Binary Options shorter than 30 days are illegal in Canada. This ban is nationwide and was introduced by the Canadian Securities Administrators (CSA) in 2017.
The implementation of the ban on binary options shorter than 30 days was announced by the CSA on September 28, 2017.
Even though binary options with a lifespan of at least 30 days are technically legal in Canada, a broker would still need to be licensed in Canada and have permission to offer them, and – at the time of writing – there are no registered individuals or firms permitted to trade binary options products in Canada. This is not likely to change as long as the CSA keep their very strong stance against binary options.
It should also be noted that even if the CSA would lift the national ban at some point in the future, provincial regulators in Canada have the authority to ban binary options within each respective province, and some already have such provincial bans in place. One example is Ontario, where the ban was proclaimed by the Ontario Securities Commission (OSC).
Binary Options Brokers in Canada
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#1 IQCent
US accepted
IQCent is an offshore binary options and CFD broker based in the Marshall Islands. The brand continues to offer a range of unique account types with bonuses and perks, including payout boosts, TradeBacks and free rollovers. With an expanded suite of 175+ assets, around-the-clock trading and 98% payouts, the firm is popular with aspiring short-term traders.
🛡 RegulatorsIFMRRC# Assets55+🛠 PlatformsTradingView🪙 Minimum Deposit$250💹 InstrumentsBinary Options, CFDs, Forex, Indices, Commodities, Crypto💲 CurrenciesUSD, EUR🫴 Bonus Offer20% to 200% Deposit BonusVisit BrokerUnited States accepted. -
#2 Dukascopy
US accepted
Established in 2004, Dukascopy Bank SA is a Swiss online bank and brokerage providing short-term trading opportunities on 1,200+ instruments, including binaries. A choice of accounts (JForex, MT4/5, Binary Options) and sophisticated platforms (JForex, MT4/MT5) deliver powerful tools and market data for active traders.
🛡 RegulatorsFINMA, JFSA, FCMC# Assets60+🛠 PlatformsMT4, MT5🪙 Minimum Deposit$100💹 InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto, Bonds, Binary Options💲 CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, TRY, SEK, NOK, DKK, CHF, HKD, SGD, PLN, CZK, AED, SAR, HUF, MXN🫴 Bonus Offer10% Equity BonusVisit BrokerUnited States accepted. -
#3 Capitalcore
US accepted
Capitalcore is an offshore broker, based in Saint Vincent and the Grenadines and established in 2019. Traders can choose from four accounts (Classic, Silver, Gold, VIP) with lower spreads and larger bonuses as you move through the tiers. Where Capitalcore distinguishes itself is its high leverage up to 1:2000 and zero swap fees, though these don’t compensate for the weak oversight from the IFSA and paltry education and research.
🛡 RegulatorsIFSA# Assets35+🛠 PlatformsProprietary🪙 Minimum Deposit$10💹 InstrumentsForex, Metals, Stocks, Cryptos, Futures Indices, Binary Options💲 CurrenciesUSD🫴 Bonus Offer40% Deposit Bonus up to $2,500Visit BrokerUnited States accepted.
Multilateral Instrument 91-102 Prohibition of Binary Options
In Canada, Multilateral Instrument 91-102: Prohibition of Binary Options makes it illegal to advertise, offer, sell or otherwise trade binary options shorter than 30 days with any individual.
The ban applies to all forms of binary options trading marketed, offered and/or sold to Canadian residents.
While many other countries only ban the advertising, offering and selling of binary options to non-professional traders, the Canadian rule makes no such distinction.
Reasons For the Ban
When the CSA announced the ban back in 2017, they said that binary options were a leading type of investment fraud facing Canadians, and that the impact of this kind of scam was staggering.
The ban was introduced both the protect Canadians and to send a message to individuals that binary options are unsuitable for individuals.
Binary options are high-risk in their nature, but they are also being used as a lure by fraudsters to find victims. At the point of the ban, the CSA was aware of numerous instances where fraudulent binary options brokers had targeted Canadian individuals without actually functioning as binary options brokers – they simply stole the money. Also, Canadians that had provided credit card information and/or other personal information to binary option sites were falling victim to identity theft.
The CSA Binary Options Task Force
The CSA Binary Options Task Force was formed in 2016 to proactively fight binary options fraud.
The 2017 ban supports their endevours, which also involves working with credit card companies, tech companies and advertisers to educate about how binary option fraudsters rely on these various other companies to carry out their scams.
A Rose By Any Other Name
The 2017 binary options ban is not limited only to derivatives called binary options. Derivatives marketed, offered and sold under a variety of names can still fall under the ban if their characteristics matches those of a binary option. Examples of common alternative names used for this type of derivative are “all-or-nothing options,” “bet options,” “cash-or-nothing options,” “digital options,” “asset-or-nothing options,” and “fixed-return options”.
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Regulated Alternatives for Canadian Traders
While binary options are banned, Canadian investors have access to a wide range of regulated financial products, such as forex trading, stocks, ETFs, and options trading, all of which are overseen by Canadian financial regulators. Investors interested in derivatives trading can explore options trading through regulated Canadian brokers, which offer a more structured and transparent environment.
How to Protect Yourself from Trading Scams
- Before using any broker (e.g. a stock broker), it is advisable for Canadian traders to visit aretheyregistered.ca to check the registration of the broker. Any firm or individual selling investments or offering advice must be registered in the province where they do business.
- Avoid foreign platforms and stick to companies registered and authorized in Canada.
- If you suspect that a platform, company or individual is operating illegally, report it to the Canadian Anti-Fraud Centre (https://antifraudcentre-centreantifraude.ca/index-eng.htm) or to your local securities commission. Fraud and other illegal activities can also be reported to the police.
- The CSA runs the site Binaryoptionsfraud.ca, where you can find out more about binary options fraud and get tips on how to protect yourself.
- Remember that even if you only deposit a small amount of money that you are willing to risk, a fraudster may still carry out identity theft if you have given them private information.
This article was last updated on: June 30, 2025