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Is Quotex Banned in Bangladesh? Review Broker
from QUOTEX
Yes, Quotex is banned in Bangladesh. The Bangladesh government has taken strict actions against several online trading platforms, including Quotex, citing legal, financial, and cybersecurity concerns. In this article, we’ll explore why Quotex is banned in Bangladesh, what it means for users, and what alternatives are available for Bangladeshi traders.
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What Is Quotex?
Quotex is a digital options trading platform launched in 2019 by Awesomo Ltd. It allows users to speculate on the price movements of various financial instruments such as forex, cryptocurrencies, commodities, and indices. The platform gained popularity due to its simple user interface, low minimum deposit, and fast trade execution. However, Quotex operates in a legal gray area in many countries, including Bangladesh.
Why Is Quotex Banned in Bangladesh?
1. Regulatory Issues
The primary reason for the ban is that Quotex is not licensed by the Bangladesh Securities and Exchange Commission (BSEC) or any recognized financial authority in the country. Bangladesh requires all financial service providers, including brokers and trading platforms, to be registered and comply with local financial laws. Since Quotex lacks this authorization, its operation is considered illegal in Bangladesh.
2. Money Laundering and Forex Regulation
Quotex allows Bangladeshi users to fund their accounts using cryptocurrency, foreign payment gateways, or peer-to-peer methods, often bypassing the formal banking system. This raises serious red flags for the Bangladesh Financial Intelligence Unit (BFIU) and other regulators. They suspect such platforms could be used for money laundering, illegal forex trading, or unauthorized capital flight.
3. Cybersecurity and Data Privacy
Bangladeshi authorities have also expressed concerns over data protection and cybersecurity. Since Quotex is not under local jurisdiction, any breach of user data or platform manipulation cannot be legally challenged in Bangladesh. This puts user information and funds at risk, which prompted the government to act preemptively.
4. Gambling-Like Nature of Binary Options
Many regulators around the world treat binary options trading as a form of gambling, and Bangladesh is no exception. The quick-return, high-risk model of Quotex resembles online betting more than regulated trading. This goes against Bangladesh's public policy and Islamic banking principles, which avoid speculative and high-risk financial activities.
How Was the Ban Implemented?
In late 2023, the Bangladesh Telecommunication Regulatory Commission (BTRC) instructed all ISPs to block access to websites and mobile apps related to Quotex. The Financial Intelligence Unit also started monitoring financial transactions related to suspected trading platforms.
Banks and mobile payment providers were ordered to flag and restrict deposits or withdrawals associated with binary trading platforms, including Quotex. The government also warned citizens against participating in unregulated online trading, issuing public advisories and occasionally pursuing legal action.
Can You Still Access Quotex from Bangladesh?
Technically, some users still access Quotex using VPNs or other proxy services. However, doing so is not only risky but potentially illegal. Engaging with a banned platform could lead to:
· Frozen bank accounts
· Legal consequences
· Loss of funds with no legal recourse
· Cybersecurity threats and scams
It's important to understand that even if you can bypass a block, you’re still operating in violation of local financial laws. If something goes wrong, you have no legal protection.
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What Happens If You’re Caught Using Quotex in Bangladesh?
While there is no widely publicized record of individuals being imprisoned solely for using Quotex, the Bangladeshi authorities have taken action in various cases involving unauthorized forex and digital trading. You could face:
· Investigation by the BFIU
· Inquiries from your bank regarding suspicious transactions
· Account suspensions
· Monetary fines or legal penalties
Repeated or large-scale involvement in illegal trading could even result in criminal charges.
Is Quotex Legal in Other Countries?
Quotex operates in a legal gray zone. Some countries allow it, while others have explicitly banned or restricted it. For example:
· India: Access is blocked, but usage continues unofficially.
· Russia and CIS countries: Mostly operational.
· USA and Canada: Not allowed to operate legally.
· European Union: Not regulated or licensed.
This patchy regulatory footprint makes platforms like Quotex inherently risky for users anywhere — not just in Bangladesh.
What Are the Risks of Using Unregulated Platforms Like Quotex?
1. No Investor Protection
Because Quotex is not regulated by any Tier 1 financial authority (such as FCA, ASIC, or SEC), you have no insurance or protection if the company shuts down, blocks your account, or denies withdrawals.
2. High Risk of Scams
Unregulated platforms can manipulate prices or freeze accounts without explanation. There's no oversight or third-party auditing.
3. Withdrawal Issues
Many users report delays, denials, or account restrictions when attempting to withdraw funds, especially large amounts.
4. Misleading Marketing
Some platforms use affiliate marketers or influencers who promise unrealistic profits. This attracts inexperienced users who lose money quickly.
Are There Legal Alternatives to Quotex in Bangladesh?
Yes. While binary options platforms are banned, legal forex and stock trading platforms do exist that are compliant with Bangladeshi regulations or recognized globally.
1. Licensed Forex Brokers
Some international brokers are regulated and accept Bangladeshi clients:
· Exness
· XM
· FBS
· IC Markets
Before opening an account, check if the broker is licensed by top-tier regulators like the FCA (UK), ASIC (Australia), or CySEC (EU).
2. Dhaka Stock Exchange (DSE)
For those interested in local stock trading, the DSE provides a regulated environment. You can open an account through local brokerage firms like:
· LankaBangla Securities
· IDLC Investments
· City Brokerage
3. International Investment Apps (With Caution)
Platforms like eToro, Trading212, or Interactive Brokers may be accessible from Bangladesh, but always verify their licensing and terms of service.
What Should You Do If You Have Money in Quotex?
If you currently have funds in Quotex, your best course of action is to:
1. Withdraw your funds immediately, if possible.
2. Stop all trading activity to avoid drawing attention to your account.
3. Avoid using VPNs or fake identities to continue trading.
4. Do not reinvest or deposit new money into the platform.
5. Switch to a regulated, legal platform that offers transparency and legal recourse.
Trying to beat the system may work short-term but can result in long-term financial and legal consequences.
Will the Ban on Quotex Be Lifted in the Future?
Unlikely — at least not in the near future. Bangladesh is tightening its grip on illegal online trading and digital financial crimes. Unless Quotex registers with local authorities and meets regulatory standards (which is improbable given their business model), the ban is likely to stay.
Final Thoughts
To sum it up, Quotex is banned in Bangladesh, and using it is both legally risky and financially dangerous. The platform operates without regulatory oversight, offers gambling-like trading, and circumvents local financial laws. Bangladeshi traders should avoid Quotex and instead opt for regulated brokers that offer real investor protection and transparency.
Whether you're a beginner or an experienced trader, your financial future depends on choosing safe, legal, and reliable trading platforms. Don’t risk your money — or your freedom — by engaging with banned services.
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