SECP Flags Unauthorized Trading Platforms Like Quotex

The SECP warning against unauthorized trading platforms serves as a critical alert to the public, cautioning investors against engaging with high-risk online investment schemes operating without regulatory approval in Pakistan.

The Securities and Exchange Commission of Pakistan (SECP) has raised alarms over the increasing number of unlicensed online trading and investment platforms promising quick returns through speculative financial products. These entities facilitate transactions in foreign exchange (forex), securities, commodities, and options, yet lack any formal authorization from Pakistani regulators.

According to the SECP warning against unauthorized trading platforms, many of these operators are offshore-based and operate outside the jurisdiction of Pakistani oversight. As a result, investors face substantial risks, including fraud, fund misappropriation, and complete loss of capital—with no legal safeguards or recourse for recovery.

A major platform singled out in the advisory is Qxbroker (Quotex), accessible via its website and an app available on the Google Play Store. The SECP clarified that Quotex is not registered or licensed to operate in Pakistan and has also been flagged by several international regulators for unauthorized financial activities.

In response, the SECP has referred the matter to the Federal Investigation Agency (FIA), Pakistan Telecommunication Authority (PTA), and Google, recommending swift action to block access to the platform within the country.

The commission strongly advises the public against opening accounts, depositing funds, or sharing personal and financial information with Quotex or any similar unlicensed entities. The press release emphasized that these platforms are often promoted via social media, WhatsApp groups, or influencer marketing—tactics used to lure unsuspecting investors.

To avoid falling victim to such scams, investors are encouraged to verify the regulatory status of any platform by consulting the SECP’s official website, where a full list of licensed brokers and registered investment advisors is maintained.