Binary Options Canada – Top Brokers and Offers

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Binary Options Broker 2020!
    Ideal for beginners!
    Free Demo Account + Free Trading Education!
    Get a Sign-up Bonus:

  • BINOMO
    BINOMO

    2nd place in the ranking!

Canadian Traders Guide

Trading binary options in Canada has become an increasingly popular choice for many investors. With many international brokers now fighting for their share of the market, they turn to markets in which they can attract investors and grow their user base. It is no exception here, and many brokers have become focused on this country as a growth area.

So what does this mean for Canadian traders? How easy is it to invest in the best binary options and which broker should you choose?, compared to countries like Russia, Japan and the USA where regulations and legalities of options trading are clear, Canada is considered to be more of a “grey” area.

Currently, there are no laws specific to binary trading; Canada has no specific regulations in place. With all this in mind, we feel comfortable to recommend our list of reviewed and tested brokers to Canadian residents. We’re confident you’ll find a great broker that will keep your money safe, and you protected while you trade online.

In this article, you will learn:

    The brokers best suited to your needs What local payment methods are accepted Taxes and fees that apply to CA residents

Traders in Canada

Now while some traders prefer to trade with a local broker that operates in their country, you would be hard pushed to find a genuine Canadian broker that is regulated by the Canadian authorities. If you do come across a broker claiming to be Canadian based, then you should avoid them at all costs.

Without Canadian regulation, the local trader doesn’t get protection, so it becomes even more important to do your research and find a broker that is genuine and offers everything that you need including:

Mobile Trading

How do you conduct your daily transactions like shopping and banking? Many of you probably do the majority of things from a phone or tablet. That is why it is critical for brokers to offer a good mobile experience for Android and iOS users.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Binary Options Broker 2020!
    Ideal for beginners!
    Free Demo Account + Free Trading Education!
    Get a Sign-up Bonus:

  • BINOMO
    BINOMO

    2nd place in the ranking!

Deals And Incentives

Welcome bonuses are great for either trading without risking your own money or for building up funds. The no deposit is perfect for new traders as it allows you to try trading before you deposit any money.

Diverse Trading Assets

What sort of trade types are you interested in using? Do you want simple call/put options or are you looking for more complex trades? In addition to this check out what assets the broker offers and if they provide enough to meet your trading requirements.

Good Customer Support

A good broker offers excellent customer support in many formats. Usually, the broker will have a live chat assistant as well as phone numbers for various countries and email support as well. Ask them a question and see how long it takes to respond. You will find many reliable brokers from our list of recommended and reviewed companies.

The lack of Canadian brokers is due to there being no official classification as to what binary trading is in terms of whether it is gaming or not. A lack of regulation doesn’t mean that Canadians should avoid trading; it just means that they should exercise caution when choosing a broker to invest your money.

You will find many reliable brokers, from our list of recommended and reviewed companies, who operate and have licences in countries like Cyprus and the UK. Our broker recommendations will help you discover which international broker you can rely on and give you the confidence to invest with them.

Trader Broker Asset Profit

Broker Fees And Tax

Taxes and fees will have an impact on your bottom line, so it is important to consider what fees you will pay and what costs you will incur. Before we look at tax let’s first look at the expenses you are likely to face:

    Commission for successful trades. The commission is deducted at source and paid before you receive your payout Currency conversion fees. If you are going to be trading with an international broker, in a foreign currency, you may be charged conversion fees by your payment provider Transaction fees for using your payment method. Usually a percentage of what you deposit or withdraw Deposit and withdrawal fees charged by the broker for using specific methods of payment

Focusing now on the legal matters related to binary options trading, Canada has the usual laws to abide. The information that we provide here is general, and any tax enquiry should be taken up with your accountant, but we can tell you that any profit made from binary trading is income. Income is the same in any country that has tax laws. If you are an individual, then you will report the profit you have made, taking into account any losses, in the usual way. If you are a corporation, then you may be liable to pay less tax on binary trading profits.

To ensure that you know what to declare to the Canadian tax department it is important to keep records of expenditure, losses and profits and to make sure that you have all the information to hand including which tax year it falls into it. If you haven’t been keeping a record, it is essential to start and then work back through what you can to bring your documents up to date.

