Quotex is a relatively new online broker that has been gaining popularity in India. However, there have been some questions around whether Quotex is legal to use for Indian residents. In this article, Naototnhat take a closer look at Quotex and examine if it is indeed legal to use in India.
What is Quotex Broker?
Quotex is an international brokerage firm that offers trading in stocks, ETFs, forex, indices, commodities, and cryptocurrencies. It was founded in 2018 and is headquartered in Saint Vincent and the Grenadines.
Some key things to know about Quotex:
- It offers web and mobile trading platforms. The web platform uses MT5 technology.
- Traders can open accounts in several currencies including USD, EUR, GBP, and INR.
- Quotex accepts a range of deposit and withdrawal methods such as credit/debit cards, e-wallets like Neteller, and bank transfers.
- It offers leverage of up to 1:1000 on forex pairs and 1:300 on indices and commodities. Stocks and crypto have lower leverage.
- Spreads start from 0 pips on forex pairs and commissions are low.
- Customer support is offered through live chat, email, and phone.
Overall, Quotex aims to provide an easy to use platform for trading multiple asset classes. It seems targeted at newer traders and has a simple account opening process.
Quotex Overall:
| Broker status: | Unregulated Offshore Broker |
| Regulated by: | No Regulation (Illegal Broker) |
| Scammers Websites: | www.quotex.com or www.quotex.io |
| Blacklisted as a Scam by: | Spanish CNMV |
| Broker Owner: | Quotex Ltd |
| Headquarters Country: | Seychelles |
| Foundation year: | 2020 |
| Trading Platforms: | WebTrader |
| Quotex Minimum Deposit: | $5 – $100 (depending on the account type) |
| Cryptocurrencies (Crypto Assets): | Available (BTC, ETH) |
| Available Trading Assets: | Cryptos, Forex (FX), Commodities, Indices |
Quotex is legal in India or not?
Whether Quotex is legal to use from India has been a point of confusion for some traders. This is because Quotex itself is registered in Saint Vincent and the Grenadines, which is an offshore jurisdiction.
However, upon closer look, Quotex does seem to be legal for Indian residents to use. Here are some key points:
Quotex accepts Indian clients
- Quotex explicitly accepts clients and accounts from India. In fact, you can open an INR denominated account.
Registered with Regulators
- While based in Saint Vincent, Quotex is registered with financial regulators FinaCom and CNMV, which provides a level of oversight.
Follows KYC and AML rules
- Quotex adheres to standard Know Your Customer (KYC) and Anti-Money Laundering (AML) rules. Indian clients have to submit identity documents.
Taxes to be paid in India
- For Indian clients, any profits made from trading have to be declared and taxes paid in India. Quotex only handles the brokerage side.
So in summary, Quotex does follow all required processes for onboarding and working with Indian clients legally. The trading and taxes are all handled onshore in India.
Is Quotex Regulated in India?
Quotex itself is not directly regulated by Indian financial authorities like SEBI. This is because it is an international offshore broker.
However, Quotex is registered with FinaCom and CNMV which are international regulators. They help provide oversight for offshore brokers.
Also, from an Indian resident perspective, the trading and taxes all have to be handled as per local Indian regulations and laws. So while Quotex itself is not regulated in India, using it does not violate any Indian regulations.
Is Quotex real or fake?
With any new broker, it is natural to be concerned whether it is a genuine business or some kind of fake website or scam.
In Quotex’s case, the broker does seem to be real and operating a legitimate business. Here are some reasons why:
- Established company: Quotex is registered offshore with traceable company information. It has been operating since 2018.
- Regulated: As discussed earlier, it is registered with FinaCom and CNMV.
- Responsive support: Users report Quotex has knowledgeable and prompt customer support.
- Trading infrastructure: Quotex has its own trading platforms, liquidity providers, and banking partners. This requires significant infrastructure.
- Client feedback: There are generally positive reviews of Quotex’s trading conditions, platforms, and service from existing clients.
While Quotex is still a young broker, it passes most assessments of being a real, legitimate business in the trading space. There are no obvious red flags to indicate it might be a fake brokerage.
QUOTEX India Review – Update 2023 – 2024
Quotex is an online trading platform that offers a wide range of financial instruments for traders to invest in. It is owned and operated by Awesomo Ltd, a company registered in St. Vincent and the Grenadines. The platform is regulated by the International Financial Market Relations Regulation Center (IFMRRC), which ensures that it adheres to strict guidelines and standards.
Quotex has gained popularity in India due to its user-friendly interface, low minimum deposit requirement, and a variety of assets to trade with. It also offers a demo account for beginners to practice trading before investing real money. This feature has made it a popular choice among novice traders in India.
Quotex Product Offerings
Quotex offers a diverse range of financial instruments for traders to invest in. These include:
- Binary Options: This is the most popular product offered by Quotex. It involves predicting whether the price of an asset will go up or down within a specified time frame.
- Digital Options: Similar to binary options, digital options allow traders to predict the direction of an asset’s price movement. However, the payout is determined by the distance between the current price and the strike price.
- Forex: Traders can also invest in the foreign exchange market through Quotex. It offers a variety of currency pairs, including major, minor, and exotic pairs.
- Cryptocurrencies: Quotex also allows traders to invest in popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more.
- Commodities: Traders can also trade commodities such as gold, silver, oil, and natural gas on the platform.
