Across India, many traders have a similar story: they sign up on Quotex, deposit money, start trading, and just when they begin to earn profits, their accounts are blocked without warning. So here is the question: why Quotex block account?
Let’s get into the details of why it happens and what you can do in such cases.
Quotex Account Blocked Reason
Quotex users from India are more vulnerable to account blocks than most others, and it’s not random. This raises a concern: ‘Is Quotex safe?’
There are specific reasons tied to India’s legal restrictions, platform manipulation tactics, and lack of accountability.
Here’s what you need to know:
1. Forex Trading on Quotex Is Illegal in India
The Reserve Bank of India (RBI) has made it clear: online forex trading through unregulated brokers is not allowed.
But is Quotex SEBI registered?
Well, for this, it is important to check its trading products. It offers binary options and currency pair trading — both fall outside the legal scope for Indian residents.
Hence, it is not registered with SEBI as well.
Once Quotex detects that a user is from India (through IP, PAN, Aadhaar, or even payment details), they often block or restrict access to avoid legal scrutiny.
2. Profitable Indian Traders Are Seen as a Liability
Several users have reported forex trading scams after their accounts were flagged or blocked after they made consistent profits.
Because Quotex operates without regulation, it can limit withdrawals or shut accounts without facing legal consequences in India.
This is not an isolated issue — it’s a pattern.
3. Bonus Usage Becomes a Pretext for Ban
Quotex offers bonuses that come with unclear or hidden conditions.
Many Indian users, attracted to these offers, unknowingly trigger rules they haven’t even read, which are then used against them at the time of withdrawal.
The platform uses this tactic to deny access, labeling it as “bonus abuse.”
4. KYC Verification Is Often Denied
In many cases, Quotex only asks for KYC after you’ve made money.
Indian IDs like PAN or Aadhaar are frequently rejected, or left “under review” for weeks.
This delays withdrawals and ultimately gives Quotex a loophole to suspend the account entirely.
How to File a Complaint Against Forex Trading Platforms
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 get assistance in reporting such scams, and increase the chances of forex trading scam recovery.
Conclusion
Quotex is not legal for Indian users. It’s unregulated, not SEBI-approved, and not protected under Indian law.
If you’re trading on Quotex, your account can be blocked anytime — especially after profits — and you’ll have no legal support to recover your money.
We strongly advise Indian users to avoid such platforms. If you’ve already been affected, report the issue and help others stay informed.
If you value your time, money, and peace of mind, it’s better to avoid platforms like Quotex altogether.
