BCSC Warns Against Binary Options Broker iqtrade24

Is Binary Options broker iqtrade24 scam or reliable? According to the latest warning from the British Columbia Securities Commission (BCSC), the firm has made an unsolicited offer to a British Columbia (BC) resident to trade with iqtrade24. What do we know about the entity?

25 July, AtoZ Markets – The securities regulator of Canada, the British Columbia Securities Commission (BCSC) has made an announcement on its website. The watchdog has stated that it became aware of a suspicious entity, thus warning the investors’ community in the country. 

BCSC Warns Against Binary Options Broker iqtrade24

The BCSC has singled out a company that calls itself B.O. Tradefinancials Ltd (BOT). According to the regulator, the company claims to operate iqtrade24, which is an online Binary Options trading platform provider. 

The regulator notes that it has become aware of iqtrade24, as the firm has made an unsolicited offer to a British Columbia (BC) resident to trade with iqtrade24. The BCSC has added in its announcement

“A binary option is a type of option whose payout depends on whether the underlying asset (such as a stock, a commodity, a currency pairing, etc.) increases or decreases in value. Options are considered to be securities under BC’s securities legislation.”

The announcement also states that the B.O. Tradefinancials Ltd and iqtrade24 are not registered “to trade in, or advise on, securities or exchange contracts in BC.” In addition, the regulator has urged BC residents to exercise caution when dealing with firms that have no registration to trade or advise in BC.

Tradefinancials B.O. CySEC CIF License

TradeFinancials Ltd is a previously regulated subsidiary of the TechFinancials Inc, the Binary Options technology, and brokerage company. Earlier this March, the latter has made an announcement about its plans to withdraw the Cyprus Investment Firms (CIF) license of B.O. TradeFinancials Limited.

According to the reports, the company has also planned to shut down its OptionFair Binary Options brand. In addition to shutting down the OptionFair, the company also intends to return all client funds.

BOT is the CySEC regulated entity that has been operating under TechFinancials. OptionFair is the Binary Options brand, which, in turn, has been operating under the BOT control. The BOT is also managing binary options market making operation MarketFinancials Limited.

Three months fast forward, the key financial regulator of Cypriot markets has informed the public that the Cyprus Investment Firm (CIF) license of B.O. Tradefinancials Ltd. is no longer valid.

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