Is Quotex legal in India or not? Review for indian traders

The boom of binary options is everywhere, and hardly any country is untouched by it. India, with a more than 1.3 billion population, is the rising hotspot of traders. As a progressing nation, more and more people are looking forward to expanding their assets and binary options, like Quotex is a wonderful source for it.

But is Quotex legal in India or not? The only way to know the answer is to stick till the end, so let’s get started.

Discovering Quotex – What’s behind the scenes of the platform?

Although this firm was established in 2019, it did not become a regulated broker until November 2020. Despite its relative inexperience in the trading world, Quotex employs a large number of developers and professionals with extensive trading knowledge.

Quotex is a Seychelles-based corporation run by Awesome Ltd. The International Financial Market Relations Regulation Center (IFMRRC) is a member of this organization. Francis Rachel Str., Victoria, Mahe, Seychelles, is where the company’s headquarters are located.

Is Quotex legal in India?

Yes, Quotex is lawful, in a straightforward manner. Indian traders can take advantage of all of this broker’s services and features. Below, you’ll find more information about the platform and the broker’s overall trustworthiness.

Is it safe for Indian merchants to trade on Quotex?

Excellent Ltd, a member of the IFMRRC, operates Quotex, as previously stated. The International Financial Market Relations Regulation Center is a non-governmental organization that does not regulate the financial markets. It’s a third-party dispute settlement service, instead. This firm is in charge of Quotex’s license, which allows the company to provide services to customers.

When it comes to the clients’ funds, the IFMRRC also acts as a second tier of defense. Clients will get their money refunded if Quotex loses its authorization and is unable to function. On Quotex’s website, you can learn more about this.

An SSL Certificate protects both the website and the platform of Quotex. This protects your personal and financial information from hackers and other nefarious outsiders. It also boosts the broker’s trustworthiness because you know Quotex isn’t after your personal information or money.

How is Quotex as a Binary Options broker platform: Indian traders experience

Most of the brokers for binary trading have their mobile-based application for the ‘convenience factor. However, Quotex believes otherwise. The platform has more faith in its web application and likes to stick to it for the long run.

The most appropriate reason behind this is the unattainable premium trading experience through a smartphone application, which is valid to some extent. Moreover, a web application doesn’t occupy extra storage and gives a proper full-screen view of the charts and other tools on the screen.

The platform offers various tradable assets that enable one to ‘choose’ the appropriate asset of their liking. One can invest in any of the 27 currency pairings, which have seven major as well as several minor currency pairs. Ethereum and Bitcoin are provided for cryptocurrency trading. There are four commodities available: Gold, Silver, UKBrent, and USCrude. If you want to trade in indices, you can pick from 14 different assets. The NASDAQ100 and Dow Jones are among the indices listed.

The charts on the platform are not only simple to read but also fully customizable. Clients can also alter the interface’s template to light, twilight, or dark mode to meet their needs.

This web-based platform’s trading signals are pretty accurate, and they will provide you with all of the information you require before you execute a transaction. High speeds are also available on the platform, allowing you to make trades precisely and quickly.

The web trading platform features cutting-edge trading capabilities, including more than five sketching tools, in addition to being simple to navigate. It takes very little time to set up the trade, and it is a relatively simple procedure. To begin, you must first decide on an asset to trade. After that, adjust the time to your preference.

After you’ve established the time, enter the amount you wish to invest in the asset you’ve chosen. The final phase is to predict the market’s direction. Either going up or down is your option. Now, all users have to do is relax and wait for the stock to move, periodically calibrating your settings.

Quotex’s trading platform now helps us enhance our skills risk-free with a demo account whether you’re just getting started or just want to train before trading with your precious money. The sample account is available to anyone and may be viewed using any internet browser on any device.

You’ll be trading in a virtual environment that tracks live market occurrences when using the demo account. You’ll use your $10,000 virtual trading fund to make transactions. You can use the demo account whenever you want, but bear in mind that because it’s a sample account, neither of your profits will change into real money.

The web-based trading platform is available in a variety of languages to make it more user-friendly. Vietnamese, Turkish, Polish, Russian, Italian, Tagalog, Hindi, Spanish, German, Ukrainian, Chinese, Thai, Portuguese, Malay, French, Indonesian, Arabic, Persian, and English are available.

Fees

The amount charged by Quotex is determined by three factors:

  • The asset being traded.
  • The time the trade took place.
  • Market or changes in economic conditions.

The broker’s website or web trading platform will provide a complete description of the fees involved.

Quotex does not impose any commission charges on its clients, even though there may be charges when trading. The broker’s platform, however, prohibits the use of leverage.

Indian traders can take advantage of exclusive offers.

Quotex’s deposit bonus is one of the critical reasons for the company’s success. There are tiers to the bonus amount. This means that the more money you put in, the more bonus money you’ll get. A bonus of up to 35% is available. In addition, if your initial investment is $100 or more, you will receive an additional 80% bonus to assist you in getting started in the market.

App for smartphones

Quotex currently only has an Android app available for download from an app store. This does not rule out the possibility of trading on your iPhone or iPad. From your smartphone or tablet’s browser, you can still browse the web-based trading platform. Once you set up or perform any trades, ensure sure you have a reliable internet connection.

