Ontario Securities Commission (OSC) has issued a warning regarding the company “Eufala Marketing Limited”, operating the binary options brands GTOptions and 777binary.com. OSC informs investors that the firm “is not registered in Ontario, Canada to engage in the business of (i) trading in securities or (ii) advising anyone with respect to investing in, buying or selling securities. ”
The website 777binary.com wasn’t operational when we checked, but the website of GTOptions (www.gtoptions.com) is fully live. GTOptions seems to be a pretty standard binary options broker, even though there a few things we would like to point out.
First of all, GTOptions uses extremely aggressive marketing, for example on the website front page:
This is hardly a well balanced description of an investment service and seems very much to be directed at beginner traders who are going to lose their deposit very, very quickly (for the benefit of the marketing making binary options broker). Unfortunately, many (if not most) binary options brokers use similar marketing.
Secondly, it could seem that GTOptions / Eufela Marketing wants to convince traders that it’s based in the UK, see the website footer for example:
In the contact section we get entirely different information:
The most prominent number is still a UK one.
The problem about this is that Eufela / GTOptions is in no way regulated in the UK – it’s not regulated at all to be precise. This is fine with us, as long as clients are made aware of this which doesn’t seem to be very important for the people behind the broker!
We don’t believe that GTOptions are necessarily worse than most binary options brokers, but we still advise our readers to be careful.
The original warning from OSC can be found here.
If you have additional information, please comment below.
After working for a couple of Forex brokers, we got tired of seeing traders and investors getting scammed. At Forex Conclusions we review Forex Brokers, Autotrading and Signal Services, Binary Options Brokers and other types of online financial firms. When we see anything suspicious we post a warning. In case you want us to review a specific broker or firm, visit our Request a Review page. If you want to make sure you avoid scammers in the future, join our weekly newsletter!
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