Quotex advertises $10 minimum. In rupees it is closer to ₹1,075.
Every Quotex page written for India quotes the dollar figure and stops there. Nobody converts it. We work out what a deposit actually costs once the payment processor takes its cut, what the tax rule really does to your net result, and where Quotex stands with the RBI and SEBI — with the arithmetic shown so you can check every line.
A capable platform sitting entirely outside Indian regulation
Quotex is one of the better-built platforms in its category: low entry, a genuinely unrestricted demo, and payouts at the top of the range for fixed-time options. What it cannot offer an Indian trader is any form of supervision or recourse — and the rupee cost of moving money is higher than the dollar figure suggests.
Scored against six published criteria. Regulation carries 25% and is the only score below 7.
What works in its favour
- Payouts at the top of the category. Up to 98% advertised on selected assets, with 80–92% typical on major pairs — above most competitors.
- $10 entry. Among the lowest available, so the platform can be tested without committing meaningful capital.
- An unrestricted demo. $10,000 virtual, no deposit, no KYC, no time limit, no crippled features. Rare in this category.
- Multiple payment routes reach India, including UPI through a processor and USDT directly.
What to know before you deposit
- No SEBI licence. India has no licence category for binary options, so no platform here holds one — and there is no regulator to complain to.
- No native INR account. Balances are in dollars; every deposit and withdrawal is converted by a third party.
- The rupee cost is higher than $10 suggests once the processor spread is included. USDT is the cheapest route by a wide margin.
- 31.2% tax on winnings, with no loss set-off — and no TDS deducted at source, so you self-report.
- Match your KYC name to your bank records exactly. Name mismatches are the most commonly reported cause of withdrawal delays.
The conversion nobody on page one does for you
Quotex quotes everything in dollars. Your bank works in rupees, and a third-party processor sits between the two. Here is what that costs, calculated from public rates with every assumption stated.
Quotex charges no deposit fee — the entire gap belongs to the payment intermediary. Spreads vary by processor and change without notice; treat these as the order of magnitude, and check the rate shown at your own payment screen before confirming. How to calculate yours →
30% flat under Section 115BBJ plus 4% cess. The third row is not an error — because losses are not deductible, a trader who finishes the year down can still owe tax. Illustrative, not advice. Full tax guide →
How to check any of this yourself
Take the mid-market USD/INR rate from any currency site. Multiply by the dollar amount — that is what the money is genuinely worth. Then compare it against the rupee figure your payment screen quotes before you confirm. The difference is the processor's margin, and it is the number no affiliate page will show you. Our full method and sources →
Quotex against the alternatives — India columns only
Global comparison tables rank on things that do not matter here. These are the four that decide it for a trader in India, plus the regulated route most pages never mention.
| Platform | Min deposit | UPI | Advertised payout | Real ₹ cost of minimum | RBI Alert List | Score | |
|---|---|---|---|---|---|---|---|
 |
$10 | Indirect | up to 98% | ~₹1,075 | Listed | 7.8 | Try demo |
 |
$10 | No | up to 95% | ~₹1,085 | Listed | 7.5 | Visit |
 |
$5 | Direct | up to 90% | ~₹500 | Listed | 7.2 | Visit |
 |
$10 | Indirect | up to 92% | ~₹1,080 | Listed | 7.0 | Visit |
 |
$5 | Indirect | up to 96% | ~₹535 | Listed | 6.8 | — |
NSE / BSE options |
Varies | Direct | Market-priced | ₹0 spread | SEBI regulated | Legal | Learn |
| Minimums and advertised payouts are as published by each platform and change without notice — verify before depositing. The rupee column is our calculation at ₹95.82/$ mid-market (23 Sep 2026) plus a typical processor spread, not a quoted price. Every offshore platform listed appears on the RBI Alert List; the last row is the regulated alternative. | |||||||
Is Quotex legal in India? The straight answer
Not banned, and Indian residents open accounts every day. But not authorised either — and the difference is what decides whether you have any recourse when something goes wrong.
Not banned, but not authorised — and no platform in this market is
SEBI has never licensed a binary options platform in India, because there is no licence category for the product. Quotex appears on the RBI Alert List of entities not authorised to deal in foreign exchange under FEMA — as does every offshore binary platform available here. So the choice is not between a regulated and an unregulated broker; it is between using an unregulated product knowingly, or trading regulated options on NSE and BSE instead. Any site telling you Quotex is "SEBI approved" is describing something that cannot exist, and you can check the SEBI register yourself. Read the full legal breakdown →
| Tax on ₹1,00,000 of winnings | Amount | How it works |
|---|---|---|
| Gross winnings | ₹1,00,000 | Net winnings under Section 115BBJ |
| Losses in the same year | ₹40,000 | No set-off or carry-forward |
| Tax at 30% | ₹30,000 | Flat rate, no slab benefit |
| Cess at 4% | ₹1,200 | Applied to the tax amount |
| Total payable | ₹31,200 | TDS withheld by Quotex: ₹0 — you self-report in your ITR |
| Worked from the text of Sections 115BBJ and 194BA of the Income Tax Act. Illustrative only, not tax advice — the head of income under which binary options gains fall can be argued, so confirm your position with a chartered accountant before filing. | ||
Everything on Quotex in India
Platform & app
What the platform offers, how the APK distribution works, and the demo account.
