Binary options brokerage Suisse Option provides financial services in the Canadian province of British Columbia without having obtained the required authorization, the Columbia Securities Commission (BCSC) warned on Wednesday.
We recently became aware of Suisse Option and that BC residents were able to open trading accounts with Suisse Option.The Parties are not registered to trade in, or advise on, securities or exchange contracts in BC, the regulator said in a notice.
The broker operates via the website www.suisseoption.com. Suisse Option is a brand of Primary Stream Ltd. – a company that claims to be based in Hong Kong.
It offers a web-based trading platform for binary options on forex currencies, stocks, indices, and commodities. The broker promises 10% of traders’ investment returned, even for out-of-the-money options.
Clients of Suisse Option can choose from four different account types with different deposit amount and included services – Green, Gold, Platinum, and Black. More details follow:
In Canada, capital markets are supervised by provincial regulatory bodies. In British Columbia, binary options are treated as securities and providers of such products are required to register with the relevant authorities in order to operate in the province. Binary options are not forbidden, but there are no entities authorized to provide such services in the country.
Recently, Quebec become the first Canadian province to consider the formal prohibition of the sale of binary options to local citizens.
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.