Canadians wishing to get involved are wondering are binary options legal in Canada, and if so, if there are any particular terms of which they should be aware.
As of September 28, 2017 the Canadian Securities Administrators (CSA) announced a complete ban on the advertisement, offer, sale or trade of binary options with option expiry of less than 30 days.
A Brief History
Previously, many offshore (meaning any country but Canada) binary options brokers were regulated in fairly reputable jurisdictions like Cyprus or Japan and offered their services from there to Canadians, but that was halted in 2015-2016 for the most part.
In addition, companies “regulated” (and we do use that term loosely) in places like Belize, British Virgin Islands, St. Vincent & Grenadines and so on offered their services to Canadians as well, and those too have been mostly halted from dealing with the Canadian market mostly through Canadian blocks of credit card payments but also through regulatory interest in their operational countries.
The Ban Of Binary Options
As of September 2017, the CSA has banned binary options with expiry of less than 30 days outright. Any solicitation of Canadian customers by a broker as of this date must be looked at as likely fraud or at the very least a black market operator.
Canada currently has the Canadian Securities Administrators (CSA) agency, which was formed by securities regulators of all ten provinces and three territories. The CSA is an umbrella organization whose objective is to try to streamline the diverse capital markets in operation across the country.
Which Broker To Use?
When researching a broker, traders should ensure that it is trustworthy, reputable, and applies fair trading practices. Fortunately all the companies listed on our website are licensed and regulated, just not by Canada itself.
See our list of recommended brokers for Canadian citizens on our binary options brokers page.
BINARY OPTIONS LEGALITY BY PROVINCE
Because different provinces have their own financial regulations, we explore the question of binary options legality on a province by province basis.
- Are binary options legal in Ontario?
- Are binary options legal in New Brunswick?
- Are binary options legal in Newfoundland and Labrador?
- Are binary options legal in Manitoba?
- Are binary options legal in Alberta?
- Are binary options legal in Québec?
- Are binary options legal in Prince Edward Island?
- Are binary options legal in Saskatchewan?
- Are binary options legal in Nova Scotia?
- Are binary options legal in British Columbia?