Binary options platform
Binomo in Canada: Is It Legal? (Binary Options Ban Explained)
By ForexCanada Editorial Team · Updated
Regulatory warnings & notices
Canada check
Since December 12, 2017, binary options with a term of less than 30 days cannot be advertised, offered or sold to individuals anywhere in Canada (MI 91-102 in every province and territory except British Columbia, which adopted its own equivalent prohibition). No offering of binary options has been authorized in Canada.
- Canadian status
- Prohibited product in Canada
- Canadian entity
- None — not registered in Canada
- CIPF coverage
- No
- OBSI complaints
- No Canadian ombudsman access
- Accepts Canadians
- Not available to Canadians
- Licences abroad
- No verifiable licence
- Founded
- 2014
- Headquarters
- Offshore (St. Vincent & the Grenadines)
Our take on Binomo
Binomo is an online platform best known for short-term "fixed time" or binary-style trades on currencies, crypto and other assets. Short-term binary options are prohibited for individuals throughout Canada, so no Canadian regulator has authorized Binomo to offer them here. Platforms in this category often pay affiliates for sign-ups — which is why many 'reviews' still recommend them to Canadians. We don't.
Verdict
Do not use. If you have lost money with Binomo or a similar platform, report it to your provincial securities regulator and the Canadian Anti-Fraud Centre.
What we like
- Nothing we can recommend for Canadians.
Watch out for
- −Short-term binary options are prohibited for Canadian individuals
- −Not registered with any Canadian regulator
- −Payout structure means the average trader loses
Accounts, markets & platforms
- Platforms
- Proprietary web, Mobile app
- Markets
- —
- CAD / USD accounts
- — CAD | — USD
- Demo account
- Not advertised
Figures are taken from the broker's own disclosures at our last review (2026-09) and change often — always confirm on the broker's website. Spot an error? Tell us.
Verify Binomo yourself
- Look for the firm on CIRO's list of dealers it regulates.
- Search the legal entity name in the CSA National Registration Search and check it is registered in your province.
- Confirm CIPF membership in the CIPF member directory.
- Search the CSA investor alerts for the brand name and any look-alike websites.
- Make sure the account agreement you sign names the same legal entity — not an offshore affiliate.
Registered alternatives for Canadians
These firms are CIRO dealer members with CIPF-eligible accounts:
Interactive Brokers Canada
Online brokerage
Experienced, cost-sensitive traders who want forex, futures, options and global stocks in one account
Questrade
Online brokerage
Canadians who want TFSA/RRSP investing and forex/CFD trading with one Canadian firm
CMC Markets Canada
Forex & CFD broker
Traders who want the widest CFD and currency-pair range from a Canadian dealer
Binomo: frequently asked questions
Is Binomo legal in Canada?
No Canadian regulator has authorized Binomo. Binary options with a term of less than 30 days cannot be offered to individuals in any Canadian province or territory, so any platform offering them to Canadians is doing so outside the law.
Canadian trader reviews
Reviews are submitted by readers and moderated by our editors for relevance and abuse. They are opinions, not verified facts, and never affect our score.
Loading reviews…