Is Quotex Legal In Pakistan? (2025)
Quotex is a popular binary options trading platform, where traders predict whether the price of an asset will go up or down within a short time frame. But if you are a Pakistani trader wondering if Quotex is legal in Pakistan, the short answer is:
No, Quotex is not legal in Pakistan because it is not licensed by the Securities and Exchange Commission of Pakistan (SECP) and has been officially blacklisted as an unauthorized trading platform for actively promoting binary options to Pakistani traders, which is a violation of the Securities Act, 2015.
As a result, Quotex is banned in Pakistan and the official Quotex website (qxbroker.com) is no longer working, as the SECP requested the Pakistan Telecommunication Authority (PTA) to block access to it, so users can no longer log in or withdraw funds through it.
Additionally, we consider Quotex a very risky broker as it is not regulated by any recognized financial authority, has been flagged by multiple international regulators for being a possible scam and only offers binary options trading, which the SECP has publicly warned against due to its similarity to gambling.
If you want a safer alternative to Quotex, we recommend Olymptrade because it offers a similar beginner-friendly experience it is regulated by the VFSC, offers low-risk trading options, and is not explicitly banned in Pakistan.
Olymptrade offers a similarly simple trading platform to Quotex, but it is internationally regulated and it is not explicitly illegal in Pakistan. Read our full Olymptrade review.
In this article, we’ll explain Pakistan’s online trading laws, why Quotex is considered illegal, and which legal alternatives are safer to use instead.
Online Trading Laws in Pakistan
Before explaining why Quotex is considered illegal in Pakistan, it’s important to understand how online trading is regulated in the country based on online trading laws, like the Securities Act, 2015 and the Securities and Exchange Commission of Pakistan Act, 1997 that established the Securities and Exchange Commission of Pakistan (SECP) as the main regulatory body overseeing brokers, trading platforms, and investor protection in the country.
Here are the key online trading regulations in Pakistan you should know:
- Only SECP-licensed brokers are legally allowed to offer trading services to Pakistani residents. Also, the country’s central bank, State Bank of Pakistan (SBP), regulates foreign exchange transactions, significantly impacting trading with offshore platforms.
- Foreign exchange trading (forex) or contracts for differences (CFD) is legal in Pakistan, but only on SECP-licensed brokers and exchanges. While you can access most offshore brokers, SBP restricts foreign remittances, making it hard for you to deposit/withdraw funds on offshore brokers using domestic banks or e-payment systems.
- Binary options trading is not explicitly illegal, but the SECP has issued several warnings about its similarities to gambling instead of real trading, and most locally registered SECP brokers don’t offer them.
Note: The SECP has issued multiple warnings against using offshore and unregulated trading platforms, especially those offering high-risk instruments like binary options. However, it’s important to understand that offshore brokers like Quotex are not inherently illegal — they may operate legally in their country of registration under local financial laws.
In Pakistan, a broker is considered unauthorized under the Securities Act, 2015 if it actively promotes its services to Pakistani residents without SECP licensing. This includes official marketing, paid advertising, local sponsorships, and direct client acquisition.
However, if an international broker is passively accessible and does not directly market to Pakistani users, it is not considered illegal — even if local affiliates promote it independently.
Why is Quotex Considered Illegal in Pakistan?
Quotex is considered illegal in Pakistan because it has no SECP license, yet it actively promotes itself in the country through local paid advertising and local events. As a result, it has been officially blacklisted as an unauthorized broker in the country for violating Securities Act, 2015, which prohibits unlicensed brokers to actively promote binary options trading in the country.
Let’s break down the two main reasons why Quotex is not legal in Pakistan:
No SECP License
Quotex is an unregulated offshore broker that does not hold license with SECP, which is the only regulator that can legally authorize online trading brokers in Pakistan. As a Quotex user, your funds are not protected by Pakistani law, and if you face blocked account, rejected withdrawals, financial loss, or any other dispute with your broker, you cannot get compensated or file a complaint to SECP or SBP.
SECP doesn’t ban binary options trading outright, but repeatedly warns traders of its high-risk nature and gambling-like mechanics. Quotex only offers binary options, putting Pakistani traders in a vulnerable position because the broker can change its terms of service (ToS), hold your funds, or block your account without legal consequences.
The SBP also restricts money transfers to brokers without SECP license. So if you fund your Quotex account with local banks or e-wallets, your transactions will likely get delayed, blocked, reversed, or flagged as suspicious activity, leaving you with no way to recover your money.
