Short answer
Quotex, without much argument. Same $10 entry and the same indirect UPI route, but an advertised ceiling of 98% against 92% and a stronger typical band on majors. We found no criterion where Olymp Trade leads.
Side by side, India columns only
 |  | |
|---|---|---|
| UPI deposit | Indirect | Indirect |
| Minimum deposit (advertised) | $10 | $10 |
| Real cost in ₹ (our calculation) | ~₹940 | ~₹945 |
| Advertised payout ceiling | up to 98% | up to 92% |
| Typical payout band, majors | 80–92% | 70–86% |
| Our score | 7.8 | 7.0 |
| RBI Alert List | Listed | Listed |
| SEBI licence | None | None |
| Free demo | Yes | Yes |
| Minimums and payout ceilings are as published by each platform and change without notice — verify on their site before depositing. The rupee row is our calculation at ₹83.92/$ 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. | ||
The payout gap is the whole argument
A typical band of 80–92% against 70–86% moves the break-even win rate by nearly two percentage points. In a market where sustaining anything above 52% is already difficult, giving that away for nothing is the clearest argument here.
What is identical
- Entry cost: both a $10 minimum, roughly ₹940 once the processor spread is included
- UPI: indirect on both, through third-party processors
- Regulation: both on the RBI Alert List, neither SEBI-licensed
- Tax: 30% flat under Section 115BBJ either way
Verdict
Quotex. When the entry cost, the payment routes and the legal position are identical, and one platform offers a materially better payout band, there is not much left to weigh.