The Nova Scotia Securities Commission (NSSC) has cautioned investors about Magnum Options, which is offering binary options via an online trading platform to Nova Scotians.
Magnum Options also appears to go by the name of Hampshire Capital Ventures Ltd., and it is known to have used websites magnumoptions.com and magnumoptions.eu. These entities are not registered to sell securities in Nova Scotia.
At least one Nova Scotian has reported seeing an advertisement from Magnum Options on Facebook, created an account on their website using a credit card, and subsequently lost money.
Similar warnings in regard to Magnum Options have been issued in Manitoba and British Columbia, and Nova Scotia released a general warning relating to binary options today.
The Commission urges Nova Scotians to exercise extreme caution when dealing with firms that are not registered in Nova Scotia. It is illegal to solicit investments in Nova Scotia without registering with the Commission and complying with Nova Scotia securities laws.
To see if a company or person is registered, click here.