Important Information For Canadian Traders
Binary Options Trading is Illegal In Canada. There are NO Binary Option Brokers who hold a valid license to operate in the country. We will notify you if the situation changes.
The size of Nova Scotia belies the fact there are very many people who are interested in binary options. With this in mind, there are plenty of binary options brokers promoting their services to the people of Nova Scotia. There are no trades that can be made without a broker in this business. There is no regulation of brokers in Nova Scotia, or in Canada as a whole. As such, traders are aware that they will have to register with offshore brokers. The good thing with this situation is that brokers have a wide pool of international brokers to choose from. They can look into what each is offering and compare them to what they are looking for in a broker in terms of ROI, onuses, customer support and user-friendliness.
Wading through the pool of brokers is rigorous and strenuous. It is for this reason that we have whittled the range of choice that you had to choose from to a credible list of recommended brokers that Nova Scotia’s traders can trade with profitably.
How did we choose the best brokers?
The fact that there are no registered brokers in Canada, we have an elaborate selection process that seeks to shortlist the most professional and dependable brokers in the industry that trades in Nova Scotia can profitably and safely trade with. What factors do we consider in this shortlisting? The basic requirement is that a good broker be licensed and regulated by an acceptable regulatory authority. This is an indication that the broker operates under an official jurisdiction and within set rules and regulations. It also means that they are accountable for their actions. Professional brokers also have top notch client support that will give the best support to their clients in Nova Scotia. They also have a wide asset index for traders to diversify their trading. A user-friendly interface and a good payout are other factors that we considered to be important.
Location of offshore brokers
In Canada and in Nova Scotia in particular, binary options are not regulated. Traders therefore are the target of many binary options brokers for business. What they should remember is that if they find any broker claiming to be domiciled in Canada, they are not being truthful. This means that they should be very careful with these brokers. Most of the brokers are headquartered in Cyprus. It follows that most of the good ones are registered by the Cyprus Securities and Exchange Commission (CySEC). This authority is one of the few in Europe and elsewhere that licenses and regulates binary options brokers. If a broker is licensed by CySEC, it has passed some of the most stringent rules in financial trading. The other credible regulators are the FCA in the United Kingdom and the CFTC in the United States.
Traders should always look out for and confirm a broker’s certification so that they can be sure that their investment is held maintained and operated by a licensed and professional brokerage firm.