The popularity of binary options trading is growing in leaps and bounds.
While this is an encouraging sign for the financial industry as a whole, the regulators are concerned that some shady brokers may misuse the opportunity to fleece unsuspecting clients through misleading statements.
In this regard, this website provides guidance to an investor to choose a proper trustworthy broker who accepts clients and follows the best business practices.
The financial market is regulated by the Canadian Securities Administrators (CSA). The CSA is made up of thirteen financial regulators from respective provinces of Canada. The CSA does not regulate or supervise binary options brokers in any manner.
Important Information For Canadian Traders
At the same time, the CSA does not prohibit Canadian citizens from participating in the binary options market. However, CSA has asked its citizens to exercise caution and stay away from the brokers claiming to be regulated by the Canadian authorities. For verification, the CSA has suggested wannabe traders to use the ‘aretheyregistered’ website of the Canadian government. As of now, CSA considers binary options as a form of betting.
Seasoned traders can vouch for the fact that there are even exchange-traded index based options which have a similar risk profile as binary options. Thus, we hope that the Canadian authorities will once again look at the industry and take steps to regulate it in the interest of both Canadian citizens and reputed binary brokers.
While choosing a binary broker, a citizen should look for the following characteristics.
- The binary broker should be registered in any reputed jurisdiction. It should be noted that the CSA does not differentiate a binary broker who is regulated in some jurisdiction and other binary broker who is not regulated anywhere.
- Timely payouts are very important to keep the morale high. Thus, a background check on payout related issues should be done before selecting the appropriate broker. A broker having a history of delays and refusals should be strictly avoided.
Fortunately, the Herculean task of searching brokers accepting residents can be avoided using the binary broker list provided here. The list also provides details of special promotions, if any, offered by the respective binary broker. All that a client needs to do is go through the websites of the listed binary brokers and chose the one suited to the personal needs and aspirations. It is needless to say that this website also provides professional educational materials to prepare a trader to face the market in a methodical manner.