If you’ve been searching for quick profits through online trading, chances are you’ve come across Quotex—a binary options platform that looks clean, fast, and easy to use. But in reality, is Quotex safe?
Indian users are reporting serious issues—delayed withdrawals, blocked accounts, and no legal recourse when things go wrong.
So, why does this happen? Why Quotex block account?
In this blog, we’ll break down whether Quotex is safe, why so many Indian users are facing problems, and what you can (and can’t) do if you’ve already used it.
Is Quotex SEBI Registered?
Quotex is a binary trading platform, but here it is important to understand, is forex trading legal in India.
This is not a grey area; Indian regulators have made the rules clear.
The platform is operated from St. Vincent and the Grenadines, an offshore jurisdiction widely associated with unregulated brokers.
Here’s why this is a major red flag for Indian users:
- No Indian License: Quotex holds no valid license to operate in India and is not listed among SEBI’s recognized intermediaries.
- Unauthorized Trading Products: It offers binary options, a product specifically warned against by SEBI and RBI.
- Use of Third-Party Payment Channels: Funds are deposited and withdrawn via third-party UPI apps or cryptocurrency wallets, bypassing the regulated Indian banking system, directly violating payment rules.
If you use Quotex from India, you are trading on a platform that is not recognized by Indian authorities, operating outside the law.
This means your funds are at risk, and you have no protection or legal recourse if something goes wrong.
Quotex Withdrawal Problem
If you go by Quotex’s ads or YouTube promotions, everything looks easy, deposit, trade, withdraw. But real users across forums, complaint boards, and YouTube comment sections are telling a different story.
Here’s what Indian users have experienced:
- Withdrawal Issues: Many users report pending withdrawals that never reach their accounts, even after weeks.
- Fake UTR Numbers: Quotex support often shares invalid transaction IDs or unverifiable UTR numbers.
- Account Bans After Profit: Some users say their accounts were blocked right after they made profitable trades.
- Unresponsive Support: Tickets and emails are either ignored or answered with vague copy-paste replies.
- No Indian Customer Support: There is no proper Indian helpline or representative to escalate issues.
This isn’t just user error. It’s a consistent pattern, especially among users who’ve deposited or earned more than a few thousand rupees.
Above all, SEBI has also warned traders, stating that, while Quotex hasn’t been officially listed in SEBI’s alert list yet, platforms like it have been flagged, and SEBI consistently warns against unregistered entities.
If you’re trading from India, there are safer, legal platforms regulated by SEBI that provide proper grievance redressal. Quotex is not one of them.
Forex Trading Complaints
Quotex and other binary trading platforms are involved in forex trading scams.
If you’ve lost money or faced issues with Quotex, here are the steps you can take to report it, even though it’s an offshore platform:
1. File a Cyber Crime Complaint
- Go to the Cyber Crime portal.
- Click on “File a Complaint” and select “Report Other Cyber Crimes”
- Choose “Online Financial Fraud” and submit all transaction details, screenshots, and communication records.
2. Report to Your Bank or Payment App
- Inform your bank or UPI app (PhonePe, Paytm, GPay) about the transaction.
- Though they may not reverse it, you’ll at least have a formal complaint registered.
3. Complaint in SEBI
While SEBI won’t directly act on your complaint (since Quotex isn’t registered), you can still inform them:
- Send an email to SEBI with all the proofs you have.
- Draft all details to help SEBI track unregulated platforms operating in India.
4. Lodge an FIR
If the fraud involves a large amount, file an FIR with your local police station’s cyber cell. Mention the nature of the fraud and provide all evidence.
You may not get your money back, but reporting helps build a legal trail.
The more complaints received, the more pressure regulators have to issue public warnings or take legal action against such platforms.
Need help?
Register with us, and we will guide you through the process involved in reporting such scams on respective platforms and help you in getting forex trading scam recovery.
Conclusion
If you’re in India, Quotex is simply not worth the risk.
The platform is unregulated, based offshore, and has a history of serious withdrawal issues and account blocks. Once your money is in, getting it out isn’t guaranteed.
And when things go wrong, there’s no legal support, no customer service that works, and no way to recover your funds through official channels.
Many users have already learned this the hard way.
So before you register or deposit on Quotex, ask yourself: Can you afford to lose the money with no accountability?
If not—stay away.
