The nations citizens have been targeted mercilessly by binary options scams and fraud leading to the suicide of at least one man. The first problem lies with those who legitimately want to trade. They have nowhere to go so must seek out the off-shore brokers and hope they find a reputable one. The second lies with the public in general.

Quebec upped the ante this year when they announced some proposed changes to their regulatory structure in order to completely ban binary options.

The good news is that there was some push-back within the government which resulted in a toned down version of the original law. The new proposal would ban the sale of binary products which met three conditions. These are 1 if the trade is an all-or-nothing proposition 2 the buyer cannot sell the option contract before expiry and 3 it has a duration of less than 30days. The bad news is that their over-the-top approach has painted the entire binary options industry as a fraud which is just not the case.

But in many instances, no actual trading occurs with any money the scammers receive, and the entire interaction takes place for the purpose of stealing money. Once the victim has seen some early "wins" on options trades they've supposedly made, the fraudsters will ask for credit card information — and that's when the losses and withdrawals start.

That's exactly what happened to Edmonton business owner Fred Turbide, his son Tomas Ferreira told CBC's On The Money in an interview Thursday. Turbide thought he was in on a lucrative investment, "but in reality it was just ones and zeros," his son said.

He tried to get his money back but was unsuccessful. The stress of realizing what had happened pushed Turbide over the edge. Last December, he killed himself in the garage of the family home.

Because the fraudsters were likely overseas, the family doubts they'll get any of their father's money back, but their main aim is to honour their dad's dying wish, left in a note: "H e said go after these guys," Ferreira said.

Indeed, the scam is becoming so common that even the regulator was personally solicited to participate. Jason Roy received a robo-call at home one evening, asking him if he wanted to make a lot of money. He was immediately suspicious but played along for more than an hour to get information. He signed up under an alias and fake email address. The phone number he was given looked Canadian, as did the address — but neither was legitimate.

The person on the phone became increasingly desperate to get his credit card information. While the phone number appeared Canadian, Roy traced the number from Ontario to Pennsylvania, then Colorado, then Latvia, and eventually to an end user in Israel — a growing hub for such activity according to a recent investigation by newspaper The Times of Israel. While binary options are legal in some places, there are no firms registered to sell them in Canada.

Which is why all Canadian investors should steer well clear, and report any solicitation attempt to the CSA via a new website set up to fight the scam. Anyone who feels they've already fallen victim should immediately cancel their credit card and contact the CSA. While the Turbide family holds out little hope of seeing justice, they want to spread their patriarch's message.

Binary options are regarded as an exotic financial aptitude to the complexity of their nature. Binary options trading is a form of investment trading where the payoff is either a fixed, predetermined amount or nothing at all, depending upon the fact that the option expires either in the money or out of the money.

If you lose in the trading, then the underlying security value is paid to you at the time of trade expiry. Binary options trading is affected by the condition in which the tradable security goes above a certain value at the end or expiry of the trade or not.

Since the trade is based on a simple yes or no proposition, it is regarded as gambling sometimes. This has led to governments of various countries banning the trade; Canada is one of them. Binary options trading is known for the fraudulent practices that are inherent in the trade. Many times, brokers are known to have manipulated the prices, causing staggering losses to the investors.

Canadian citizens with little or no knowledge of the trade have suffered at the hands of brokers who have scammed them out of their money. Binary trading is banned in Canada because there are many binary frauds that were suffered by Canadian residents. On September 28, Canadian Securities Authorities imposed a ban on binary options trading for options that have an expiration of fewer than 30 days.

The main phase of the ban was that the Canadian authority forbids trading and sales in binary options for retail clients. Even though binary options trading is illegal in Canada, the ban of the trade is questionable since it provides a gaping loophole for binary traders. Even though the ban does not allow any binary options brokers to hold a valid license in the country, it does authorize its citizens to participate in binary options trading and to hire offshore brokers to do so.

This is a way to ensure that the trade which is carried out is on legal and ethical lines and also the brokers hired are valid license holders reducing the risk of fraudulent brokers. Thus, it is necessary to ensure that binary brokers hired are trustworthy and efficient for legal and ethical trade. The trading software Quotex is a relatively new, user-friendly, and inexpensive trading platform.

It is owned by Awesomo Ltd. It is regulated by International Financial Markets and Regulatory Center IFMMRC. The trading platform has shown exponential growth since its establishment in the year It offers a variety of trading instruments such as digital options, forex, indices, and cryptocurrency.

The trading platform is user-friendly, transparent, and with easy functionality and access to a diversity of tools. One of its distinct features is a relatively easy 4-steps method to carry out the trading. After registering yourself with the platform, complete the signup process. And follow the following instructions:. The trader chooses an asset of interest. A forecast is done according to the scheduled time.

The mobile app gives you the satisfaction of trading on small screens. The online platform provides you with a mobile trading app on iOS as well as on the androids. This platform allows various payment methods with payment options varying from country to country. Payment methods available are as follows:. The company does not necessitate additional verification but can request high-value transactions. The withdrawal period prescribed is days. However, the firm attempts to make the payment on the same day on which the withdrawal application is submitted.