Explicitly Blacklisted by SECP
As of April 9, 2025, Quotex has been officially backlisted by the Securities and Exchange Commission of Pakistan (SECP) for violating the Securities Act, 2015 by actively promoting binary options without a license. See the official SECP warning below:
The SECP not just issued a warning against Quotex but also referred law enforcers, like Telecommunication Authority (PTA), the Federal Investigation Agency (FIA), and Google, to block platform access across Pakistan.
If you’re still using Quotex in Pakistan, you are doing so against national financial regulations and with no legal protection, so we recommend you to avoid Quotex entirely.
Top Regulated Broker Alternatives to Quotex for Pakistani Traders
Pakistani traders looking for more regulated, legal, and safer alternatives to Quotex can choose either SECP-regulated brokers or internationally regulated platforms that are not explicitly banned.
Whether you’re interested in fixed-time trading (FTT), forex, or CFDs, there are safer, more compliant alternatives that offer a similar user experience without the legal risk or payout uncertainty.
1. SECP-Registered Brokers
SECP-registered brokers, like AKD Securities Limited or Arif Habib Limited, are the safest and most legal Quotex alternatives for Pakistani traders looking for long-term investing and low-risk trading, because these brokers operate under online trading laws in Pakistan and are directly supervised by SECP and SBP.
However, SECP-regulated brokers come with significant restrictions, like:
- Focus on conservative and long-term investment options, like local stock trading, mutual funds, and derivatives.
- Limited assets, only offers assets listed on local exchanges, like the Pakistan Stock Exchange (PSX).
- Trading leverage is usually low.
- Do not usually offer FTT or a wide range of forex and CFDs.
Note: If you are interested in Quotex because of its simple, intuitive trading platform and the potential for high profitability in a short time, SECP-registered brokers won't meet your expectations because they are designed for conservative traders who prioritize long-term investing in the Pakistani stock market.
2. Internationally-Regulated Brokers
Internationally regulated brokers do not have SECP registration, but are operating legally on a global level and are regulated by reputable financial authorities like the FCA in the UK, or CySEC in Cyprus. Unlike Quotex, these brokers are not illegal in Pakistan and have not been blacklisted by SBP or SECP as they don’t actively promote themself to Pakistani traders.
More importantly, brokers with Tier-1 or Tier-2 licenses often provide client protection that is just as strong — or even stronger — than SECP-regulated platforms.
Why Pakistani traders prefer international brokers over SECP-licenced ones:
- Higher leverage, often over 1:500, especially for major forex pairs or commodities.
- More trading types, including fixed time trading (FTT), forex, CFDs, and global commodities.
- Global asset selection, including international stocks, currencies, indices, and crypto.
- No restriction to local markets, unlike SECP brokers that focus mostly on Pakistani equities.
- Risk protection, such as client fund segregation, negative balance protection, and optional KYC tools.
- Regulatory transparency, even if not under SECP, they follow AML/KYC rules of their online trading regulators.
Olymptrade is a particularly strong alternative to Quotex because it offers the same simple, fixed-time trading experience but operates in a far safer environment. The platform is regulated by the VFSC, follows strict client protection rules, and Olymptrade is a certified member of Finacom, offering up to €20,000 in dispute compensation.
Unlike Quotex, it is not blacklisted in Pakistan and supports features like Islamic accounts, risk management tools, and transparent terms of service — making it a much safer choice for beginner traders.
Note that internationally-regulated brokers are not protected by Pakistani regulatory authorities in case you encounter any type of dispute with your broker.
Conclusion
Quotex is not legal in Pakistan because it actively markets high-risk binary options in Pakistan without SECP approval, violating the Securities Act, 2015. As a result, Pakistani users face serious risks — from blocked accounts to frozen withdrawals — with no legal protection or access to regulatory recourse.
If you're looking for a safer way to trade, Olymptrade offers a similar trading experience but with legal clarity, better risk protection, and a much stronger reputation. It supports Islamic accounts, a free $10.000 demo account, is not blacklisted in Pakistan, and is regulated internationally.
Risk Warning & Legal Disclaimer:
The content on this website is for informational purposes only and does not constitute financial, legal, or investment advice. We do not provide personal recommendations and are not responsible for any losses resulting from your trading activity. Online trading involves significant risk — especially fixed time trades and CFDs, which are complex instruments and carry a high risk of losing money rapidly due to leverage. Always ensure you understand how these products work and whether you can afford to take the high risk of losing your money. Users are solely responsible for complying with their local laws and regulations.
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