In order to open a Quotex account in India, you must first open an account in the United States.

It is relatively simple to open a Quotex account. Your e – mail address and login information are all that is required. You’ll also be asked to select your preferred currency. VND, UAH, THB, RUB, KZT, INR, MYR, IDR, BRL, BTC, GBP, EUR, and USD are available.

You may also link your Facebook or Google accounts to create an account. This method is far more efficient and more straightforward.

Quotex accounts come in three flavors. The standard account is the first type. This was designed for newcomers or traders who wish to feel for the site while also investing some of their hard-earned money. Standard account holders are required to make a $5 to $10 deposit.

Pro accounts are the second category of accounts. For professional traders who spend the majority of their time making transactions, this is excellent. For the Pro account, $1,000 is the minimum deposit.

VIP accounts are the final account type. This is an excellent option for experienced traders. A $5,000 deposit is required to open an account.

Client service at Quotex

Though Quotex does not provide a live chat feature or a phone number to call, you can reach out to their customer service representatives by submitting a support ticket. On the web-based platform’s help tab, you can do this.

Quotex also has a number of other email addresses to which you can send your questions. Write an email to mailto:[email protected]for all-around assistance. Send a message to mailto:[email protected]with any financial inquiries.

For better details, or to contact customer support click here.

How do you make a deposit in India?

Bank transfers, e-wallets such as Perfect Money, and cryptocurrencies are all options for Indian customers. Simply tap the +Deposit button in the web trading platform’s top right corner to deposit dollars into your account.

When you click this, you’ll be sent to a screen where you may choose your preferred payment option. Select your preferred method and enter your desired deposit amount. Complete and submit the deposit form. Remember that if you want to deposit a significant sum of money, Quotex may ask for further information.

In one to five business days, the funds should appear in your account. Quotex does not levy any deposit fees, as previously stated.

• You can use cryptocurrency, credit cards, electronic wallets, and bank transfers. • The minimum deposit and withdrawal amounts are both $10.

How to get money out of your account?

Your withdrawal method will be the same as the form of payment you used to deposit funds. Tap the Withdrawal button adjacent to the +Deposit button, just as you would when depositing funds. Enter the amount you want to withdraw.

If you withdraw a substantial sum of money, then you may request further documentation. Remember that withdrawals can take up to three business days.

Advantages and drawbacks

Perks of using Quotex are as follows:

  1. One aspect that attracts potential clients’ attention is bonuses. As a result, one of the most significant benefits of utilizing Quotex is the extra money you gain when you deposit money into your account. The deposit incentive helps you expand your capital, which increases your likelihood of reaching a more significant profit.
  2. When it comes to most brokers, Quotex’s web-based platform can be regarded as an advantage. Whenever it comes to handling space on your smartphone, the scarcity of software is massive assistance. In addition, any browser on any device can access the platform.
  3. The web-based trading platform is also highly user-friendly. Quotex’s trading platform offers a straightforward and easy-to-understand UI when compared to other broker’s platforms. It’s ideal for new traders or those who aren’t familiar with charts or trading platforms. The procedure for opening a trade is likewise quick and straightforward.
  4. For India-based merchants, Quotex accepts a variety of payment methods. You can use a wire transfer, an e-wallet, or any cryptocurrency to finance your account. The client now has a variety of options for topping up their accounts.
  5. The costs are relatively low when compared to how other brokers ask their users. Quotex does not charge a fee for withdrawals or deposits nor impose a commission fee on its customers.
  6. Quotex’s free sample account is its best feature. Many traders look for this functionality in their brokers. For some, the absence of a demo account is a deal-breaker. Quotex’s trading platform allows anyone to utilize or sign up for a demo account. Furthermore, the virtual money that accompanies the profile is more than sufficient to practice as much as one wishes before opening an actual transaction.

Drawbacks of using Quotex are as follows:

  1. Despite its numerous benefits, Quotex is not without flaws. One of the drawbacks is the inability to trade with leverage. This makes it slightly more complicated, but not impossible, to generate a significant profit from your trades.
  2. Furthermore, some traders may be wary about this broker’s legitimacy. Quotex is not governed by a governing body because it is so new. This does not, however, indicate that it is a con. The IFMRRC has continued to grant the company a license.
  3. Finally, you can find a variety of free eBooks, online courses, and webinars on the websites of various brokers. Quotex does not provide its customers with any instructional resources. It simply provides a free demo account instead.

Conclusion

Finding a broker who is legal in our country, as we all know, can be challenging. After all, these businesses rarely have a list of countries in which they are permitted to operate. This is up to the user to conduct research and read various customer reviews in order to obtain the necessary knowledge.

This article aimed to give a clear picture to the readers, whether Quotex is legal in India or not, and despite that, is it alright to put faith and funds in it. We have tried to sum up everything, to impart a clear idea of what and what not the platform is capable of.

If you find this article useful, don’t forget to bookmark and share this with your friends and fellows who are as ambitious as you and want to earn a passive income to fulfill their goals.

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Blogger at www.willascherrybomb.de Copywriter website: www.yvonnes-schreiberei.de

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