Binomo for the cheapest start and direct UPI — a $5 minimum against $10, roughly ₹440 against ₹940 once converted. Quotex for the wider payout range and the better demo, if you have already decided to commit.
Side by side, India columns only
 |  | |
|---|---|---|
| UPI deposit | Indirect | Direct |
| Minimum deposit (advertised) | $10 | $5 |
| Real cost in ₹ (our calculation) | ~₹940 | ~₹440 |
| Advertised payout ceiling | up to 98% | up to 90% |
| Typical payout band, majors | 80–92% | 70–87% |
| Our score | 7.8 | 7.2 |
| RBI Alert List | Listed | Listed |
| SEBI licence | None | None |
| Free demo | Yes | Yes |
| Minimums and payout ceilings are as published by each platform and change without notice — verify on their site before depositing. The rupee row is our calculation at ₹83.92/$ mid-market plus a typical processor spread, not a quoted price. Both platforms appear on the RBI Alert List and neither holds a SEBI licence. | ||
Entry cost: Binomo wins clearly
A $5 minimum against $10 is the single largest practical difference between them. Converted at a mid-market rate near ₹83.92 and a typical processor spread, that is roughly ₹440 against ₹940 — and for someone testing whether they like fixed-time trading at all, less than half the commitment.
Binomo also accepts UPI directly rather than routing through a third-party processor, which removes a layer of both cost and fragility. Quotex's UPI route works, but it goes through an intermediary that takes a spread.
Payout range: Quotex
Quotex advertises up to 98% against Binomo's 90%, and the typical band on major pairs is wider too. That gap changes the arithmetic more than most people realise: at an 87% payout you need a 53.5% win rate to break even; at 92% you need 52.1%.
Both figures are advertised ceilings that apply to selected assets, so check the payout displayed on the asset you actually intend to trade — it is shown at the order screen on both platforms.
Legally, they are identical
Both appear on the RBI Alert List, neither holds a SEBI licence, and gains from either are taxed at 30% under Section 115BBJ with no loss set-off. Anyone presenting one as the "safe" or "regulated" option is misinforming you.
Verdict
Start on Binomo if entry cost is your constraint. Move to Quotex if you want the wider payout range and the better demo environment. Neither choice changes the regulatory position — both are on the RBI Alert List, neither is SEBI-licensed — and both should be tested on a free demo before any money moves.