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Are Binary Options Legal in Canada?

Written by Canada Forex Portal
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Can you trade Binary Options legally in Canada? Find out the latest status of Canadian laws for Binary Options here.
Around 2010, Binary Options emerged as an fast-paced way to play the markets. It quickly gained popularity with new traders, who liked the simple "double or nothing" style of trading. By the end of 2016, searches for "binary options" were equal to that of "Forex trading".

The odds of winning at binary options over the long term are quite low. That isn't, however, what makes it illegal. Gambling, lottery, and other games of chance that are legal in Canada also produce more losers than winners. Just because trading binary options is difficult does not make it wrong.

Unfortunately, binary options is a great tool for Forex scams. It was used and abused by scammers, many who made unsolicited phone calls to their victims. They convinced thousands of Canadians to deposit and lose their money in trading schemes. This inevitably caused a strong backlash against binary trading in Canada.

Binary options in Canada is now illegal. However, Canada has one of the biggest binary options market; this basically means that the binary options brokers in Canada are doing it illegally. This is, therefore, the reason why citizens trading on binary options are considered to be violating the laws.

There is no binary options broker in Canada who has a valid license; due to this, Canadians should avoid trading binary options from any broker at all cost. If you find a binary options broker who claims to be operating legally, you should stay away from him or her; this is because that is basically a lie.

If and when the status of trading binary options for Canadians changes, we will let you know here!

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