The Australian financial regulator just issued a warning against specialised binary option website TopTenBinaryBrokers, operating at toptenbinarybrokers.com. The website pretends to compare the different regulated binary options brokers available in different countries. The website specifically covers Australia via two specific URLs toptenbinarybrokers.com/au and toptenbinarybrokers.com/au2. Nevertheless, the comparison website also covers most European countries and the accusation of the Australian regulator could also apply there.
TopTenBinaryBrokers is advertising unlicensed brokers and services
In an official circular released sooner this week, the Australian Securities and Investments Commission (ASIC), warned the public not to use the TopTenBinaryBrokers website to sign up for any of the recommended brokers. The Australian regulator is suspecting the website to promote and advertise brokers that are not regulated or authorised in Australia. It is also concerned about some financial services such as trading robots or trading signals advertised by TopTenBinaryBrokers that are not licensed for Australian investors. The regulator stated in its report that it made numerous attempts to contact TopTenBinaryBrokers but that it never received any answer.
Always cross-check your online information
Unfortunately, it is not the first time that such issue is raised by a financial regulator. In April 2015, French financial regulator AMF warns against binary options comparison website optionbinaireamf operating under the URL optionbinaireamf.fr. The website was blamed for the same reason, it was actually recommending brokers that were not regulated and authorised to operate in France. The other problem was that the website was using the regulator name on its URL, which is strictly forbidden in most European countries. Many unlicensed brokers are willing to pay high commissions to websites that accept to recommend them. That is the reason why you can find a lot of unlicensed brokers on comparison websites such as TopTenBinaryBrokers. We can assure you that it is not the case on this website. If you consult our ranking of the best regulated binary options brokers (CySEC and FCA), you can actually find the official licence of each broker (print screen from the relevant regulator).
Do not hesitate to have a look at our detailed reviews of the best regulated binary option brokers where you can find all the information regarding their trading licences and trading conditions. We also propose multiple rankings of the best brokers based on the highest binary options bonus and the lowest binary options deposit.