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Canadian financial regulator British Columbia Securities Commission (BCSC) issued on Thursday a warning notice against unauthorized binary options brokerage and platform provider InfiniCore Ltd., trading as CTOption. The broker allows British Columbia citizens to open accounts with it without having a regulatory approval.
CTOption, www.ctoption.com, is not registered to trade in or advise on securities and exchange trade in the Canadian province.
CTOption says on its website it is based in Saint Vincent and the Grenadines and the UK and does business in more than 90 countries worldwide. It offers on its website introducing broker (IB) programs.
The company does not provide information regarding regulation.
Its product portfolio includes binary options trading on forex, commodities, stocks and indices. Its product portfolio features short-term binary options with expiration time of 30 second, one, five, or ten minutes, but it also offers High / Low End of Day options. The broker also offer a binary options trading platform powered by software developer Panda Trading Systems Ltd.
In binary options trading, investors guess whether the price of a certain instrument, in this case currencies, would go upwards or downwards within a pre-determined time frame. Once the time is up, the option is deemed expired and the bet is settled. Depending on the outcome, a trader either collects a profit, or loses money.
In Canada, capital markets fall under the regulation of provincial watchdogs and legislation rules may vary in from province to province. The BCSC is in charge of the regulation of the capital markets in the British Columbia province. Under its legislation, binary options are regulated as securities under the securities laws.
The BCSC issues warnings against unauthorized financial companies on a regular basis. It includes unregistered and unauthorized financial service providers that target local residents in an Investment Caution List. The list contains information about entities that are confirmed to engage in fraudulent activities, including foreign brokers not registered in British Columbia which target local citizens.
The BCSC warns local citizens to be cautious when choosing financial intermediaries, especially if they are not registered to trade or advise in the British Columbia district.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.