Canadian Licencing

When looking at whether it is illegal or not to trade binary options, Canada has stated it is unlawful for an international broker to solicit their service to Canadian citizens as it is with the USA. There is no Canadian regulation or legislation rules that apply specifically at this current time. Canadian binary options trading is unclassified, and therefore there are no rules that apply.

For this reason, it is of the utmost importance that Canadian traders make sure they choose their broker wisely. Any money invested is done so at the traders own risk, and if any issues arise from trading with a poor choice of broker, there is nothing that will protect you. Without regulation, the risk is entirely at the feet of the trader.

In March 2020 the Canadian Securities Administrators (CSA) warned investors to exercise caution when trading. With there being such “easy pickings” as it were it became increasingly popular to solicit platforms that weren’t always legitimate. Without proper guidance and information knowing which brokers to trust was not always easy.

Unlike in most countries where the law is clear about the classification of binary trading, Canada does not have strict rules that apply. In many countries, it falls under securities or gaming. Here they are neither. To minimise the risk of losing money through companies who claim to be real, we strongly advise studying the information available to you on our website through our reviews and recommendations.

There are some checks that you can make yourself like looking at where they are based, what licenses they hold and whether they are licensed to trade internationally. We have already made these checks on your behalf so you can rest assured that choosing a broker recommended by us is safe, legal and legitimate.

Trading binary options in Canada has become an increasingly popular choice for many investors.

How we Recommend Brokers

There are many factors that we consider when recommending and reviewing various services. This level of research, if undertaken by the trader, would take an extreme amount of time and probably have you wishing that you had never started. The information that we provide comes from our team of experts and their extensive research. Their knowledge of the market place means they know what to look for and what is essential when trading online.

So where do we start? Well, most importantly we make sure that the broker has all the correct licensing. We only recommend reputable, regulated and licensed Canadian brokers to you as we want your experience to be the best. Once we establish the legitimacy of the broker, we then look at their offering. Now, this doesn’t just include the types of accounts and incentives that they offer. Our views are fully rounded to include the trading experience as well, so we only show you the best Canadian binary options brokers.

We analyse what it is like for a trader to trade on the broker’s platform. We also look at their desktop trading platform, their mobile offering and whether they have a mobile app available for both Android and IOS. We recommend many companies that have the best offerings and provide a fair and rounded comparison for you to make an informed decision.

Frequently Asked Questions

Is binary trading in Canada legal and safe?

It is perfectly legal to trade binary options in most countries including Canada. Most of the brokers that allow Canadians to purchase with them are licensed and regulated in Europe.

Do I need to pay fees and taxes on my profits?

If you make any profits, you should pay tax. While it is not up to the broker to keep records and declare them to the Canadian government, it is essential that you keep records.

Can I test brokers before trading with real money?

Many big names offer incentives to stay ahead of the competition; therefore, you will find most of them provide a demo account for new traders to try trading for free.

Is it easy to make deposits and withdrawals?

You’ll have to provide identification but once you have done this making deposits and withdrawals is very straight forward. Any earnings withdrawn will be paid back to the same method that was used to deposit initially.

Can I trade using my mobile or tablet device?

Most things are done on the go on a mobile device today, online banking, shopping, booking holidays and yes, options trading too.

Shelly is proud of her current position as Head of Brand for a well-known organisation that owns several brokerages in the trading sector. She’s consulted for us since 2020 and readers can benefit from her insider knowledge of how brokers work.

Canada

Editors Note: Binary options is unregulated in Canada. No broker or vendor has been approved by Canadian financial regulators . Traders using binary options brokers in Canada do so at their own risk and with the knowledge that the activity has not been approved by the authorities.

When a trader decides to choose a new or the first broker to enter in order to trade with binary options, many factors must be considered. However, the very primary thing you will need to estimate is the residence of the binary options broker you look for. Due to restrictions made from the binary brokers or due to the national laws as to financial trading in general, some particular regions in the world might be either too difficult to be tried, or bound with some limits as to some traders. A similar situation can be found for Canadian traders, as well as for binary options brokers in Canada. Even though estimated as brokers non grata, binary options Canada brokers are actually fantastic alternatives for all of you. So find out some more information about the Canada binary brokers, too, and decide whether they can suit your needs!

What`s So Special And Curious About Binary Options Canada Trading Platforms?

