If you are planning to invest your hard-earned money in Quotex, you must read this article. Many people have this confusion: “Is Quotex Legal in India?” So, the straight answer is – No. Usually, the people who want shortcuts to earn money fall into the trap of such platforms. Before investing your money, you must know that Quotex is not registered with SEBI or RBI. Additionally, it is banned as per FEMA. Read on to know more details about quotex legal status in India.
What is Quotex?
Quotex is a binary options trading platform where you can guess the gold, USD, or bitcoin price for a few minutes. If your guess is accurate, you will earn money, your money will be lost. For example, if you are betting on the bitcoin price with Rs. 500 for the next 1 minute, you will earn Rs. 950 if your guess is correct, or you will lose your Rs. 500 if your guess is wrong.
Is Quotex Legal in India?
If anyone has recommended that you earn money with shortcuts on Quotex, you must be aware. Quotex is not legal in India. RBI has released an official report on 24th November 2023 containing the list of 75 trading platforms that are not registered or legal in India. Quotex is not regulated or licensed by SBI or RBI. It mainly operates in a legal grey area, which means Indians can use it, but don’t get legal recognition or protection under Indian financial law. If you ever face withdrawal problems or disputes, you will not be protected by any local regulatory policy.
Why Isn’t Quotex Legal?
Now that you know whether the answer to “quotex is legal in India or not”, you must also know why it is not legal. Here are the details mentioned below:
- Quotex does not belong to India; it’s a foreign platform.
- There is no SEBI registration for Quotex. SEBI regulates all legal trading platforms in India, but Quotex is not listed with SEBI.
- Also, Quotex is not registered with the RBI, so there is no legal security for your money.
So, if you are using Quotex, your money is at risk, just like playing cricket without an umpire, where no rules are followed, and no one is called out for any fault.
Is Quotex Safe in India for Trading?
No, Quotex is not safe to use in India because there is no proof that Quotex is legal in India.
- No SEBi Registration: SEBI protects the traders in India; if any platform that is not registered with SEBI does not offer you fair trade.
- No RBI Registration: Quotex works independently, so RBI cannot stop it from committing any scam or fraud. It can freeze your account or deny you money without the fear of the RBI questioning.
- No Customer Support: Quotex does not provide any customer support for Indian traders. You don’t have any option for email or call if you are stuck.
- Withdrawal Delays: There are many Indian users who have faced delays in their payment withdrawals. But they have no legal support to raise their voice against Quotex.
Legal Implications and Considerations on Quotex
Quotex is listed under an unauthorised trading platform in India. If you are still confused whether what is quotex is legal or illegal in India, you must clear it in your mind that it’s a red flag. When there is no involvement of the RBI and SEBI, it means your money is not in safe hands. There is no legal law that can protect you against any fraud happening on the Quotex trading platform.
| You May Like to Read: INDmoney vs Vested: Difference Between INDmoney and Vested
Conclusion
So, now you have clear information about “quotex legal or illegal in India”. Quotex is a shortcut to earn money, but it is not safe or legal. If your money is stolen or lost, you will not have any legal protection. The platform is not regulated by SEBI or RBI, which makes it a suspicious trading option for Indians. If you are still searching for “Is Quotex legal in India, you must understand that any platform that does not hold legal value in the country is not considered safe to use.
If you still want to try it, you can trade with the demo money, but never risk your real, hard-earned cash on this platform.
Is Quotex Legal in India – FAQs
Is Quotex trading legal in India?
Ans. No, quotex trading is not legal in India because it is not regulated by SEBI or RBI. It also does not provide any customer support for Indian traders.
Can I use Quotex in India?
Ans. Yes, you can use Quotex for trading in India, but in case you are scammed, you will be protected by the law.
