Best Binary Options Brokers in Canada in 2024

Top Five Binary Options Brokers In Canada

A limited list of binary Options brokers is available for Canadian traders to trade with. We’ve compiled the list of the best five binary options brokers for Canadians to trade with:

• Pocket Option
• IQCent
• Close Option
• Binary Cent
• Vide Forex

We’ll review each of these brokers based on details, including supported Canadian languages, regulatory authorities involved — local and international — if any; payment options, and support for local currency — CAD, among other factors.

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Pocket Option

This is one of the most advanced trading platforms for binary options trading for traders in the Canadian region. There are numerous benefits attached to using the Pocket Option as well. This is by far one of the most dedicated binary options brokers for Canadians.

Pocket Option was founded in 2017, and it’s a subsidiary of Infinite Trade LLC, a registered company in the Republic Of Costa Rica. Pocket Option has over 10 million registered users in over 95 countries with a $500,000,000 trading turnover.

Regulation and Security

The regulatory aspect of this broker is quite clear. They aren’t under the purview of any Canadian authority specified for handling financial markets and user protection. However, Infinite Trade LLC, Pocket Option’s parent company, is regulated by the Mwali International Services Authority with the License registration number T2023322.

Regarding security, there are several policies noted on the website that protect users’ interests. This includes the anti-money laundry, Know-your-customer, privacy, and payment policies.

You can set your two-factor (2FA) authentication through Google, which will help with withdrawal and login into the platform. You’ll get your complete login history, the location where you logged in, and more.

The security segment for Pocket Options is solid and well-built, and there is no history of hacks.

Payment

The payment option is robust on the Pocket Option and perhaps one of the reasons why I like them. There are the primary methods involved in Cards, E-payments, and cryptocurrencies.

• Cards: Visa and MasterCard.
• E-Payment: Perfect Money, Advcash, WebMoney, Skrill, and Payeer.
• Cryptocurrencies: Bitcoin (BTC), Tether (USDT), Binance Pay, Tether (USDT)TRC-20, Litecoin (LTC), Ethereum (ETH) ERC-20, USD Coin (USDC) ERC-20, Zcash, Tether (USDT) Polygon, Binance Coin (BNB) BSC, Binance USD (BUSD), Ripple (XRP), Ethereum Classic (ETC), Tron (TRX), and Stellar (XLM).

Trading And Mobile Platform

• Android: Available ✅
• iOS: Available ✅

So far, the Pocket Option is available for mobile devices specific to Android and iOS users. You can also access it through their web version. The Demo trading option gives users complete access to trading different financial instruments.

This Demo app comes with an automatic $10,000. This gives you access as a Canadian to trade and backtest the market to develop solid strategies that work for you.

There are also four trading terminals to trade the different assets on both real and demo accounts: Shares Trading, Forex MT4, Forex MT5, and Quick Trading.

SignUp Process

This is one of the most straightforward signup processes. You can sign directly through your Google or Meta (formerly, Facebook) account or manually by providing your email password, confirming your password, and verifying you’re not a bot through reCaptcha. This will give you complete access to the trading platform.

However, that’s just 20% of the process. The next 80% steps are as follows: 

1. Selecting a different asset type.
2. Place a forecast predicting the market movement.
3. Next is depositing into your account
4. Finally, complete your verification by confirming your email providing your first name, last name, phone number, and date of birth.

Assets and Instrument

Different asset classes are available on the broker; this includes Forex, Cryptocurrencies, Commodities, etc.

• Forex Pairs

AUD/CAD OTC, AUDICHF OTC, AUD/PY OTC, AUDINZD OTC, AUD/USD OTC, CAD/CHF OTC, CAD/PY OTC, CHF/PY OTC, EURICHF OTC, EUR/GBP OTC, EURIPY OTC, EUR/NZD OTC, EURUSD OTC, GBP/AUD OTC, GBP/PY OTC, NZD/PY OTC, NZD/USD OTC, USDICAD OTC, USDICHF OTC, and USD/SPY OTC.

