How Do I Know If Binary Trading Is Allowed In My Country?
I get this question alot. After binary options gets banned in a country, brokers withdraw their services from that area between the regulators’ grace period of 1 and 3 months. People often messaged to express concern if they’re committing a crime by continuing to trade binary options with a different broker that still accepts traders from that country. Read this article to find out about this so that you can trade with a peace of mind knowing that you’re not doing anything wrong or working in a grey area.
Some of the areas where binary options is banned by local authorities include Israel, Canada, UK and the entire UK region. (Note: Binary Options is NOT banned in the USA, however CFTC requires binary options providers to be licensed.)
Is Continuing To Trade Binary Options After a Ban Has Been Placed A Crime?
Short answer, no. However, continuing to trade binary options in a country where binary options has been banned also means you’re doing so fully aware that you are beyond the extent of your local regulator’s umbrella of protection and means to legal recourse.
What’s usually the case where binary options is banned, is that brokers under that jurisdiction, i.e. brokers licensed under that authority, e.g. CYSEC, ESMA, FMRCC, FCA (just some of the more commonly mentioned ones), merely prohibit the broker from providing binary options to people of that country, and soliciting new customers for binary options trading in the place of the imposed ban. There has yet to be a ban that has said to explicitly prevent and implicate retail investors who trade binary options.
The bottom line, you can continue to trade at whichever broker which offers binary options to people in your country.
How Do Brokers Accept Customers In My Country If Binary Options Is Supposed To Be Banned Here?
As previously mentioned, it’s only licensed brokers, or brokers that fall under a particular jurisdiction that are required to comply. By no means am I recommending unlicensed brokers, as their lack of accountability for problems and scams has been the precise cause of this on-going witch hunt in the industry. There may be regulated brokers which have previously established a good track record that decided to drop their licenses in order to keep their customer base. On the other hand, what’s becoming increasingly popular is for binary brokers to operate under a gambling license, or gaming license. Likewise with financial securities licensing bodies, gaming and gambling licensing bodies also exist to provide guidelines and protection for users of websites under their scope. Such a broker would definitely be your best bet.
Some of the brokers I have shortlisted that accept registrations from Canada, UK and Europe include Ayrex and Binary.com
Ayrex Binary Options Broker
Ayrex has long played second-fiddle to IQ Options, and is well-known for their quick execution times, wide asset selection, quick same-day payouts and modern trading interface. For the record, they are NOT and have never been regulated, but have good feedback in this industry. They also give up to 30% bonus which can be cancelled by the client at any time. Registrations from Canada are not accepted at this time, but they do accept registrations from UK and Europe.
**You can create an account here!
Binary.com Binary Options Broker
Binary.com is an industry pioneer. Having been around for 18 years, they hold a sizeable marketshare of this industry, especially because of the security they afford their clients from the multiple operating licenses they have, from financial regulation and gaming regulation bodies. Their main interface is a simple, lightweight one, but they now also offer clients multiple user interfaces for which they can chart and trade binary options. Binary.com accepts registrations from most regions, INCLUDING UK, Europe, and Canada.
**You can create an account here!
** By creating accounts with Ayrex or Binary.com via Binary Lab using the links on this page with US$250 or more, you qualify to receive the new Binary Lab Basic program for FREE. Message our FB admin at http://facebook.com/thebinarylabpage for more info, or email [email protected].