A few days ago, the regulator of financial markets CySEC (Cyprus Securities and Exchange Commission), based on the island of Cyprus, issued a statement on its website to warn traders against the TraderXP binary options broker. In the official document of the Cyprus regulator, it is specified that the TraderXP broker does not have authorization from the CySEC to exert its activity. Therefore, it is not authorized to claim itself to be a banking service or an investment company; something that the broker wants its traders to believe.
The license of a regulator is a real permit and something important for a binary options broker at the time being; the regulations drafted by the CySEC require that any binary options broker wishing to offer its services in the Cyprus and European market must obtain this authorization by submitting a request to the regulator. A binary options broker offering investment services in the financial markets and having no license is then in offense and this is what we today reproach TraderXP, which has no authorization to exercise its brokerage activities.
According to the profile of the TraderXP company on the LinkedIn professional social network, it appears that the broker has its headquarters in London, in the United Kingdom. However, the fact remains that the broker does not have any regulation or regulatory license in the local and international financial markets (FCA), and no European regulatory authority has granted a license to TraderXP, thus this company is logically prohibited on European soil and does not theoretically have the right to proclaim itself as a binary options broker on its own.
The financial regulator CySEC has become the very first organization of European regulation to consider binary options a real financial product on the same basis as the CFDs on foreign exchange (forex), shares or indices; products on which traders generally speculate on forex brokers. The CySEC does not hesitate to crack down on and even impose heavy fines on bad binary options brokers; this industry has tremendously suffered from its less than serious image, and was stigmatized and considered a game of chance and a pure product of gambling similar to those proposed in online casinos or bookmakers on sports gambling bets. Now that binary option is recognized as a real investment product, the CySEC wants to keep this image wholesome by penalizing the less serious broker nicknames and rather rewarding the best binary options brokers.
We can add to this that the warning of the CySEC has been sent to other regulators in the European Union and that the Maltese regulator (LGA), which also regulates the OneTwoTrade broker, has immediately taken the same measures as its Cypriot counterpart by also cautioning traders against the TraderXP broker. A little while ago, the CySEC offered its license to the 24Option broker; this license reflects the recognition that the CySEC officially reserves to this broker. It is also a guarantee of safety since traders who are clients of the regulated brokers can enjoy among other things the protection provided by the regulator.
Other regulated binary options brokers have the CySEC license and even better, some are regulated in France by having obtained the license of the Financial Markets Authority (AMF) and the Bank of France ACP, which is for example the case of the OptionWeb and TopOption brokers; it is preferable to turn to this type of serious brokers with proven track and avoid non-regulated brokers such as TraderXP especially since we have negotiated for our readers the best bonuses on deposits with the binary options brokers listed in our comparative chart. For additional security, you can also benefit from the guarantee of BonusOptionsBinaires.net; in case conflict is encountered with one of the brokers in the comparative chart of binary options brokers, we are committed to providing our assistance in order to solve the problem to your advantage if it is proven that the broker is wrong.
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