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March 23, 2016 12:00 am | Author: investright

CSA alerts Canadians: Beware binary options platforms

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The Canadian Securities Administrators (CSA) are increasingly
concerned about the growth in the number of websites promoting offshore binary
options trading platforms that are targeting Canadians. The CSA wants to make
it clear: no business is currently
registered or authorized to market or sell binary options in Canada.

Binary options are like “bets” on how an asset (currency,
stock, etc.) will perform in a limited amount of time – they are “all or nothing”
wagers, similar to gambling.  However, even
when investors see virtual gains, they often cannot access these profits, as
they don’t exist.

Offering investment services or products, whether
online or in-person is a regulated activity. Investing with offshore companies operating
outside of Canada can be risky and is a common red flag of investment fraud.
Once offshore, it is often impossible for investors to recover their money.

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Businesses illegally offering Canadians the chance
to make quick and easy money from binary options are operating all over the
world. CSA members are working together and with other regulators to share best
practices in order to counter these widespread illegal activities.

The CSA encourages all
investors to visit aretheyregistered.ca
to check the registration of any person or company offering investments to Canadians.
Anyone who has invested with, or has concerns about, an offshore binary options
trading platform should contact their local securities regulator.

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Best practices:

  1. Always check registration and enforcement
    history before investing.
  2. Be wary of giving out personal information (including
    credit card information) over the phone or internet.
  3. Don’t make a decision on the spot. Take some
    time to research the opportunity and review it with an independent third
    party.
  4. Ask to have written information about the
    investment sent to you.
  5. Make sure you fully understand an investment.  
If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393 or through e-mail at inquiries@bcsc.bc.ca.



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