The Securities and Exchange Commission of Pakistan (SECP) warns the general public regarding the proliferation of unauthorized online trading and investment platforms that lure investors with promises of quick profits through high-risk financial products.
These platforms facilitate trading in foreign exchange (forex), securities, commodities, options, and other speculative instruments—all without regulatory approval in Pakistan.
These entities, typically based offshore, operate without licensing or oversight from any Pakistani regulatory authority. Investors engaging with such platforms face grave risks, including potential fraud, misappropriation of funds, and total loss of investments, with no legal protection or recourse for recovery.
One such unauthorized platform currently targeting Pakistani investors is Qxbroker (Quotex), accessible through its website and a mobile application on the Google Play Store.
The SECP explicitly states that Quotex is NOT authorized to operate in Pakistan and has been flagged by multiple international regulators for running unauthorized operations. The matter has been referred to the Federal Investigation Agency (FIA), Pakistan Telecommunication Authority (PTA), and Google for immediate action, including blocking access to the platform within Pakistan.
The SECP strongly advises the public not to open accounts, deposit funds, or share any personal or financial information with Quotex or similar unregistered platforms. Investors should exercise extreme caution when encountering unsolicited investment offers, particularly those promoted through social media, WhatsApp groups, or influencer endorsements.
Before engaging with any investment service, individuals must verify the entity’s regulatory status by visiting the SECP’s official website, where a complete list of authorized brokers and licensed investment advisors is available.
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As always too little too late. I was at a shop the other day and there was a very young guy around 15 16 years old at the counter n he was talking to his colleague about how he paid 5000 to one of these trading platform n post those.
The thing is that secp needs to start aggressive campaign like frequent ads on Google services, Facebook etc. because that is the target audience of such platforms.
Such warnings on secp news feed or notices won’t make any difference