SECP warns public against unauthorized online trading platforms like Quotex

The Securities and Exchange Commission of Pakistan (SECP) on Wednesday issued a public warning against the rising use of unlicensed online trading and investment platforms, reported 24NewsHD TV Channel.

In a press release, the SECP stated that platforms like Quotex lure unsuspecting investors by offering quick profits through high-risk financial products including forex, securities, commodities, options, and other speculative instruments—all without regulatory approval in Pakistan.

“These platforms typically operate offshore and do not hold any licence or authorisation from Pakistani regulators,” the SECP said, cautioning that investors using such services face severe risks, including fraud, misappropriation of funds, and total loss of investments—with no legal protection or recourse.

The SECP specifically named Quotex as an unauthorised entity and confirmed that the matter has been referred to the FIA, PTA, and Google for swift action, including a ban on access to Quotex within Pakistan.

“The SECP strongly advises the public not to open accounts, deposit funds, or share personal or financial information with Quotex or similar unregistered platforms,” the statement said.

People were also urged to beware of investment promotions made via social media, WhatsApp groups, or influencer marketing, which are often unregulated and deceptive.

The commission further advised the public to verify the regulatory status of any investment platform before engagement by visiting the SECP website at www.secp.gov.pk, which lists all authorized brokers and licensed investment advisors.