Canada Binary Options Brokers – Top CA Trading Sites
Best Binary Options Brokers Canada
Binary options trading is an exciting opportunity for new traders to get into the market, even without a lot of financial resources or experience. Thanks to the internet, trading is now a much more accessible activity than it was five, ten, or twenty years ago. The biggest type of trading on the net right now is binary options trading. Excited by the prospect of trading binary options online, but not sure if it’s legal in Canada? Read on to discover why it is legal for you to trade in Canada and which brokers you should check into in order to get started.
Our Top Choices For Canadian Citizens
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Trading Binary Options Legally
The agency that oversees all trading activities in Canada is the Canadian Securities Administrators (CSA). Underneath this umbrella agency there are several smaller agencies that regulate trading in the different provinces. These include the British Columbia Securities Commission (BCSC), the Ontario Securities Commission (OSC), and the Alberta Securities Commission (ASC).
You will notice that there are very few binary options brokers located in Canada, operating under Canadian laws. Why? It has to do with the way that regulations are set up across the different provinces. If you think it sounds confusing to deal with all these different agencies, then just consider how confusing it would be if you were operating a business. As a binary options broker, you would have to ensure that your practices were acceptable under every one of these different regulatory agencies in order to be accepted by the CSA. Since these regulatory bodies all have different legal requirements, this can be challenging to deal with, and you can see why a lot of brokers choose to avoid this.
Where Are Offshore Brokers Located?
Most of the offshore brokers you will find for binary options operate in Cyprus, the Isle of Man (which is located in the UK) or the British Virgin Islands. You may also find some brokers operating in London or in other locations. Some brokers even have offices in the USA. Why do brokers choose the locations that they do? It is mostly because the regulatory climate of those locations is less complicated and makes it easier for brokers to do business with fewer restrictions. These countries are working on laying the groundwork for regulation of binary options brokers, and many of these brokers are working with them to establish those rules and fit within their constraints.
Please note that at this time, there are hardly any binary options brokers on the planet who are regulated as such. There are a few—Nadex in the USA is one example. But most are not regulated at all. Some are regulated under other rules, like gambling laws or private banking laws. For instance, the Gambling Commission of the Isle of Man regulates a few brokers. This provides customers with a layer of basic financial protection, even though the rules are not tailored toward binary options trading. The more honest and upfront a broker is with you about their regulation or lack thereof, the better. Remember, it is possible for an unregulated broker to do sound and trustworthy business.
There are a number of brokers who offer their services to customers in Canada which have established strong reputations despite the chaotic nature of regulatory concerns in a field where rules and laws are not very well established yet. Following is a brief list of the brokers which we would recommend. All of these firms accept customers from Canada:
Banc De Binary is a particularly standout broker which is based in Cyprus and is registered with CySEC under CIF 188/13, and recently also acquired a license from the Financial Services Authority (FSA) in the UK. This company is among the leading binary options brokers worldwide and has a stellar reputation for quality customer service, transparency of operations, and top notch features and educational resources. Banc De Binary also offers a demo account to new investors who want to get their feet wet without risking money first.
More details on demo trading can be found here
You can trade as little as $1, which means that you can practice indefinitely even after you go live with real money with minimal risk. Banc De Binary is no longer accepting traders from the USA, so as a Canadian investor, you should really take advantage of this great opportunity to trade with one of the top brokers. But also check into the other brokers we have listed; you may find that one of them fits your needs better.
As a Canadian trader, you will find many binary options brokers offering you their services in 2013. Those we have listed have proven themselves with excellent track records over the past few years. Check out the rest of our website to learn more about the top binary options brokers online, and have fun trading in Canada!
Photo credits: Toronto Stock Exchange, Ocean View