Quotex Review: What Indian Traders Should Know

Quotex is a fixed-time trading platform available on Android, iOS, and the web. It uses its own Quotex platform rather than third-party software like MetaTrader. The minimum deposit is $10, and the minimum trade size is $1, which makes the entry barrier low compared with brokers that require larger first deposits.

The headline figure is the maximum payout of 98%. That is the highest among the brokers we track for this market, ahead of several competitors that cap payouts between 90% and 95%. A higher maximum payout does not mean every trade pays that rate; it means the platform advertises that ceiling for certain contracts.

For Indian users, the practical question is how money moves in and out. Deposits are most commonly made through UPI, usually via a payment partner rather than the platform itself. Bank transfer through IMPS or NEFT is also available, as are Visa and Mastercard, subject to your bank's international transaction limit. When cards are declined, USDT on TRC-20 is the fallback route many traders use.

The Reserve Bank of India authorises persons dealing in foreign exchange and the electronic trading platforms they may use under FEMA. It does not license offshore forex platforms and fixed-time contracts. Quotex does not appear in any register we read, and we found no licence on record for the platform.

That absence is not unique to Quotex. Other brokers in this category also operate without a licence we could verify. Exnova shows the same result in our records. The difference is in warnings: some platforms carry formal warnings from regulators, while Quotex has none that we hold.

The RBI maintains an Alert List of entities not authorised to deal in foreign exchange under FEMA or to operate an electronic trading platform. As of 19 November 2025, the list contained 95 entities, and the RBI states the list is not exhaustive. A resident trading outside permitted purposes or on an unauthorised platform is liable under FEMA. Quotex is not named in the warning we hold, but the Alert List itself is a standing caution for any offshore fixed-time platform used from India.

The minimum deposit at Quotex is $10, which is in line with several other brokers available to Indian users. The minimum trade size is $1, so a small deposit can be spread across multiple positions. That is a practical point for traders who want to test the platform without committing a large amount.

Payment routes from India are the same set we see across this market. UPI is how most deposits here are made, usually through a payment partner rather than the platform itself. Bank transfer covers IMPS or NEFT from any Indian bank. Cards are Visa and Mastercard, subject to your bank's international transaction limit. USDT, usually on TRC-20, is the route traders fall back on when a card is declined.

Withdrawal times are not published in the reference we hold. What is known is the deposit side and the payment methods. Before depositing, check whether the payment partner route is working, because UPI flows through a third party and can change without notice on the platform's side.

Quotex ranks fourth in our comparison table, behind Stockity, Deriv, and Pocket Option. The ranking is not a recommendation; it reflects the data points we collect. Quotex's maximum payout of 98% is the highest on the list. Deriv offers 100% as its ceiling, but with a different platform structure and a lower minimum trade size of $0.35.

On the regulatory side, the picture varies widely. Deriv holds licences on record from MFSA, Labuan FSA, and VFSC, with no warnings we hold. Pocket Option holds a single licence from MISA in Mwali and carries warnings from the FCA, CONSOB, and CFTC. Olymp Trade holds a VFSC company registration and Financial Commission membership. Quotex has no licence on record and no warnings we hold.

For an Indian trader, the comparison that matters is not just payout. It is whether the broker appears in any register you can verify, what warnings exist, and how money can be moved in and out. Quotex's payment routes are standard for this market, but the absence of a licence on record is a fact to weigh against the advertised payout.

Start with the regulatory question. The RBI does not license offshore fixed-time platforms, and its Alert List is not exhaustive. That means a platform not on the list today can still fall outside FEMA's permitted purposes. Check the RBI Alert List directly before depositing, and do not rely on a broker's own claims about authorisation.

Next, look at the payment route you plan to use. UPI deposits go through a payment partner, so the name on your bank statement may not be Quotex. That is normal for this market, but it means you should keep records of every transaction. If a card is declined, USDT on TRC-20 is the common fallback, and it carries its own conversion and network costs.

Finally, treat the 98% maximum payout as a ceiling, not a promise. Fixed-time trading outcomes are not predictable, and no payout percentage changes that. The Income Tax Department treats trading gains as taxable, and the National Cyber Crime Reporting Portal is the route for reporting fraud or unauthorised transactions. Keep your position sizes small enough that a losing streak does not force you to deposit more than you planned.