FMA binary options warning: Why should traders be wary of Option Giants?

The Financial Markets Authority (FMA) warns investors against using services of Option Giants by adding the firm to its warning list. Why should traders be aware of FMA binary options warning?

7 October, AtoZForex – The FMA, New Zealand regulator, has included another binary options broker to its warning list. The blacklisted broker is Corporate Enterprises PTY Limited, trading as Option Giants. The Brokerage offers investors stocks, commodities, indices, and currencies trading. This is a recent amendment of the regulator’s warning list preceded by the inclusion of Titan Trade, that promoted its services without being licensed by the FMA. The FMA added the brokerage after it withheld clients money.

FMA binary options warning against Options Giant

The Options Giant runs its operations via two websites and, with the latter one being inaccessible. According to the first website the brokerage is located in the UK, 1 King Street London. But it can't be confirmed that the address is legitimate.

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The New Zealand regulator classifies Option Giants is as an “unregistered business” and a “business to be wary of” as the entity is not registered on the Financial Service Providers Register (FSPR). Whereas, all businesses and individuals that offer financial products and services in New Zealand have to do so.

See also: Is Alfa Trade a Reliable Forex Broker? - OSC warning

Notice of the Canadian regulator

In addition, the FMA's warning list states that the Canadian regulator, the Financial and Consumer Affairs Authority (Government of Saskatchewan) released a Notice of Application to Extend a Temporary Order in which Options Rider and Option One (Aust) PTY Ltd should stop trading in securities in Sasktachewan. This decision is made as the director of Option One (Aust) Pty Limited turned out to be also the director of Corporate Enterprises PTY Limited, trading as Option Giants, about whom the FMA received reports of client funds being held back. Because of it, the FMA has advised potential investors not to use services of this business.

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