IQ option is a financial services provider which is part of a company named IQ Options Ltd. The trading platform introduced itself in the year As it is designated as a Cypriot Investment Firm, it is regulated by Cyprus Securities Exchange Commission CySEC. Over the years, that this trading platform has provided its servicing and expanded to a great extent. IQ Option has made a name for itself for providing quality services and is known to be one of the most well-recognized and leading brokers in this industry.

IQ Option provides its traders with a mobile trading app. It is for the convenience of traders who are unable to remain at their trading terminal for a prolonged period. This app allows traders to monitor their trade on their smartphones and enable them to keep up with all the developments easily.

IQ option provides several methods of fund transfer for the funding of accounts. Some of the payment methods available are- ADVcash, Alipay, Credit Card, MoneyGram, Perfect Money, Skrill, and QIWI, etc. The IQ Option platform has an own system of its own called AstroPay. AstroPay is for those countries that do not have any other way of transferring funds. The method used for making deposits is the same one used for the withdrawal of funds.

You can withdraw the earned amount within twenty-four hours, but withdrawal through e-wallets takes only a few hours to process. Whereas, for withdrawal by credit cards and bank wire transfer, the process can take up to 10 business days. On this platform, you can perform online trading for forex and binary options. It is situated in the Marshall Islands. It is regulated under International Financial Market Relation Regulation Center.

The pocket option provides a user-friendly app that is easily available and can be downloaded from Google Play or Apple Store. This app is ideal for beginners and explains how to use the app.

No deposit fees are charged while using the Pocket Option. The deposit time is business days. You can make the withdrawals within twenty-four hours on a working day. Methods used to make deposits can also be used to make withdrawals. Binary options trading is a risky investment. Fraudulent practices are prevalent in the trade, with brokers scamming unsophisticated traders by manipulating prices. This is the reason why it is banned in some countries while in some, the trade is regulated under strict laws.

Thus, select the offshore broker carefully. In order to achieve that, sufficient information regarding the brokers should be gathered before entrusting them with your money. It is recommended to consult people who have hired offshore brokers before or choose reliable brokers, as mentioned above in the article.

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There are two major forms of binaries: Cash or Nothing Binary Option You earn a fixed return if you are successful in trading. Asset or Nothing Binary Option If you lose in the trading, then the underlying security value is paid to you at the time of trade expiry. Binary options in Canada Binary options trading is known for the fraudulent practices that are inherent in the trade. Listed below are a few such binary brokers: Top 3 Binary Options brokers in Canada 1 Quotex.

io The trading software Quotex is a relatively new, user-friendly, and inexpensive trading platform. Features of the trading platform The trading platform is user-friendly, transparent, and with easy functionality and access to a diversity of tools. And follow the following instructions: Choose an asset The trader chooses an asset of interest.

Installation of Bet The user then chooses the size of bet and expiration time for closing the deal. Forecasting and Result A forecast is done according to the scheduled time. Mobile app The mobile app gives you the satisfaction of trading on small screens. Payment methods available are as follows: Bitcoin Payments Credit Cards MasterCard Netteler visa Skrill QIWI Perfect Money UnionPay WebMoney Also, you do not have to pay any amount of fees on withdrawals and deposits. Features of the trading platform A well-designed and user-friendly platform, it provides its users with a wide variety of tools.

Binary options trading and CFDs on popular financial instruments are made available to its users on their platform. In , IQ Options introduced the feature of margin trading with certain. Designated as a Cypriot Investment Firm, it holds a CIF license. This license allows the trading platform to provide its financial services to clients belonging to European Economic Area EEA.

Mobile app IQ Option provides its traders with a mobile trading app. Withdrawals The method used for making deposits is the same one used for the withdrawal of funds.

Pocket Option is a well-reputed and reliable online trading platform for binary trading. Features of the trading platform It allows its traders to do Limited Trades and earn high payouts. The trading platform provides platform software for all its clients.

It integrates all features and assets of a broker in one place and provides an easy trading solution. Mobile app The pocket option provides a user-friendly app that is easily available and can be downloaded from Google Play or Apple Store. Conclusion Binary options trading is a risky investment.

IQ Option is one of the best binary Options Broker, it was established in , and the award-winning broker is famous for its interactive platform. For more information on binary options fraud, and tips on how to protect yourself, please visit BinaryOptionsFraud. Thus, it is necessary to ensure that binary brokers hired are trustworthy and efficient for legal and ethical trade. Online merchants use call centers as well as, telemarketing companies, computer product help desks, mail-order organizations, polling services, charities, and any large organization that uses the telephone or other communication service to sell and provide products or services or enhance the customer experience. The Binary Options are not regulated in the country, and you must make sure that the international regulatory authority regulates the broker you are selecting. With multilingual support, the traders can solve their problems in a fast and better way. One of the biggest parameters for payments is timing, which looms as a crucial element for execution.

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