2 March, 2017 | AtoZ Forex – The British Columbia Securities Commission (BCSC) is Canada’s provincial financial regulator. The regulatory agency is responsible for regulating capital markets in British Columbia. BCSC has recently published a warning against Trade12, a Forex broker that claims to be based in the European Union.
Is Trade12 Forex Broker scam or reliable?
Canadian BCSC has added one more unauthorized entity Trade12 to its Investment Caution List. The company is owned and operated by UK Company Global Fin Services Limited. According to BCSC, the firm claims to be based in Estonia with its operational address as Tornimäe 5, Tallinn 10145, Estonia. Trade12 does not appear to be registered as a Forex broker in its home country of Estonia, an EU member state. Trade12 further claims that Global Fin Services Limited is a subsidiary of Exo Capital Markets Limited, a company incorporated in the Marshall Islands. The company operates online via trade12.com.
Trade12 is an international brokerage who claims to be a reliable company. It additionally claims to be administered by the team of exceptional individuals with decades of relevant experience. The firm also states that they follow the compliance with high standards of financial stability. Moreover, Trade12 guarantees the security of clients’ funds. Furthermore, it offers an online Forex, gold, silver, oil and stock index futures trading platform.
In Canada, financial markets are supervised by provincial regulators. In British Columbia, futures contracts are considered to be securities. Hence, providers of futures contracts are required to register with governing body in order to operate in the province.
What is going on at Trade12? Other authorities also red flag Trade12
This is not the first warning against Trade12. Only last year, there have got warnings from the Kiwis regulator FMA, the Cyprus regulator CySEC, and the Italian regulator CONSOB. Moreover, Trade12 has been blacklisted by KROUFR, Russia’s self-regulatory organization, over numerous client complaints.
Trade12 came under the eyes of Canadian watchdogs when a BC resident was able to open a trading account with Trade12. According to BCSC, the financial firm is not registered in British Columbia. Hence, the broker is not allowed to offer trading or advising services on securities or exchange contracts The regulator further stresses to the citizens to exercise caution when dealing with firms that are not registered to trade or advise in British Columbia Canada province.
In order to help you out, here at AtoZForex.com we have tested Forex brokers on multiple facets, including regulation, compliance, terms and conditions, withdrawal process and more. The brokers that passed our strict test have earned the AtoZ approved status, save your time and find the reliable brokers in our Directory. We have reached out to Trade12, but they denied to comment.
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