The short answer is yes. Of course you have to check all local laws, ordinances and the sorts but there are reputable binary trading brokers that accept Canadians. Canada traders are a minority in the binary options market in the early part of 2013 but with their strong economic outlook and higher than average income per capita, Canada traders look to take they market by storm in 2014. There is nothing illegal about Canadians trading binary options online. It has become one of the fastest growing ways to trade across Canada, the USA, Europe and around the world and according to one of our recommended brokers, Canada is red hot right now.
The short answer is you can trade binary options freely and without worry from the comfort of your own home.
So, where are your fellow Canadians trading binary options at today legally? That is a good question. There are dozens of trading sites available to Canadians, but I can count on one hand the reputable and legit binary options brokers we would recommend. Here are the best binary options trading sites for citizens of Canada to legally trade at.
Updated for 2014
- 24 Option – Offering the highest returns on forex pair trading and a positive reputation, 24 option is one of the largest binary options brokers. The minimum deposit is $250. Customer support is quality and there are new trader bonuses available to add to your trading bankroll.
- OptionFair – OptionFair is a top rated broker that accepts 100% of Canadian traders. The minimum deposit is $250 and the customer service is top notch. They work to maintain a very positive reputation with competitive payouts, responsive customer support and benefits to traders including a free signal service you can use once you deposit real money into your account. They also guarantee the first 5 trades – it is an exceptional way to try them out and learn how it works.
- TradeRush.com – Legit broker who pioneered the 60 second binary trading expiry times. Fast and fun trading at this legitimate broker. Offers nice rebates on losing trades.
- Banc De Binary – World class private options bankers with offices around the world and that accepts Canadians. Requires a minimum deposit of $500. Excellent customer support and service. We did find that they are on the OSC warning list.
Binary Trades Are One or The Other Choice
When you are betting on binary options, or if you want to sound more financial, binary option trading you have to predict the correct outcome of two possible outcomes. One or the other.
The most common type of trades is the up or down trades. You pick up if you think the price is going up. Down if you think the price will fall. There are more types of binary trades available, but the up down is the most common and offered by all of the brokers listed above.
The touch or not touch is the next most common type of binary option trade that is popular today. These work by the brokers picking a price point and you have to decide whether or not the asset will touch that price or not. Again, a one or another choice.
The final popular type of trade is the range or boundary. These binaries work by the broker selecting a price range and you have to determine if the underlying asset will expire with this range or without of this range. Regardless of which type of binary option trade you partake in, just understand that there is always a brokers edge to overcome in order to make a profit. While these sites do not charge a commission, spread or fee, they still have the edge.
Want To Give It A Try?
Additional Canadian Financial Trading Resources
- Canadian Financial Securities Regulation Wikipedia Page
- The CSA
- Best 60 Second Options Trading Sites
- Our Home Page – Has more links to the various regulatory groups that govern financial trading