Binary options are legit and recognized by financial institutions as a legitimate financial instrument. Before 2008, when binary options became a more mainstream retail product, they were traded over the counter predominantly by large banks, institutions as well as wealthy investors. Today, the biggest reason as to why the question regarding the legitimacy of binary options keeps getting asked is because as this form of online trading became popular, more and more brokers started to emerge, some of whom saw this as an opportunity to make a quick buck with no intentions of honoring their commitments to their clients/traders. As the market has evolved, the unscrupulous brokers are being weeded out and regulations have been put into place to protect traders who trade through regulated and licensed brokerages.
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I don’t live in the EU, do I have any recourse with a CySEC regulated broker?