Several years ago, when financial trading – including with binary options – was just in its beginning tour among the online sphere, traders from Canada were quite restricted as to this activity. The national laws used to implicate a ban to financial trading since it was recognized as a form for gambling. For this purpose many brokers are even yet restricted for Canadian brokers. This trend has continued even after the elimination of these restrictions from national Canadian laws. Currently, for instance, there is nothing wrong or illegal in trading with binaries. But what Canadian audience sees yet in the global binary options trading websites is still a bunch of restrictions for them. This has established a new way of finding brokers for Canadian traders. Right now they can trade at Canadian binary options brokers that are both – officially licensed according to the newest laws as to trading, as well as properly regulated by the local controlling bodies. As a matter of fact, these authorities make great and wonderful things as to the Canadian binary field, so the rest of the brokers can only take them as models. Still, though, what Canadian traders are some kind of restricted by is the Canadian regulation, which must be settled in any trading platform they decide to register.

What Is The Regulation In Binary Options Canada Brokers?

The following agencies are currently in charge for both – regulation and providing licenses for binary options Canada brokers. Find out more about these controlling official bodies:

Financial Transactions and Reports Analysis Centre of Canada

The Financial Transactions and Reports Analysis Centre of Canada – or the FTRACC – is the official regulatory agency for the Canadian binary option trading field. The main duty this agency has is to provide licenses for the brokers and to cover the faultless and the secured trading activity for both – the brokerage companies and the trading community. Financial Transactions and Reports Analysis Centre of Canada is also responsible for taking care of all the signals and inquiries as to the safe and risk-free binary options experience.

Ontario Securities Commission

Ontario Securities Commission or the OSC in short is an independent agency that covers Ontario legislation territory. The official FTRACC has approved the presence of the Ontario Securities Commission as an ordinary, but only additional regulator to the Canadian binary options brokers. Mainly, this agency works as a supportive controlling body to the official regulators, but many traders turn their signals to it due its fast work and execution of each inquiry.

British Columbia Securities Commission

Last, but not least, British Columbia Securities Commission – BCSC – represents an independent regulation body for binary options broker regulator, too. It incorporates up to 10 commissioners, who protect the personal data, the finances and the brokers from different cases of scams or frauds. The binary option market is currently quire popular in Canada, so recently this additional and independent agency has also lots of work to do in order to handle the secured and 100% safe trading arena for the financial market participants.

Trying binary options brokers based in Canada can be a great adventure for both – Canadian citizens and ordinary traders. In both cases, a trader will see good reliability, strong reputation and a bunch of cool features and instruments to try. So regardless your residence, a Canadian broker with binary options can be always a good decision for you , because here is where your money is in safe and your trading – advanced and contemporary!

Editors Note: Binary options is unregulated in Canada. No broker or vendor has been approved by Canadian financial regulators . Traders using binary options brokers in Canada do so at their own risk and with the knowledge that the activity has not been approved by the authorities.

Binary Option Trading in Canada

Binary options trading has the potential to be profitable for investors worldwide. In Canada, the legalities rest in a gray area.

As an investor, you need to be aware of your ethical and legal responsibilities. While there are some gray areas, one thing is clear: Canada has made it illegal for binary options brokers to operate inside of the country. If you want to trade binary options in Canada, you must use an offshore broker.

​​We want to help you engage in ethical and legal trading, all while bringing in profits. Check out this guide to learn everything you need to know about binary options trading in Canada.

Table of Contents

The Best ​Binary ​Options Brokers For Canadian Traders

Until 2020, there was no reference to ​trading binary options anywhere in Canadian law. In late 2020, Canada made it illegal for binary options brokers to operate within the country’s borders.

Even before this law was implemented, Canadian authorities insisted that investors steer clear of any broker that operates within the country.

Despite its many financial institutions, Canada has never had any licensed or regulated binary options brokers. Investing your money in a binary options broker in Canada was a risky business. You were handing over your investment to an unreliable body. This rings even more true with the current illegality of binary options trading inside Canada’s borders.

However, as a Canadian resident, you can look elsewhere to make legal binary options trades. For example, Canadians can turn to brokers in reputable jurisdictions like Cyprus, Japan, or the United Kingdom. There are also reliable brokers located throughout the European Union.

