The British Columbia Securities Commission (BCSC) has added the binary options broker GTOptions to its ever-growing Investment Caution List, according to a BCSC statement today.
GTOptions, operating online under the url http://www.gtoptions.com, is a binary options firm allegedly operating out of Bulgaria. However, no mention of any regulation is made on its website.
According to the Canadian provincial regulator, GTOptions solicited a British Columbia (BC) resident and the company opened a trading account for him, without being authorised to do so. The BCSC has therefore urged investors to use caution when dealing with this brand.
After briefly explaining binary options and certain risks and features with these types of products, the BCSC noted that while some binary options are listed on exchanges and traded by registered individuals, these represent only a portion of the market, while a large portion of binary options are illegally traded through unregulated online platforms.
As with all brokers included on the list, the BC watchdog has warned that trading with these brokers may present a risk to investors and has therefore urged the public to be highly cautious when dealing with them.
The BCSC is the independent provincial government agency responsible for regulating securities trading in British Columbia through the administration of the Securities Act. The regulator website provides information, tools and resources for investors, including investor warnings about individuals and companies that appear to be engaging in unauthorized activities.