Canada’s OSC warns against OptionRidge, WinOptions, BigOption binaries brokers

Canada’s OSC warns against OptionRidge, WinOptions, BigOption binaries brokers

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Canada’s regional regulator, the Ontario Securities Commission (OSC), updated its investor warning list of unregulated financial services providers with the binaries brokers OptionRidge, WinOptions and BigOptions.

According to the OSC, OptionRidge is operated by Mountain Rider Ltd. and Rusty Flower Ltd. A check on the website, however, revealed that the broker is owned and operated by Mountain Rider, part of Trust Company Complex, registered on the Marshall Islands, while Rusty Flower is the billing and clearing services provider.

BigOption is owned and operated by Wirestech Ltd., with an address in London. It promises money back guarantee, claims to be “top broker for 2013” and “Best Binary Options broker for 2014” and “Most Reliable Broker” and warns live binary options trading is not allowed for US and Australian citizens.

WinOptions, owned and operated by SAL Ltd., with the same address as that of the owner of OptionRidge on the Marshall Islands. The broker claims it has several awards for being the most trusted and the most secure binary broker.

Neither of the new additions to OSC’s list provides regulatory information, but even if they were properly regulated, they’d still need separate licenses for each Canadian province. As a matter of fact, even though binary options trading is not explicitly banned in Canada, there is not a single such broker licensed in the country. This does not stop the binary options brokers from soliciting Canadian residents on a regular basis.

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