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This subject matter is rather confusing because there are multiple and often conflicting sets of rules. Deducting whether binary options are legal in Canada can be hard when looking at the existing rules. And, despite the fact that there is not a single direct reference to binary options being illegal in the Canadian law, the authorities note that Canada does not have licensed and regulate binary options brokers.
Couple of years ago, Canadian traders had lots of options for binary options brokers located offshore. Brokers from fairly reputable jurisdictions like Japan or Cyprus have always welcomed Canadians. Canadian traders also turn to brokers that are licensed in not so reputable licensing jurisdictions like St. All in all, Canadians have very legitimate and good options where to trade.
Here you can find answers to frequently asked questions concerning the legality of binary options in Canada. There are many pros and cons to look for in a broker, but five aspects are the key aspects you should consider when two brokers are tied for your money.
You are getting involved in binary options to make a profit, right? Therefore, it is important to look for a broker that has minimal or no fees regarding transactions. The average binary options trader is interested in a couple of options even though the broker offers dozens of trading options.
A user-friendly platform as well as the option to use a demo account first is important too. Demo accounts help traders to get a good sense of the platform and the entire service. Go for the brokers that offer demo accounts, test their platform and then decide. The more you learn, the better trader you are. Although you can find resources all over the internet, a broker that has a rich library of learning resources is a recommended.
Having all the important information on one place can facilitate your learning process. Brokers usually offer live chat or telephone service to address problems quickly.
That is one of the beauties of binary options trading. A you learn and you improve your trading skills, you will want to risk higher amounts of money, which is a very natural temptation in a trader. If your budget allows it, do it. But, remember that this means increased potential for loss.
The best practice here is to always evaluate how much you can afford to lose. When you have decided how much money you can set aside to get started, decide whether you are going to accept a bonus. Brokers love to give bonuses to traders, and usually these are very helpful as a budget boost. But, some bonuses have been created as drawbacks. Such bonuses are not worthwhile at all.
We will notify you if the situation changes. Are Binary Options Legal in Canada? Although Canada has many financial authority bodies, none of them mentions binary options specifically on national or provincial level. At the moment, it seems that no information exists when it comes to binary options. This does make the traders weary, but the majority of them are confident that no persecution will follow if they go online and look for offshore brokers to trade binary options.
Can the government go after Canadian binary options traders? Since there is no law about it, the government has no basis to persecute traders.
Since there are no provincial differences about this because none of the provinces has legislation about binary options, traders from all over the country can legally and freely trade. Does legal means regulated? This is why its recommended to exercise a high degree of caution when deciding on a broker. A broker can be legal, but if there are no guidelines in the industry that means all kinds of brokers can attract traders in Canada.
To avoid being caught in a scam, Canadian traders are strongly advised to perform thorough check on a broker before conducting business with the broker. Do Canadians have to be concerned about singing up with an offshore broker? The lack of regulation means that Canadians have access to brokers from all over the world, which means to brokers located in highly reputable jurisdictions like United States , United Kingdom or the EU in general.
Can I find a list of reputable brokers? Therefore, the responsibility of finding a legitimate broker falls on the shoulders of the traders themselves. But, if you take your time to do a research, you will easily come up with the best brokers available to you. Start with our site and the brokers found there and make your way towards other.
Can a broker acquire a license in Canada? No licensing process is in place in Canada. This leaves lots of room for foreign brokers to compete for the Canadian trader. However, these foreign brokers may hold a license and every Canadian trader should always invest his hard-earned dollars only at licensed brokers. Can I seek help from the Canadian financial governing bodies?
All provincial authorities or the national one can be contacted if questions arise. What is the national financial authority? If there was a licensing process in place, the financial authorities that would have overseen the issuing of licenses and regulation of the market would be the Canadian Securities Administrators CSA.
What assets should Canadians trade? It is generally recommended for binary options traders to trade assets relevant to their country of residence. They are not deemed as the best for making profit. So, a Canadian trader may choose to trade assets more relevant to the United States because they have much volume and liquidity.
Are there any hints that Canadian authorities will regulate the binary options market in Canada? The only interest shown at the moment is the interest of the CSA to keep an eye on possible fraudulent brokers that want to hurt scam Canadians out of their money.
Maybe this and if more Canadians get involved into binary options will cause for the authorities to make the first steps towards regulation. Facebook Twitter Pinterest Google Plus.