Fifteen Canadian Binary Traders Lose Over $400,000 in May

It is already a common practice for provincial Canadian financial authorities and consumer protection watchdogs to issue warnings against trading Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and binary options with foreign brokers. Québec's Autorité des marchés financiers (“AMF”) even routinely publishes a blacklist of unregistered foreign companies it says are encouraging clients in the province to invest in binary options via Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term platforms.

However, this time, the Alberta watchdog took a step further and turned to a local news show to warn the public against off-shore brokers. According to the warning, the move came after numerous complaints were recently made by people mainly in Edmonton, the capital of Canada's Alberta province, about losing over $400,000 in binary options trading.

Mark Dickey with the Alberta Securities Commission told the Alberta Morning News what traders should do to prevent getting scammed. Saying, “Check out these websites, does it look legitimate, are the staff members listed or are there stock photos, are they registered, are they overseas, are they trying to get you to set up an account overseas where once your money is off-shore it’s very hard to get back”?

Dickey also said they've identified seven companies which list Canadian contact information but are based in Ukraine, Cyprus and Belize. He added that the securities commission had received fifteen complaints in the last month, but expected that more people had lost money.

Offering investment services or products, whether from an on-line platform or in person, is a regulated activity in Canada under the authority of each of the local provinces. Any company offering trading or investing services in a specific province must be registered with the local authority and get authorized for market derivatives.