Canadian BCSC warns against ForexGrand, stating that the company has no valid registration to trade in or advise on securities or exchange contracts in British Columbia.
30 August, AtoZ Markets – The British Columbia Securities Commission (BCSC), one of the Canadian provincial financial regulators, has issued a warning for investors on its website. The watchdog has added the new Forex and CFDs broker to its blacklist. The company goes under the name ForexGrand.
Canadian BCSC Warns Against ForexGrand
According to the statement from the BCSC, the regulator has become aware of ForexGrand after learning that the firm has solicited a resident of British Columbia (BC) and opened a trading account for him. However, the company does not have any authorization to do so. The BCSC has urged investors to exercise extreme caution when dealing with this firm..
ForexGrand is operating online via forexgrand.com. According to the information on its website, the company offers a range of financial services including contracts for difference (CFDs), Forex, indices, shares, futures and other. The website of the company also reveals that the broker does not provide any confirmation in regards to the licenses help at any jurisdiction in the world. This appears as one of the warning signs for investors to be cautious when dealing with this firm.
As per the statement from the Canadian regulator, the company has no valid registration to trade in or advise on securities or exchange contracts in British Columbia. ForexGrand is owned by Capital FXG Ltd. and operated by Nordic Pearl Limited.
We have reached out to the company for additional comments on the case and are currently awaiting their response.
The regulatory body has also noted that investors need to familiarise themselves with the necessary information in order to become aware of investment products and services. For these purposes, the BCSC has shared the source called InvestRight.
BCSC B.O. Tradefinancials Warning
Earlier this summer, AtoZ Markets reported that 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.
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