Opting for a regulated binary optionsbroker
Within Europe, the FCA is considered one of the most stable and strict financial watchdogs for the industry.
The binary product in the UK can be viewed as both a financial instrument and gambling. There are some binary firms operating with gambling licenses provided by the UK GC.
On the other hand, we see FCA regulated forex brokers that offer binary options as a side product. The way both these licenses are obtained are quite different. Although the FCA does not regulate digital options, this has not stopped it from publishing warnings about various brokers.
The watchdog issues such warnings in the general interests of the public at regular intervals and calls out the firms in its reports. In doing so, the regulator has taken a proactive role in ensuring only legitimate businesses are able to offer their services to UK residents.
Therefore, firms that offer such products mainly banks are expected to provide full reporting and transparency for their clients. If any of the binary options contracts are also put under this scheme, it could mean most unregulated binary brokers will have to obtain FCA licenses, especially if they offer the specific contracts to the UK investors.
Such brokers aim to bring the best practices and transparency into the business. This puts the licensed companies at an advantage due to the strict guidelines and regulations enforced by the FCA.
At present, binary options are subject to regulation by the UK Gambling Commission. However, current developments on the legislative side are expected to bring about some changes in the near future. The FCA is contemplating treating digital options as a financial product.
A licensed binary option broker often ensures payments on time to the traders, irrespective of whether their financial condition is good or not. Investors can take up the matter with regulatory authorities, if the broker fails to make payments as promised. Traders working with brokers that are not regulated cannot get their problems sorted out by anyone. However, all of the non-regulated binary options brokers cannot be arbitrarily classified as either cheats or scammers.
The binary market continues to be largely unregulated even now and there are a few brokers who conduct business in an ethical manner though they do not fall under the purview of a regulatory agency.
Many investors are choosing to work with such brokers because of their reputation in the market and are enjoying a great deal of benefits as well. Regulation may be helpful in protecting the interests of binary options traders, but it can cause problems for people located especially in the USA. In particular, CySEC is very strict about this.
The regulator does not allow regulated binary brokers to offer their services to any USA or Canadian customers. Technically speaking, the regulations prevent US traders from accessing only options in commodities and currencies. Moreover, deciding only to work with regulated brokers prevents traders from accessing options on certain assets that perform better and some of great trading features offered by non-regulated brokers. Summarizing, the regulation of binary options brokers has been initiated only a few years back.
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