Denmark’s Financial Supervisory Authority (FSA) warned on Thursday TechOption, a broker offering binary options trading, is carrying out financial services in the country without having the required authorization to do so.
The company has not been authorized by the FSA and the regulator has not received notification for authorization from the regulatory bodies in any other country regarding TechOption and its activities.
TechOption, www.techoption.com, provides a trading platform for binary options on about 200 assets. The broker promises a payout rate of up to 1,500% per trade. It offers four types of trading accounts with a minimum deposit requirements, starting from $500 (for details refer to the data below). It also offers a personal account manager, educational resources and live signals, as well as daily, weekly and monthly market analysis.
TechOption is a brand operated by Vanuatu-based CG Capital Investments and Nicosia-based GGM Payment Solutions. The company provides no regulatory information.
As an EU state, Denmark accepts financial service providers licensed in any other member state. However, entities that are not regulated, either by the relevant Danish authorities or those in other EU countries, are prohibited from doing business in the country.
The FSA maintains a searchable register of all financial service providers authorized to target Danish citizens. Investors can look up an entity prior to engaging with it.
When engaging with unauthorized and non-regulated brokers, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.