When you are looking for an offshore broker as a Canadian, be a skeptical shopper. Know that not every country has a system in place to regulate binary options trading. For example, the British Virgin Islands, St. Vincent, and the Grenadines and Belize are infamous for their less-than-reputable trade activity.

Does Canada Offer A List of Reputable Brokers?

Because using a domestic binary option​s broker is illegal in Canada, the government has not released a list of reputable brokers as other countries have done. However, you should be able to find the best broker to meet your investing needs. You just need to conduct adequate research. Never rush into choosing a broker in hopes of getting rich quick.

Factors To Consider When Choosing An Offshore Broker

Keep the following factors in mind when selecting an offshore broker:

Customer service: Because your binary options ​broker will be in a different country, you need to ensure it offers superior customer service. This way, you can rest assured knowing you will have continuous support. Look for an offshore broker that has prompt 24/7 service. Search for reviews from Canadian traders who are similar to you in terms of assets available and overall financial goals.

Resources and tools: Because of the illegality of ​binary options in Canada, you may not be well aware of the benefits it can offer. Find an offshore broker that provides educational resources and tools you can use to enhance your learning of this specialized investing method.

Usability: Ensure that your offshore broker has an easy-to-use website platform. This way, you can dedicate more of your time and attention to making profitable trades. Try to find a platform that offers a demo account so you can get a feel for the website before putting your own money at risk.

Compatibility: Where do you plan on doing your trading from? Consider if your offshore broker’s website is compatible with Android, iOS, and desktop platforms.

Deposits and withdrawals: Opt for a broker that allows for deposits and withdrawals with minimal fees. As a Canadian resident, try to find a broker that operates in Canadian dollars. This way, you won’t have to worry about losing money in any currency exchange.

Types of options: All of the offshore brokers out there offer different trading options. Be aware of the ones you want available to like no-touch, one-touch, boundary, and doubling up.

Payment type: How do you want to fund your account? Check? Wire transfer? Credit card? Some brokers cause hefty fees for certain payment methods. You should know what your primary payment is going to be before choosing your ​trading platform.

Do I Need To Pay Taxes on Income Generated​?

Any money you make from a binary options trade is considered taxable income in Canada. As a Canadian resident, you will need to:

  • Report the profits you make
  • Take any losses into account.

Failing to report your earnings can land you in serious legal trouble. You may be required to pay additional fines on top of your expected taxes.

Even if your earnings don’t seem significant enough to report to the Canadian tax department, you need to do so anyway. To know how much you owe, keep thorough records of your expenditures, profits, and losses. Keep all of your binary options trading activity organized, so you know which tax year it falls into. Make sure you have all of this information on-hand ready to view.

If you have begun the trading process and have not been keeping the proper records, bring your documents up-to-date.

If you have any apprehensions or are unsure of how to report your earnings, visit a trusted accountant for professional advice.

​​How To Get Started With Binary Trading if You’re Canadian

Once you have settled on a reliable ​trading platform, you can register for an account and begin the trading process. Begin with a small investment amount and only invest what you can afford to lose. As you acquire investment knowledge, it can be tempting to pool large amounts of money into binary options trading. Avoid falling into this trap and never invest anything that can put you in a poor financial position.

A lot of offshore brokers offer bonuses as enticing ways to get you to invest more upfront. Evaluate these bonuses and consider if the large initial investment amount is something you can afford.

Robert Wolfe is the founder and chief editor of Impact Investing Collaborative. Robert is an expert trader with over 10 years of experience trading binary options, Forex, and CFDs. He prides himself in providing accurate and in-depth reviews in order to help others find a trading platform that fits their needs. When Robert isn’t actively trading or managing Impact Investing Collaborative, he enjoys spending time with his 3 kids, playing golf, and spending time outdoors.

Welcome To Our Site!

My name is Robert Wolfe and I’m an online trader with over 7 years of experience trading financial instruments such as binary options, CFDs, forex, and stocks. I created this website to share my knowledge of the industry so you can avoid the same mistakes I’ve made.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Binary Options Broker 2020!
    Ideal for beginners!
    Free Demo Account + Free Trading Education!
    Get a Sign-up Bonus:

  • BINOMO
    BINOMO

    2nd place in the ranking!

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