Let me guess, you’re here because:
- You live in Canada.
- You want to trade binary options.
Am I close?
Good news – you’re in the right place. What you’ll find below is information that answers questions like:
- Who are the top Canadian brokers?
- How do I make a deposit?
- Do I need to pay taxes?
- Should I accept the deposit bonus?
If you have any questions I suggest you give this page a onceover. Chances are we’ve covered it.
Top 10 Canada Binary Options Brokers
Here are some of the top options for Canadian traders:
Keep in mind these are just our picks. Many of them featured on the Canadian specific broker review site. Maybe you have a specific budget, feature or platform in mind. Maybe you want to use 3rd party signal providers. So, if you’re not okay with just signing up anywhere, I suggest you read our reviews first.
Commonly Asked FAQs
Here are some regularly asked questions about trading from Canada.
Do I have to pay taxes on my earnings?
First off – we recommend you consult with either a lawyer and/or an accountant. We are neither.
But I think we have an answer.
Yes, you will need to file a tax return and since no broker withholds your funds for tax purposes, it would be reasonable to assume you’ll need to do it yourself.
I recommend you track the money you deposit, the money you earn and the money you spend on tools, training and other related expenses.
That’s right – you should be able to deduct whatever you spend from your earnings, which in turn should reduce how much money you’re liable for.
Keep in mind if you take the bonus you’ll need to clear the rollover before you can request a cash out.
That means if you deposit $1,000, you’ll be expected to trade $20k-$50k before you can cash out. If the rollover is on both the deposit and bonus, it’ll be $40k-$100k.
However, most people get excited when they win a few grand and want to cash out right away.
But they won’t be able – not if they accepted a bonus.
Unless you sign up somewhere that allows you to cash out anyway, like Markets World, which is a rare option, you’ll have to decide if you want the option to cash out any time or if you’re willing to wait until you’ve traded tens of thousands of dollars – maybe hundreds of thousands – before you can cash out your monies.
Are binary options trading legal in Canada?
Again – I’m no lawyer, nor do I play one on TV. So you should consult with one if this is something you’re worried about.
But, from what I understand, there are no laws covering this sort of financial activity.
Good news, right?
Kind of. But it means something else, too.
Like …no laws, regulations or authorities. This means there’s no one protecting customers from fraud or setting guidelines for brokers to follow to ensure you and your money are safe.
So, it’s kind of a tradeoff – one you have to decide is worthwhile if you want to trade.
(Apparently there’s the Canadian Securities Administrators (CSA), which is an umbrella group who has the job of streamlining the capital markets in operation throughout the country. But it appears they have no plans to regulate the binary options market in Canada…. for now. Learn more about Canadian securities regulation at wikipedia.)
What deposit options can I use to fund my account?
You should have no problem finding a broker that accepts:
- American Express
- Bank / Wire Transfers
There are even brokers that accept money transfers from Western Union or MoneyGram.
How much do I have to deposit?
These numbers vary. The best way to find out is to read our reviews. That said I have seen minimums deposits range from $100 to $250.
I encourage you to figure out what type of account beforehand, too, because sometimes the minimum deposit is just $50 or $100 shy of the entry level account. These can come with deposit bonuses, strategy sessions, rebates and other perks.
Can I trade on a demo account?
You can, but keep in mind many brokers ask that you make a deposit before using their demo accounts. And, even though some of them say their demo account is free, if you withdraw your money without making a trade, they’ll charge you a handling fee.
You’ll want to read our reviews – and their terms and conditions – before you get started.
Oh, and remember that you cannot make any money without trading for real money.
Which broker is best?
Would you like my honest answer?
My thinking goes something like this –
Even though a broker being licensed and regulated probably doesn’t do a lot for YOU – a Canadian – the fact that they have standards to meet means the odds of them being safe and legit are that much greater.
Think about this for a second. What types of standards do these brokers have to meet?
- They have to keep customer funds separated from company funds.
- They have to have enough money, resources and employees to run their business – as decided by the regulatory body.
- They may have to have an office in the country they’re licensed / regulated.
- They may have to have a native person at said office, or on the paperwork.
- They’re subject to reviews and audits.
And a ton more.
Granted, not every licensed and regulated broker is going to be worth your time.
But I bet you’ll be better off at one of those brokers versus the top broker that’s NOT licensed or regulated.
That’s just my .02.
Do you have a question we didn’t answer? Send us a message.