Trading binary options in Ontario? Warnings from the Securities Commission (OSC)By Adam Teen | Tuesday, January 26th, 2016
If you’re trading binary options in Ontario, Canada you should make the The Ontario Securities Commission (OSC) your best friend.
In case you don’t know which binary broker to use because you’re being constantly bombarded by enticing online offers, the brokers approved by your local securities commission will be your best choice.
In case you find yourself in a situation where you think you got scammed by your broker and you’d like to file an official complaint you should to do it with your local regulatory body. If the broker is regulated in another country and not approved by local securities commission it is very likely that your complaint won’t be very effective.
Most securities commissions have their own websites where they publish updated information. They are really the main, official watchdog of the binary industry in your state or country so it’s worth checking with them before you sign up with any binary broker.
For example the The Ontario Securities Commission (OSC) have just issued new warnings about Sumo Forex, which is a forex broker, and Depix Holdings, a binary options broker operating as LBinary. None of these brokers have been authorized to sell or advertise their brokerage services in Ontario.
Legislation and rules might be different depending on the province in Canada as forex and binary options markets are also regulated at a provincial level. The Ontario Securities Commission is in charge of the largest and most populated Canadian province. Here is a link to the updated warning list of brokers which are not regulated in Ontario – http://www.osc.gov.on.ca/en/Investors_warning-list_index.htm
The OSC creates regulation to prevent financial misconduct. It monitors the industry and issues warnings when appropriate of companies or individuals that are not authorized to operate brokerage firms in Ontario or don’t abide by their regulations. Here is a screenshot from the OSC’s homepage.
The main graphic says:
Financial Success is a Marathon, Not a Sprint.
This is a good advise for any investor but also for any existing and new financial services providers operating in Ontario.
If you’d like to contact The Ontario Securities Commission you can use the details below, however please keep in mind that they will not provide any financial or legal advice.
Local (Toronto) – 416-593-8314
Toll-free (North America) – 1-877-785-1555
Fax – 416-593-8122 (Questions and Complaints)
E-mail – inquiries (at ) osc.gov.on.ca
Website : www.osc.gov.on.caPublished in News & Analysis