One of the latest warnings against companies engaged in binary options trading comes from Nova Scotia’s Securities Commission (NSSC). The authority has warned that the binary options automated trading program named Canuck Wealth / Canuck Method / Binary Online is not licensed to sell securities in Nova Scotia.
NSCC claims that representatives of the Canuck Method have illegally solicited residents of the Canadian province to invest in binary options, without being authorized to operate in the country.
“The Commission urges Nova Scotians to exercise extreme caution when dealing with firms that are not registered in Nova Scotia”, the NSCC commented. “It is illegal to solicit investments in Nova Scotia without registering with the Commission and complying with Nova Scotia securities laws.”
In fact, the Denmark’s regulator had recently issued a warning against The Danish Method (Den Danske Metode) binary options trading signals service that promises spectacular profits to inexperienced traders. The Canuck Method/Wealth appears to be a version of the Danish Method. There are also the The Brit Method and The Aussie Method, all of them using similar design, wording and the same ungrounded promises of massive profits to solicit gullible investors.
And obviously, they have managed to deceive many, as there are a number of complaints by people who had lost a lot of money. This comes as no big surprise, as binary options robots seem to be the latest trend in binary trading. Those robots are automated trading programs that promise to make you rich while asleep.
The truth is that binaries are the closest thing to gambling in the online trading world and as such involve a lot of risk. In an effort to protect investors, financial regulators keep issuing warnings against scam brokers. Furthermore, many EU financial regulators are considering ban on the marketing of this controversial OTC trading, and some have already prohibited it.