Quotex is a binary trading platform where people can trade Forex Currency, Crypto, Comodity, Crude Oil and so on. But many people have many doubts related quotes platform, is Quotex Legal in India?
I have seen many YouTubers promoting Quotex , showing their profit and asking peoples to register through their referral link.
Recently RBI have been banned approx 75 binary apps in india, Quotex also included
Reality of Quotex
No doubt people can actually make money through trading if they follow a proper strategy with discipline.
But in Quotex you will end up by losing all your capital because they earn money when you lose. (Binary platform can manipulate you easily)
Is Quotex Legal in India?
Quotex is not regulated in india nor even registered by SEBI.
As you know Stock Market is regulated by SEBI and everything is trackable if SEBI want, if you have any complaint related any regulated platform, SEBI always available for you
But if anything wrong happens with you on a unregulated platform such as Quotex , where you will make complaint?, no one gonna help you even their support can give you many excuses.
Also as per FEMA (Foreign Exchange Management Act) 1999 , regulations you are not allowed to trade foreign exchange through trading platform.
Why Many YouTubers Promoting Quotex?
This question really have sence, i have seen many ads on Social Platform and also some YouTubers promoting it personally
Such YouTubers don’t care about your money, they only need Money, Yes! They want you to join through their referral link and when you register through their link, they will earn 20% brokerage share from your trading money.
Not just this, they also earn per user registration commission and they have been paid for making video.
And the main part is that all accounts they use while making video, their account have been funded by Quotes and the trade wining chance also increases so that they can show you big profit video.
Should you Use Quotex?
Using an unregulated Binary Trading Platform will be risky , there is no security of your money.
If still you do and your hard earned money gets stuck to any such platform , you can’t complaint anywhere as it is banned by RBI (Reserve Bank of India) instead you may face legal issue and penalty.
So in my opinion stay away from such binary trading platform (Quotex) and use only SEBI regulated trading platform.