Quotex Trading Platform
Quotex has a user-friendly and intuitive trading platform that is accessible through both web and mobile devices. The platform is designed to cater to the needs of both beginner and experienced traders. It offers a variety of technical indicators, charting tools, and customizable settings to enhance the trading experience.
The platform also offers a social trading feature, where traders can follow and copy the trades of successful traders. This feature is particularly useful for beginners who can learn from experienced traders and improve their trading skills.
How to Trade on Quotex?
Trading on Quotex is a simple and straightforward process. Here’s a step-by-step guide on how to trade on the platform:
- Register for an account: The first step is to create an account on Quotex. You will need to provide your personal information and verify your email address to complete the registration process.
- Fund your account: Once your account is verified, you can fund it with the minimum deposit requirement of $10. Quotex offers a variety of deposit methods, which we will discuss in detail later in this post.
- Choose an asset: After funding your account, you can choose the asset you want to trade. Quotex offers a wide range of assets, as mentioned earlier.
- Select the investment amount: Next, you need to select the amount you want to invest in the chosen asset.
- Predict the direction: Now, you need to predict whether the price of the asset will go up or down within the specified time frame.
- Wait for the result: Once the time frame expires, you will know whether your prediction was correct or not. If it is correct, you will receive a payout, which can go up to 95% of your investment.
Quotex Promotions and Deposit Bonuses
Quotex offers various promotions and bonuses to its traders. These include:
- Welcome Bonus: New traders can avail a welcome bonus of up to 100% on their first deposit.
- Referral Bonus: Traders can earn a referral bonus by inviting their friends to join Quotex. The bonus amount depends on the number of friends who register and fund their accounts.
- Loyalty Program: Quotex has a loyalty program where traders can earn points for every trade they make. These points can be redeemed for cash prizes, trading bonuses, and more.
It is essential to note that these promotions and bonuses come with terms and conditions, such as minimum trading volume requirements, which must be met before withdrawing the bonus amount.
Assets You Can Trade With Quotex Broker
As mentioned earlier, Quotex offers a diverse range of assets for traders to invest in. Let’s take a closer look at some of the popular assets available on the platform:
Binary Options
Binary options are the most popular product offered by Quotex. They involve predicting whether the price of an asset will go up or down within a specified time frame. Some of the assets available for binary options trading on Quotex include:
- Stocks: Traders can invest in stocks of popular companies such as Apple, Amazon, Google, and more.
- Indices: Quotex offers a variety of indices, including Dow Jones, S&P 500, NASDAQ, and more.
- Forex: Traders can also trade major currency pairs such as EUR/USD, GBP/USD, USD/JPY, and more.
- Cryptocurrencies: Quotex allows traders to invest in popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more.
Digital Options
Digital options are similar to binary options, but the payout is determined by the distance between the current price and the strike price. Some of the assets available for digital options trading on Quotex include:
- Forex: Traders can invest in a variety of currency pairs, including major, minor, and exotic pairs.
- Commodities: Quotex offers a range of commodities such as gold, silver, oil, and natural gas.
- Indices: Traders can also trade indices such as Dow Jones, S&P 500, NASDAQ, and more.
Quotex Deposit and Withdrawal Methods
Quotex offers a variety of deposit and withdrawal methods to cater to the needs of its traders. These include:
- Bank Transfer: Traders can fund their accounts through bank transfers, which may take 2-5 business days to reflect in their account.
- Credit/Debit Cards: Quotex accepts payments through Visa, Mastercard, and Maestro cards. Deposits made through this method are usually instant.
- E-wallets: Traders can also use e-wallets such as Skrill, Neteller, and Perfect Money to fund their accounts instantly.
- Cryptocurrencies: Quotex also accepts deposits in popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and more.
It is essential to note that the minimum deposit requirement on Quotex is $10, and there are no fees charged for deposits or withdrawals. However, your bank or payment provider may charge transaction fees.
Quotex Support
Quotex has a dedicated customer support team that is available 24/7 to assist traders with any queries or concerns they may have. The platform offers support through live chat, email, and phone. It also has an extensive FAQ section where traders can find answers to commonly asked questions.
FAQs
Is Quotex legal in UAE?
Yes, Quotex also accepts clients from and is legal to use in the UAE. As with India, profits made have to be declared locally.
Does Quotex accept US clients?
No, Quotex does not currently accept clients from the United States. This restriction applies to US passport holders.
What leverage does Quotex offer?
Quotex offers leverage up to 1:1000 on Forex pairs. For indices and commodities the max leverage is 1:300. Leverage on equities and crypto is lower.
How do I deposit and withdraw funds?
Quotex offers a range of deposit and withdrawal options including debit/credit cards, e-wallets like Neteller, and bank transfers. Local payment options are available for each country.
Is Quotex good for beginners?
Yes, Quotex provides a simple account opening process, intuitive trading platforms, and educational resources making it suitable for beginners. They also offer demo accounts for practice.
Quotex is a legitimate and regulated online trading platform that is legal in India. It offers a wide range of financial instruments for traders to invest in, including binary options, digital options, forex, cryptocurrencies, and commodities. The platform has gained popularity in India due to its user-friendly interface, low minimum deposit requirement, and a variety of assets to trade with. It also offers various promotions and bonuses to its traders, making it an attractive choice for both beginner and experienced traders. With its diverse range of assets, easy-to-use trading platform, and dedicated customer support, Quotex is definitely worth considering for your trading needs in India.