Binary Options are bets on whether an asset (currency, stock etc.) will go higher or lower in price at a certain point in time. There are numerous websites and trading platforms that offer binary options, but none of them are registered or authorized to sell binary options in Canada. Binary Options shorter than 30 days are illegal in Canada.
When betting online, you are often asked to make deposits into a trading account, either via credit card, Western Union, or bank wire transfer. Once the deposit is made, an “Account Manager” typically contacts you to help with the trade. When the bets are made, money will show-up in your trading account, but when you attempt to withdraw it, the “Account Manager” will make excuses and withhold your money.
Protect yourself by watching for red flags:
The website guarantees extremely high returns,
You are asked to wire money outside the country, or
You receive a call or email from someone about the website.
If you come across a binary options website, or receive a phone call or email:
Do not give out your credit card information over the phone or internet if you do not know the recipient or their company.
Do not rush big financial decisions.
Remember, if it sounds too good to be true, it probably is.
Contact the FCAA at (306) 787-5936.
Visit our Alerts page for more information about binary options.