Is Binary Options Trading Legit Business?
The answer to this question is simple – YES, Binary Options is absolutely a legit business. You can open an account with a top binary options broker and start trading. This is already well-established financial activity since 2000s and it is getting popular ever since. If there will be anything unlawful, the binary options brokers would be closed. However, the more and more binary firms appear on the market every year.
The binary options brokers usually owned by experienced financial traders and companies. They are officially registered as the company in the specific countries, who attained a right to process financial activities. These binary brokers are regulated by government organizations. The most popular regulation authorities are FCA (Financial Conduct Authorities, the UK), CySEC (Cyprus Securities and Exchange Commission) and MFSA (Malta Financial Servicies Authorities). There are popular regulated binary options brokers, who are honest and trustful. Moreover, the binary firms are also regulated under the domestic law of the registered country. For example, Banc De Binary is registered in the Cyprus and he must follow the legal law of this country, plus CySEC Regulations. These binary options brokers pay taxes to the government and strictly regulated not to account any money laundering activities.
However, it is important to note that the United States citizens are not allowed to trade with the European regulated binary options brokers. The reason behind is the US and European Union domestic laws, which directs specific brokers not to register their accounts on the binary platform. If you are an American and contact 10Trade, Boss Capital or any other firms, they will tell you that they could not proceed your registration, because of these policies. However, the only few brokers permits the US citizens to trade; the one of the recommended broker is Porter Finance, which is considered one of the best binary options brokers. You can read the Porter Finance review for detailed information.
In addition, trading binary options can be very profitable business. Thus, you have to check, if you need to pay any taxes to the government. Many countries would not ask their citizens to pay some % of their profits as the taxes. The sole person, who receives the money from the different country, may not be eligible to pay taxes. However, it is better to check with your authorities. You can simply contact revenue share or tax payment organization in your country and ask whether trading financial instruments, specifically binary options are bound by the law to pay income tax.
Finally, it can be concluded that the binary options are legitimate business activity. It is advised to double check for any additional duties under your country’s domestic law. The binary options trading give a great opportunity to anyone to make a large amount of money and achieve our goals and dreams. However, it is not a quick rich scheme as many people may say online. Learn, practice and trade. You can make living trading binary options and there is nothing unlawful doing it. Make it your main business.