Non-OTC Forex Pairs: AUD/CAD, AUD/CHE, AUD/SPY, AUD/NZD, AUD/USD, CAD/CHE, CAD/APY, CHF/APY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, USD/MXN, USD/NOK, USD/PLN, USD/RUB, USD/SEK, USD/SGD, USD/TRY, USD/ZAR, USD/CNH, USD/CZK, USD/DKK, USD/HKD, USD/HUF, USDAILS, USD/SPY, USD/KRW, GBP/USD, GBP/ZAR, NZD/CAD, NZD/CHE, NZD/SPY, NZD/SGD, NZD/USD, USD/CAD, USD/CHE, GBP/CAD, GBP/CHF, GBP/DKK, GBP/PY, GBP/NOK, GBPINZD, GBP/SEK, and GBP/SGD.

• Cryptocurrency

VeChain, Waves, XMRBTC, Yearn.finance, Yield Guild Games, Cash, Zilliqa, ZECBTC, Stellar, Storj, Stream, Sun, Tezos, The Sandbox, Theta Token, Tron, Uniswap, Polygon, Qtum, Reef, Ripple, SANTOS, Siacoin, Solana, Stacks, MIOTA, Monero, My Neighbor Alice, NEAR Protocol, Neo, NULS, OmiseGO, Polkadot, GLMR, Illuvium, Internet Computer, Kava, Litecoin, Maker, Mask Network, LTCBTC, Decentraland, DigiByte, Dogecoin, Enjin Coin, EOS, ETHBTC, Ethereum, Filecoin, Binance Coin, Bitcoin, Bitcoin Cash, Cardano, Chain Link, Chiliz, Compound, Cosmos, Aave, Algorand, Alien Worlds, ALPINE, ANT Aragon, Avalanche, Axie Infinity, and Binance Coin.

• Indices

Australia 200 Index, CAC4O index, DAX40 index, DIA index, EUROSTOXX50, FTSE100 index, Hong Kong 50 Index, Japan 225 Index, DIlA index, EUROSTOXX50, FTSE100 index, Hong Kong 50 Index, Japan 225 Index, NASDAQ100 index, S&P500 index, and Spain 35 Index Cash.

• Stocks

3і Group Pl, 3M Company, Abbott Laboratories, AbbVie Inc, Adidas AG, Agnc Investment, Alcoa Inc, Alibaba Group, Alibaba Group, Alphabet Inc, Altria Group Inc., Amazon Inc., American Express, American Well Corp, Amgen Inc., APPLE INC, Archer-Maniala-MiN, Archer-Daniels-Mid, Ashtead Group PIc, ASML Holding NV, AT&T Inc, Automatic Data Pro, BAE Systems PI, Bank of America, Barclays PLC, Blackberry Ltd, Block Inc., Boeing Company, Booking Holdings Inc, British American, British Land Co PIC, Broadcom Inc, BT Group PLC, and Burberry Group Pl.

This isn’t an exhaustive list of the available assets and instruments on Pocket Options. 

IQCent

This is one of the most familiar binary options brokers in the world. It was founded in 2017 and is headquartered in Majuro, Marshall Islands. According to IQCent, there is a list of available assets on the platform, including CFD (contract for difference), indices, commodities, and cryptocurrency. For Canadians, the list of assets is limited.

Regulation & Security

While IQCent is accepted and usable by Canadian citizens and residents, the platform is not regulated by any government financial body or reputable organizations like CIRO Canadian Investment Regulatory Organizations.

However, it claims to be regulated by an independent company, the International Financial Market Relations Regulation Center (IFMRRC)— which is most likely a scam platform. IQCent uses an advanced security method to protect its platform, including the 256-bit SSL encryption that protects funds and data.

Trading Platform

IQCent offers an intuitive interface appealing to both novice and expert traders. This is powered by a world-renowned trading terminal TradingView. In addition, Canadian traders can also benefit from the demo account on IQCent.

The platform’s left side showcases a wealth of details, including market analysis, a trading contest with funds awarded upon meeting specific criteria, copy trading to mimic successful traders, and other options.

Mobile App

• Android: unavailable ❌
• iOS: unavailable ❌

The IQCent doesn’t have a mobile app to trade with for both iOS and Android users. To trade with IQCent, users can either stick with the web version which gives complete access and control but lacks flexibility but is accessible on mobile and desktop.

Signup Process

You’ll require the following details to sign up:

• Email address
• Password
• Name (first name, preferably)
• Surname (Last name)
• Mobile number
• Your default currency (it’s automatically set to GBP).
• Agreeing to the Terms and Risk Statement as provided.

