The Nova Scotia Securities Commission on Tuesday alerted investors that Quantum Code, a binary options trading firm also known as Quantum Code Software, is not registered to trade securities in Nova Scotia.

“Quantum offers a ‘100% guaranteed way to make profits everyday’ using their unique trading platform
for binary options,” the NSSC says in a statement.

“At least one Nova Scotian was lured by a Facebook advertisement to view an online video explaining Quantum’s platform,” the NSSC adds.

The NSSC statement stresses that many binary options trading platforms are unregistered and are based offshore despite appearing to operate in Canada or the U.S.

“These types of promotional videos prey upon people’s biggest financial dreams, offering ‘free’ software and impossible-to-refuse guarantees” says Heidi Schedler, senior enforcement counsel with the commission. “But investors are required to provide credit card information when signing-up, despite the claims that all services offered are free. These promotions are, quite literally, too good to be true, and Nova Scotians should be very cautious when providing any personal or financial information online.”

Canadian regulators have issued repeated warnings about dealing with binary options trading firms specifically, and unregistered firms generally.