Investing money in online trade is indeed very exciting but at the same time, it is very risky where the chances of failure are more as compared to victory. People talk about Forex trading and its profitable nature, but it is not meant for everyone and only the experienced ones are able to make money while the novices are left to fend for themselves. A better alternative to FX trade is Binary Options trading which offers a plethora of opportunities to both new as well as skilled traders. If you are someone who hails from Canada and looking for the best Canadian Binary Options Brokers, then you are at the right place. Here we will provide a comprehensive review of the reputed brokers that accept Canadian residents and you can select the one suited to your needs.
Best Canadian Binary Options Brokers
All trading involves risk. Only risk capital you’re prepared to lose.
Vanilla options – easyMarkets
easyMarkets does not provide binary options, but vanilla options. Vanilla options have similarities with binary options but there are differences as well, which makes it different from binary options. The main differences between these two are payouts, expiry dates, and execution.
Payouts in binary options (if the trader wins) are fixed, whereas with vanilla options the amount has no limit. Vanilla options expiry dates have full flexibility and tailored by the trader, binary options expiries are typically minute or even less. easyMarkets traders can exercise their option with no obligation at any time within the life of the contract, this is not the case for binary traders, who have no option once a contract is entered into.
Important Customer Service features to Look for in Canadian Binary Options Brokers
- Some brokers will receive some amount of money in the form of fees if you lose a given trade. While there are some brokers who will charge fees for executing a given transaction. If your broker accepts both the fees, then make sure that it is reasonable and it should not be more than 15%.
- Customer service is important and before you select your choice of broker, make sure that it offers telephone, email or live chat in order to communicate with them. Before you sign up any broker, give a test run to the customer service and hence you will be able to get aware of its overall customer support program.
- If you are able to find a broker that is able to offer a refund when you lose a given trade, it will be extremely beneficial for you. Some merchants would do that and you will need to ask them in the first place. You need to make sure that the refund money should be at least 15% in order to make the trading loss look viable and will be able to give a good incentive to you in return.
Selecting a broker for binary options trading is a pure art and it is not something to be taken lightly. You need to do some background checking and find out whether the broker has some bad history or not. Read the feedback of the customers concerned and hence you will have a proper understanding of the overall credibility of the broker. The Canadian Binary Options Brokers that are mentioned above are best in business and have a great name in the industry. You are free to open a trading account with any of these aforementioned brokers and start your trading account for a sound career in binary options.