Money in and out
What the minimum really costs in rupees, which route is cheapest, and what delays withdrawals.
Legal & tax
RBI Alert List, SEBI position, FEMA exposure and Section 115BBJ in rupees.
Strategy & the bot
The arithmetic behind fixed-time options, session timing in IST, and the free robot.
Quotex India — frequently asked
Is Quotex legal in India?
It is not banned, and Indian residents open accounts freely. But it is not authorised either: it appears on the RBI Alert List of entities not permitted to deal in foreign exchange under FEMA, and holds no SEBI licence — because India has no licence category for binary options at all.
Practically, that means no Indian regulator supervises the platform and there is no local body to escalate a dispute to.
What does the $10 minimum really cost in rupees?
At a mid-market rate of ₹95.82 to the dollar, $10 is genuinely worth about ₹958. Because Quotex has no rupee account, a third-party processor handles the conversion and takes a spread on top — typically bringing a UPI deposit to somewhere around ₹1,075.
USDT on the TRC-20 network carries a much smaller spread, usually landing near ₹985. Spreads vary by processor and change, so check the rate quoted at your payment screen before confirming.
Does Quotex accept UPI?
Indirectly. There is no native UPI integration — the payment routes through a third-party processor, and the transaction appears on your bank statement under the processor's name rather than Quotex. Availability changes without notice, so a method that worked last month may not work today.
Are the advertised 98% payouts real?
The figure is genuinely advertised, but it applies to selected assets and conditions rather than to the platform generally. Standard payouts on major pairs sit in the 80–92% band, which is still at the higher end of the category.
Worth being clear about what the number means: payout is the return on a winning trade, not an expected return. At a 92% payout a losing trade costs 100% of your stake while a winning one returns 92%, so break-even requires a sustained win rate above 52%.
How are my gains taxed?
A flat 30% under Section 115BBJ plus 4% cess, with no slab benefit, no basic exemption, and no set-off or carry-forward of losses. On ₹1,00,000 of winnings against ₹40,000 of losses, you pay ₹31,200 on a real gain of ₹60,000.
Indian platforms deduct 30% TDS under Section 194BA. Foreign ones do not, so you must self-report in your ITR. Confirm the head of income with a chartered accountant.
Is the demo account really free?
Yes — $10,000 in virtual funds, no deposit, no KYC, no time limit, and the same platform and assets as a live account.
In India it is also the only part of the platform with no legal or tax dimension: no money leaves the country, no forex transaction occurs and no income arises.
Do you earn a commission if I sign up?
On pages marked as affiliate, yes — and the disclosure sits at the top, not buried in the footer. If you open an account through one of our links we may receive a commission at no cost to you.
Commission rates play no part in how we score or rank. Our methodology page sets out the six criteria and their weights, and the legal and tax guides carry no affiliate links at all.
A free, open-source bot for Quotex
IaTraderPro Bot is a free Python robot with 13 built-in strategies and a web dashboard. Point it at a demo account, let it run, and read the log — you can also read every line of its source before you run it. Disclosure: the bot is built by Dan Machado, the author of this site.
- 13 strategies — RSI, MACD, SuperTrend, Ichimoku, Bollinger and nine more, all configurable
- Runs on Quotex and IQ Option — demo or live account, your choice
- Streamlit dashboard — no terminal needed once installed
- Schedule in IST — set session windows in Indian time, not UTC
- Open source — customise it with ChatGPT or Claude without knowing Python
Why this matters in India: running the bot on a demo account is completely legal — no FEMA exposure, no RBI Alert List issue, no taxable event. It is the only way to test a strategy here at zero risk.
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Risk warning. Binary options are high-risk speculative products and the majority of retail traders lose money. A payout percentage is the return on a winning trade, not an expected return. Quotex is not authorised by SEBI and appears on the RBI Alert List; Indian residents remitting funds to unauthorised platforms may be exposed under FEMA and have no local dispute resolution. Nothing on this page is investment, legal or tax advice. Consult a SEBI-registered adviser and a chartered accountant before acting. Never trade money you cannot afford to lose entirely.