To verify your account on IQCent, you’ll need an ID type or government-issued documents, such as a passport, ID Card, or Drivers license, scanned and uploaded to the platform, and the final step is providing a selfie of yourself.

Assets and Instruments

Several tradable instruments on IQCent across major currency pairs, including the Canadian Dollar — CAD. However, unlike what the platform claimed, saying there are over 100 binary options trading instruments, my research shows the instrument listed at the time of writing is limited.

• You have the forex pair instruments including AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/JPY, EUR/GBP, EUR/NZD, EUR/USD, USD/CHF, USD/CNH, USD/JPY, USD/SEK.
• For cryptocurrencies, some of the instruments you’ll have access to trade are Bitcoin (BTC), Dogecoin (DOGE), BNB, Polygon (MATIC), Quant (QNT), Ripple (XRP), Solana (SOL), ETC/USDT. All the listed currencies can also be traded over-the-counter (OTC).

Close Option

Close Option is a very notable binary options brokerage company around the globe with over 2.7 million users. Canadian Users might not like Close Options because of its several restrictions.

Security and Regulation

Close Option isn’t regulated by any authority. This puts users at risk and isn’t completely safe to use. Aside from that, there is no compensation scheme where users are refunded if the binary options broker goes bankrupt.

Payment

The payment options are completely limited to users; only four are available and are extremely linked to Canadian currency; you have PayPal, Perfect Money, Bitcoin, and other cryptocurrency. This is very limiting for Canadian users.

The minimum deposit for each payment option is $5 and the maximum deposit is $5,000 and a 44% deposit bonus as well.

Mobile Platform

• Android: unavailable ❌
• iOS: unavailable ❌

One disadvantage of using Close Option is how restrictive it is. It doesn’t have a mobile app that can be downloaded by users who find mobile trading more efficient and convenient. Canadian users will have to rely on the web version, which can be hacked easily compared to a mobile version.

This means you have to access it via Chrome, Opera Mini, Firefox, and Explorer, among others.

Tradable Instruments

The tradable instruments on close options are currently limited across two asset classes. This may restrict you as a user if you have a high interest in trading so many assets simultaneously.

• Cryptocurrencies: LTC/USD, BCH/USD, BTC/USD, and ETH/USD.
• Forex Pairs: USD/JPY, NZD/USD, GBP/CAD, EUR/AUD, GBP/AUD, EUR/NZD, AUD/JPY, USD/NOK, EUR/USD, CAD/CHF, GBP/CHF, EUR/JPY, AUD/USD, USD/CHF, USD/CAD, GBP/USD, and EUR/CAD.

While these pairs are limited, especially considering the long list of financial instruments available in the general market, they’re some of the most liquid trading pairs in the world.

Signup Process

You’ll require the following details to sign up:

• First name
• Last name
• Nickname
• Email address
• Password
• Country you’re from.

To complete verification of your account on Close Option, you’ll need to provide your full name, your Canadian phone number, your Canadian home address, your monthly salary, and your total assets, then upload an image of yourself onto the platform.

Binary Cent

This is another leading binary options broker founded in 2017, and it’s open to Canadian residents and citizens. Binary Cent isn’t regulated by Canadian authorities and doesn’t offer any sort of compensation scheme. This means traders are in jeopardy if anything goes wrong.

While the absence of a Canadian regulatory body is understandable, the lack of an overseas authority regulating Binary Cent isn’t ideal. Many binary broker strives for at least one regulatory license.

Trading Platform And Mobile App

• Android: unavailable ❌
• iOS: unavailable ❌

There is no mobile trading app for users to trade with. This makes Binary Cent difficult to use. Canadian users will have to stick with the web version if they want to trade on Binary Cent.

Binary Cent has many notable features like support for external trading platforms and a Trading view with multiple trading technical indicators for analysis. You’ll have access to a Demo account; however, a minimum of $300 is required. This is also the minimum deposit needed for using Binary Cent.

Payment

Deposit and withdrawal are dominant in four currencies: USD, EUR, BTC, and GBP, with no options for the Canadian dollar— CAD. The minimum deposit required to use Binary Cent is $300.

Payment options are also limited to Visa, Master Card, Bitcoins, and other cryptocurrencies, which are inconvenient for Canadian traders.

The fact that no bank or financial institution is allowed is a big flaw in user experience; other online brokers support this. Verification is straightforward; you’ll need to provide your date of birth, a government-issued identity (ID Card, driver’s license, or passport), and a selfie of you.

