The Australian Securities and Investment Commission (ASIC) has warned the Australians not to use the website TopTenBinaryBrokers.com for signing up for binary options brokers’ services.
The two main reasons are that the site is not licensed by the ASIC and that most of the binary options brokers listed there are not licensed to provide financial services in Australia, either.
The site has two addresses for Australia: www.toptenbinarybrokers.com/au and www.toptenbinarybrokers.com/au2 and offers reviews of binary options brokers, financial markets updates and insights.
“We believe the advertising by Top Ten Binary Brokers and the information on the Top Ten Binary Brokers Websites is likely to mislead the Australian public into believing the entities listed are appropriately licensed and regulated in Australia. The public should avoid clicking on that advertising,” the ASIC warns and adds that until the sites obtain proper license, the Australians should avoid signing up for any of the financial services listed on the sites.
Meanwhile, the ASIC reported that in 2015 the Australians lost $229 million from investment scams. According to the report of the Australian Competition and Consumer Commission’s (ACCC) Targeting Scams Report, the sum has doubled since 2014.