Continuing the series of warnings against unregulated brokers, BCSC issues a warning against Binary Options broker 72option. What does BCSC advice traders?
12 December, AtoZForex – The Canadian regulator British Columbia Securities Commission (BCSC) issued a warning against unregulated binary options broker 72options. The regulator mentions that the firm is targeting traders in Canada through the website 72option.com.
Binary Options broker 72option
The watchdog added the binary options broker 72option to its Investment Caution list. Also, the BCSC mentions that the broker is run by Epic Ventures Ltd.
Additionally, 72option claims to be a binary options trading brokerage based in Sofia, Bulgaria. Also, 72option offers an online binary options trading platform and Canadian residents were able to open a trading account with the broker.
Moreover, the watchdog mentioned in the warning that 72option is not registered to trade in, or advice on securities or exchange contracts in Canada.
What does BCSC advice traders to do?
The BCSC advice Canadian investors to exercise caution if they deal with a firm that’s not registered to trade or advice.
Additionally, the BCSC says that binary option is a type whose payout depends on whether the underlying asset increase or decrease. The watchdog stated that the underlying asset could be stock, commodities, or currency pairing.
BCSC latest warning
Earlier this month, the BCSC issued a warning against two binary options brokers which are not registered as well. The companies mentioned in the regulator’s previous warning were Titan Trade and Novox.
Moreover, the regulator states that Titan Trade runs through the website titantrade.com and has offices in Belize City, Belize. Also, Novox operates through optionstarsglobal.com and has its offices in Bulgaria and Samoa.
Furthermore, the watchdog mentions that both companies are not registered to trade in or advice on securities to exchange contracts. Yet, the firms were able to open trading accounts for British Columbia residents.
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