Is Binary Trading Legal in India? Trade246 vs Quotex Compared

Written ByTrade246

Last UpdatedSeptember 21, 2026

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Trade246 and the Quotex app provide access to several asset categories, but their market coverage, assets offered, and trading processes are different. Trade246 offers access to 7 different market segments (spanning both Indian and international markets), whereas Quotex only allows “Digital Options” (or Binary Options Trading). 

Confused between the two platforms? Read this article to first understand what Trade246 and Quotex are, and then check out a detailed comparison between them. You will also learn whether Binary Options Trading is permitted in India. 

What is Trade246?

Trade246 is a “multi-asset” trading platform, specifically designed for Indian traders. We offer 7 different market segments (covering both domestic and international markets) via a single account. Our registered users can trade in the following assets:

1. NSE equity trading
2. US stocks
3. Cryptocurrencies
4. Commodities
5. Forex
6. Domestic and Global Market Indices
7. NFO (Nifty Futures & Options)

Our platform offers “zero brokerage” trading in all the above market segments. Also, traders can avail of a leverage of up to 500X margin and enjoy advanced charts (offered in partnership with TradingView), 100+ technical indicators, and professional drawing tools.

Besides, Trade246 provides “bank-grade security” and supports ultra-low-latency order execution. The minimum deposit starts from only ₹1,000. Register today and explore the platform.

What is Quotex?

Quotex is an online trading platform operated under the “QxBroker” brand. It allows users to speculate on the price movements of various underlying assets, which include:

• Currencies
• Stocks
• Commodities
• Indices, and
• Cryptocurrencies

The platform offers a web-based trading terminal and mobile access (via the Quotex App). After a successful Quotex login, users can access charting tools, indicators, trading signals, a nd even a demo account. As of September 12, 2026, the Quotex minimum deposit starts from $10. (Source: QxBroker)

Note: Quotex is not a conventional forex or stock broker where traders buy and sell the underlying assets. According to Quotex’s own Service Agreement, its core product is “Digital Trading”, which is a binary option contract. It is based on the price movement of an underlying asset over a specified period. 

In Binary Options trading, the trader selects the direction of the movement (higher or lower), and the contract pays a predetermined income if the agreed conditions are met. Generally, there is no physical delivery of the underlying asset.

Is Binary Options Trading Legal in India?

In India, binary options trading in forex is NOT permitted. As per an entry in the RBI Database, dated January 13, 2023, the RBI has explicitly stated that 

• “Binary trading and Contract for Difference (CFD) in foreign exchange are not permitted in India.” (Source: Reserve Bank of India)

As an Indian resident, if you are looking to deposit funds on Quotex, this legal status is particularly important. The core product of Quotex is “Digital Trading,” which is defined as a binary option contract.

Moreover, the RBI’s Alert List, last updated on October 22, 2024, specifically includes Quotex (quotex.com) among entities that are neither authorised to deal in forex under FEMA (Foreign Exchange Management Act) nor authorised to operate an ETP (Electronic Trading Platform) for forex transactions. 

Trade246 vs Quotex: How Do Both the Platforms Differ?

The two platforms may look similar at first because both provide access to multiple markets through an online interface. But they both offer fundamentally different trading structures. 

Trade246 is a multi-asset trading platform covering NSE, NFO/F&O, forex, commodities, crypto, US stocks, and global indices. We offer a conventional “Buy/Sell-style” market access and “margin-based” trading features. 

In contrast, Quotex is centred on Binary Options Trading. In this setup, a trader predicts whether an underlying asset’s price will move higher or lower over a selected period. For more clarity, let’s check out a detailed difference between Trade246 vs Quotex:

Trade246 vs Quotex: Which Platform To Consider in 2026?

As mentioned earlier, Quotex offers Binary Options Contracts as its Digital Trading product. According to the RBI’s regulations, binary trading in foreign exchange is NOT permitted in India. Furthermore, Quotex appears on the RBI’s Alert List of entities that are not authorised to:

• Deal in forex under FEMA 

or 

• Operate an electronic trading platform (ETP) for forex transactions. 

In view of these facts, Indian residents should exercise caution before depositing funds with Quotex. Instead, traders who want to participate in markets through a broader multi-asset platform can register on Trade246. 

Our platform provides access to multiple market segments, including Indian equities and NFO/F&O, commodities, forex, cryptocurrencies, US stocks, and global indices. To let traders familiarise themselves with the platform and practice trading in a simulated environment, we even offer a free demo account. 

To Conclue, Binary Options is Illegal In India. Switch to Trade246 and Access Multiple Markets at 0* Brokerage

So, now you know what Trade246 and Quotex are and how they differ from each other. To revise, both are established trading platforms that offer access to multiple market segments. However, Trade246 is an ETP covering both Indian and global markets, while Quotex is only concentrated on Digital Trading or Binary Options trading. 

Since binary trading in foreign exchange is not permitted in India and Quotex also appears on the RBI’s Alert List, Indian residents should exercise caution before depositing funds after a Quotex login on its website or via the Quotex app. 

If you are looking to engage in legally permissible trading in India, Trade246 can be considered. We are trusted by 50,000+ active traders and maintain an impressive client satisfaction rate of 98%. With us, you can start trading at only ₹1,000 and enjoy 0* brokerage + up to 500X margin. Open your free account today!

*Statutory charges, taxes, exchange fees, and other applicable charges may apply.

Trade246 vs Quotex FAQs

1. What is a “Digital Option” offered by Quotex?

A Digital Option is a Binary Options Contract in which a trader predicts whether the price of an underlying asset will be higher or lower at a specified expiry time. The potential profit is fixed when the trade is placed and does not increase with the size of the price movement. 

For example, 

• Suppose Quotex offers a 90% return on a $100 option.
• Now, the potential profit would be $90 if the price moves in the predicted direction.

It is worth mentioning that the profit would remain $90 whether the price moves by 1 position or 100 positions, provided the option expires in the predicted direction. 

2. What happens to my money if a Digital Option prediction is wrong?

If the selected price direction is incorrect at expiry, the Digital Option trade can result in a loss of the amount invested in that trade. 

As per general market understanding, Binary trading is riskier than simply holding an underlying asset, where the position may continue to remain open.

3. Is Quotex legal in India?

Quotex is not an RBI-authorised forex trading platform in India. It is not permitted to deal in forex under FEMA or operate an electronic trading platform for forex transactions. It is worth mentioning that, as of September 12, 2026, Quotex has been specifically included in the RBI’s Alert List, last updated on October 22, 2024.

4. What should traders check before depositing money with an ETP?

As per general industry understanding, traders should first verify whether the specific platform and product are permitted for Indian residents. They should also examine the:

• The entity operating the platform
• Applicable regulatory authorisation
• Withdrawal conditions
• Brokerage fees charged, and 
• The legal terms governing disputes

Note that a platform accepting Indian users does not by itself establish regulatory permission.

5. Is Trade246 safe?

Trade246 is a real and legitimate trading platform. We require users to complete KYC verification before opening an account and trading. Our platform also offers bank-grade security via 256-bit encryption, 2FA, and segregated client accounts.