funds

Can You Be Penalized?

As of now, individual retail traders have not been prosecuted for using platforms like Quotex. However, because binary options trading falls in a legal gray area, it’s not recommended for high-volume traders or those unfamiliar with the risks involved.

Can You Register on Quotex from India?

Yes, Indian users can register on Quotex without any restrictions. The sign-up process is straightforward and requires only basic information such as an email address and password. You can also register via Google or Facebook.

Once registered, you can access:

• A $10,000 demo account

• Live trading with a minimum deposit of just $10

• Access to various digital options contracts with returns ranging between 70%–95%

How to Deposit and Withdraw on Quotex in India

One of the most common concerns for Indian users is whether they can easily fund their Quotex account and withdraw profits.

Deposit Options for Indian Traders

Quotex accepts several methods for Indian users:

1. UPI (Unified Payments Interface) – Fast and convenient, especially for mobile users.

2. Paytm and PhonePe – Integrated for local mobile payments.

3. Internet Banking (IMPS, NEFT, RTGS) – Supported via local gateways.

4. Crypto (Bitcoin, USDT, Ethereum) – Useful if you want to bypass banks entirely.

5. Perfect Money / Advcash – Global e-wallets that support INR.

All deposits are generally instant and the minimum deposit is $10 (or equivalent INR).

Withdrawal Methods

Withdrawals can be made via:

• UPI

• Bank Transfers

• Cryptocurrencies

• E-wallets

Processing times usually range from 1 to 5 business days, depending on the method and whether KYC is completed. Quotex does not charge withdrawal fees, but your bank or intermediary may.

Is Quotex Safe for Indian Users?

Security Features

Quotex offers:

• Two-factor authentication (2FA)

• SSL encryption

• Secure wallet integrations

However, keep in mind:

• Quotex is not overseen by Indian regulators

• Funds are not insured

• If the company ceases operations, there may be no legal way to recover your balance

So while Quotex technically offers secure transactions, it’s still a high-risk platform, especially compared to regulated brokers in India.

💥 Trade with QUOTEX now: Open An Account or Visit Brokers 👈

Pros of Using Quotex in India

1. Accessible to Indian Users

   • Simple sign-up with no ID required initially.

2. Multiple Local Payment Options

   • UPI, Paytm, and other India-specific methods are accepted.

3. Low Minimum Deposit

   • Start trading with as little as $10.

4. User-Friendly Interface

   • Ideal for beginners who want to learn binary options trading.

5. Demo Account Available

   • A risk-free way to practice with $10,000 virtual funds.

Cons of Using Quotex in India

1. Unregulated in India

   • SEBI does not oversee Quotex, which means zero protection.

2. Binary Options Are Risky

   • All-or-nothing trades are highly speculative.

3. Legality Concerns

   • You may be violating RBI’s remittance rules, especially for large transfers.

4. No Legal Recourse

   • If funds are lost or the platform disappears, Indian authorities won’t help.

5. Limited Asset Types

   • Compared to forex brokers, the asset range is relatively narrow.

Should You Trade with Quotex from India?

It depends on your risk tolerance and trading goals.

• If you’re a new trader looking to explore binary options with a small deposit, Quotex may be a suitable learning platform.

• If you’re looking to build a long-term trading career, you might be better off with SEBI-regulated platforms like Zerodha, Upstox, or international forex brokers with Indian partnerships.

Trading binary options is like flipping a coin — you can win fast, but you can also lose everything in seconds.

What Are Indian Traders Saying About Quotex?

Feedback from Indian users is mixed:

• Many praise the fast withdrawal process and easy deposits via UPI

• Beginners like the demo account and simple trading interface

• Critics point out the lack of regulation, frequent quote discrepancies, and issues with withdrawal delays

It’s important to read verified reviews and test the demo before using real money.

Alternatives to Quotex for Indian Traders

If you’re uncomfortable with Quotex’s legal status or want more transparency, consider:

1. Olymp Trade – Also allows Indian users; offers fixed time trades and Forex.

2. IQ Option – Popular globally, accepts Indian users, and has a broader asset range.

3. Deriv (Binary.com) – Offers binary and synthetic indices with crypto funding options.

4. Local SEBI-Registered Brokers – For stock and options trading under Indian law.

Final Verdict: Is It Worth Using Quotex in India?

Yes, you can use Quotex in India, but with caution. The platform is accessible, convenient, and easy to use — especially for beginners. However, it exists outside the regulatory scope of Indian financial authorities.

If you decide to trade:

• Use only risk capital

• Verify payment methods and withdrawal processes

• Avoid large deposits

• Start with a demo account

• Stay updated with SEBI and RBI regulations

Ultimately, Quotex is technically functional in India but sits in a legal and financial gray zone. Understand the risks, trade responsibly, and never invest more than you can afford to lose.

FAQs

1. Is Quotex banned in India?

No, Quotex is not banned. But it is not regulated in India either.

2. Can I use UPI to deposit funds in Quotex?

Yes. UPI is one of the most convenient deposit methods for Indian users on Quotex.

3. Do I need to verify my identity to withdraw?

Yes. While initial registration is easy, withdrawals generally require KYC verification.

4. Is it safe to keep money in my Quotex wallet?

While Quotex claims to use encryption and secure protocols, funds are not insured or protected under Indian law.

5. What is the minimum deposit on Quotex in INR?

The minimum is $10, which is roughly ₹800–₹900, depending on the exchange rate.

💥 Trade with QUOTEX now: Open An Account or Visit Brokers 👈

Read more:

• Does Quotex work in Nigeria?

• Does Quotex work in South Africa?

• Does Quotex work in UAE?

• Does Quotex work in Pakistan?