Tradable Instruments

The limited trading instruments comprise forex, cryptocurrencies, indices, and commodities.

• Forex: AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/JPY, EUR/GBP, EUR/NZD, EUR/USD, USD/CHF, USD/CNH, USD/JPY, USD/SEK. Each of these instruments can be traded as ‘over-the-counter’ OTC.
• Cryptocurrencies: Bitcoin (BTC), Dogecoin (DOGE), BNB, Polygon (MATIC), Quant (QNT), Ripple (XRP), Solana (SOL), ETC/USDT — similar to the currency pairs, this was available in OTC.
• Indices: HongKong50/HKD, Spain35, Swiss20, UK100/GBP, USA30, USA500, and US-Tech100.
• Commodities: At the time of writing, popular markets, including CFD on stocks, Indices, energies, and metals, aren’t available.

All of the instruments listed above are traded over the counter.

Signup Process

You’ll require the following details to sign up:

• Email (which will be used for login)
• Password
• Name
• Surname
• Your UK phone number
• desired currency. You’ll have four options — USD, GBP, RUB, and EUR.
• agreeing to the Terms and Risk Statement as provided.

You’ll need to have a verified account before you can withdraw from Binary Cent. You’ll need to provide your government identification document, which includes your passport, ID card, or driver’s license, and in addition, you’ll send in a selfie for the team to record your face.

VideForex

VideForex shares many similarities with Binary Cent and IQCent In the intuitiveness of design and its simplicity. Videforex is a binary options broker founded in 2016 and headquartered in Marshall Island.

The platform claims to be regulated by the non-governmental and non-reputable regulations authority International Financial Market Relations Regulation Center (IFMRRC).

While useful resources provided by VideForex, like the info base similar to a website where you’ll get details on how to use certain app functions. However, there needs to be user education on how to develop a binary options trading strategy.

Payment

The funding options are also limited; you can pay with a Visa or Mastercard through Bitcoin or Altcoins like Ethereum and LTC, among others. A minimum deposit of $500 is required before using VideForex or its demo feature.

Funding and withdrawal payments are not made in Canadian dollars but in USD, EUR, GBP, or BTC. This restriction isn’t favorable for Canadian users, as they’ll have to convert between their currency and supported currency each time a transaction is to be completed — this can lead to loss of funds.

Mobile Trading App

• Android: available ✅
• iOS: available ✅

VideForex is available as a mobile trading platform on the App Store and Play Store, giving Canadian Users more control and access. Additionally, when using the web platform you’ll be welcomed with deposit bonuses as a first-time user and subsequently another bonus package.

The combination of mobile app trading and web trading is a perfect blend for Canadians willing to trade binary options.

Tradable instruments

The different instruments available are under two categories of assets: forex and cryptocurrency. The pairs are also limited, with each available for over-the-counter (OTC) trades as well.

• Forex: AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/JPY, EUR/GBP, EUR/NZD, EUR/USD, USD/CHF, USD/CNH, USD/JPY, USD/SEK.
• Cryptocurrencies: Bitcoin (BTC), Dogecoin (DOGE), BNB, Polygon (MATIC), Quant (QNT), Ripple (XRP), Solana (SOL), ETC/USDT.
• Indices: HongKong50/HKD, Spain35, Swiss20, UK100/GBP, USA30, USA500, and US-Tech100.
• Commodities: At the time of writing, popular markets, including CFD on stocks, Indices, energies, and metals, aren’t available.

Signup Process

You’ll require the following details to sign up:

1. Email (which will be used for login)
2. Password
3. Name
4. Surname
5. Your UK phone number
6. desired currency. You’ll have four options — GBP, RUB, and EUR.
7. agreeing to the Terms and Risk Statement as provided.

Verification on Vide Forex is a two-step process:

• Provide any of the listed government identification documents requested (ID Card, passport, or driver’s license).
• The second step is to take a selfie with your device, this can be done on the phone or with your laptop.

Conclusion

Selecting the top Canadian binary broker is challenging due to limited regulatory support, leaving mainly offshore options. Additionally, many unregulated brokers operate in Canada. With the involvement of offshore brokers, it’s crucial to be cautious to prevent potential fund losses.

Thoroughly researching a broker’s security and other details is essential before trading with them