The Securities and Exchange Commission of Pakistan (SECP) has issued a public advisory warning against a surge in unauthorized online trading and investment platforms that entice individuals with promises of swift returns through high-risk financial instruments.

These unregulated platforms offer trading in forex, securities, commodities, options, and other speculative assets without having any regulatory clearance in Pakistan. Most of these entities operate from overseas and are not licensed or supervised by any Pakistani authority.

The SECP cautioned that investors dealing with such platforms expose themselves to serious threats including financial fraud, fund misappropriation, and the complete loss of invested capital, with no legal safeguards or avenues for recovery.

Among these, Qxbroker (Quotex) has been highlighted as an unauthorized platform targeting Pakistani users via its website and an app available on Google Play Store. The SECP confirmed that Quotex is not permitted to function in Pakistan and has already been flagged by various foreign regulatory agencies for its illegal operations.

The case has been escalated to the Federal Investigation Agency (FIA), Pakistan Telecommunication Authority (PTA), and Google for swift action, including restricting access to the platform within the country.

The SECP urges the public to always verify the regulatory credentials of any investment firm or trading platform through its official website, which maintains a list of licensed brokers and authorized investment advisors.