The Canadians who are keen to invest in Binary Options trading must know whether it is legal in the country or not. Further, the second thing to consider is whether or not there are legit brokers to trade in the country. The country authorities are openly accepting that there are no regulated or licensed Binary Options brokers. Nevertheless, Canadians do have quite a lot of options available for them to reach out to different brokers offshore.
So, when they intend to trade with Binary Options, they have many options to try upon. As a matter of fact, trading with Binary Options potentially brings out profitable investment returns for Canadians. But there are some legal responsibilities that you should look after before you commence with it.
As of the present records, Canada has stated Binary Options trading as illegal within the country. As a result, the binary options Canada brokers cannot function within the country. For the investors, if you want to trade Binary Options while residing in Canada, then you must look for an offshore broker.
There is more to enlighten the legality aspects of Binary Options Canada. So, follow this article till the end to know every bit of information explaining the legality of this trading pattern in Canada.
What you will read in this Post
The Canadian Trading Law for Binary Options
Until the year 2017, Canadian Law didn’t incorporate any references to the trading practices for Binary Options Canada. But soon, by the end of 2017, Canada announced to make it illegal for the Binary Options Brokers to operate within the border of this country. The officials were very much clear about making it illegal to trade with Canadian brokers.
The Canadian authorities did put efforts to reach out to the investors to request them for omitting Canadian brokers. Canada is a hub for several financial institutions, but there were very few binary options brokers. After the law, it was pretty much risky to invest money through Binary Options Brokers in Canada. It is because, after the implementation of that law, they belonged to the unreliable category. And handing over your investment to them didn’t feel like a fruitful idea.
But, if you are a Canadian resident and are keen to invest in Binary Options, then offshore opportunities are open for you. You can look for a Binary Options broker from any other countries, across the globe. In fact, you can hire any broker overseas and carry out your trades for Binary Options.
The countries like Japan, UK, and Cyprus have regulations for Binary Options traders and brokers. Therefore, any broker who used to deal with Binary Options in Canada can be the broker in other countries that accept the trading but with reputable jurisdictions. The Canadian residents will also find many reputable brokers across the European Union. Hiring them and trading in Binary Options Canada is legal for the country. But, not all countries hold the same reputation for Binary Options trading. So, it is better to be cautious while choosing a broker overseas.
You should know that every country outside Canada has a specific system to regulate the trades of binary options. Therefore, choosing the right country and brokers is quite essential and efficient. Some of the regions, such as St. Vincent, the British Virgin Islands, Grenadines, and Belize, are few places that are not so popularly known for their trading activities.
Do your research, and then hop onto the country for fulfilling your urge to trade for Binary Options. The legality disruption in Canada won’t let you do it within the country.
What to Consider While Choosing Offshore Broker?
Domestic Binary Options Canada is not permissible, and people intend to look for offshore brokers to get the needful. But, they are unaware of the basics and factors that they should consider in order to work with the best brokers. If that is the problem for you, then here are a few considerations that will help you judge the right broker according to your requirement. The factors include:
Superior customer service is reasonably necessary. As your binary options broker will be from another country, you need to ensure that they, or the firm, are available for support at any time of the day. Look for 24/7 customer support services by different broker firms. You can take a glimpse at the reviews of some Binary Options Canada traders in the past.
Usability of The Service
The website platform that your broker is offering you should be easy to use. Also, it is a crucial factor to consider before hiring any offshore broker. You would not want to spend more time over their website, contacting or finding an ideal trading solution. Instead, you should spend most of your time making profitable trading outputs. For that, you can consider finding a platform that offers services for a free demo account. It will give you an idea about the feel of that particular website! And then, you can decide whether you want to continue trading with that broker or not.
Availability of Tools & Resources
The illegality in trading Binary Options within Canada also brings some associated perks. You are now open to choose the best and proficient broker from a vast range of options. In fact, you can look for brokers in other countries who can offer educational tools & resources, along with the trading perks. It will help beginners learn about this method of trading and investment while practicing the same. The brokers that are offering you multiple resources and tools are the ones you should go with.
Compatibility of The Website
You need to check whether the website of your chosen broker is compatible with your device or not. If you own Android, iOS, or Windows (desktop) devices, then you must check the compatibility for specific Operating Systems.
Look for The Payment Methods
The most important thing of all is to look for the available payment options with the broker. It would help if you decided on a primary payment option. It is because some of the brokers charge a fee on a particular payment option. Therefore, whether you want to pay through cheque, wire transfer, credit card, or others, the choice is yours! Consider the possibilities first before you choose the trading platform. It will help you save an ample amount of money.
Easy Deposit & Withdrawal
If you intend to carry out your trading for Binary Options Canada, then you should look for brokers that are offering easy deposit and withdrawal. It would be best if you considered not paying any additional fee for withdrawals and deposits. As you are a Canadian resident, you need to look for an offshore broker who deals with Canadian dollars. Hence, it will help you prevent the loss of money during the exchange of currency.
These are the factors that will help you choose and hire the right offshore broker for your specific needs. Considering these aspects will ensure that you legally move ahead with your passion for trading Binary Options.
Legal Binary Options Brokers for The Canadians
It is evident that this trading is illegal and cannot be carried out by any brokers within Canada. There are no such regulations to permit it except that Canadian citizens can hire offshore brokers for trading binary options.
The financial authorities of Canada have no list of any reputable brokers of other countries. But to help you out with the choice, here are the three legal & top broker platforms for you to invest in Binary Options. The platforms are:
Quotex.io is a very innovative broker platform for Binary Options Canada trading. It is an offshore broker for Canada, for which there are no regulation or legality issues. Also, Quotex.io assures you to offer a 98% return on every single investment. It also provides you a demo account to practice Binary Options trading for $10000.
#2 IQ Option
IQ Option also offers you a demo account to help you practice Binary Options trading with a virtual fund of $10,000. They have over 300 assets for you to trade, and the minimum investment amount is $1. So, you do not have to put a significant sum of money in order to start with Binary Options trading.
#3 Pocket Option
Pocket Option is offering its Binary Options trading services to many countries across the globe, including Europe and the USA. The maximum profit aspect of Pocket Option is around 96% for every investment. The minimum trading amount is $1, and the minimum deposit amount is $50. It offers assets such as crypto, stocks, currency pairs, and commodities.
So, if you are a Canadian and are worried about how to carry out your passion for trading Binary Options Canada, just put it aside. Understanding the regulation is the first key to any trading practice. Canadian law allows you to trade upon Binary Options, but not within the country. So, make an easy utilization of this law, and carry out the pursuit of earning money.