The notorious Canadian securities regulator, the British Columbia Securities Commission (BCSC), in its attempt to continue its fight against unregulated brokers and other con entities that try to lure traders in Canada, makes an addition to its Investment Caution List.
The latest addition to the list is the unregulated CFD broker StoxMarket.
The broker, operating via the url www.stoxmarket.com, functions under Marketier Holdings Limited.
Claiming to conduct its operations from the Commonwealth of Dominica, StoxMarket offers an internet-based foreign exchange and contracts for difference (CFDs) trading platform, as discovered by the Canadian regulator. CFDs are a type of derivative security that allows traders to speculate on the price movements of an underlying asset. Under the securities policy in British Columbia and generally elsewhere in Canada, CFDs are acknowledged as securities.
It was just recently that the forex and CFD broker became known to the Canadian watchdog. They were also aware that residents of Canada were able to open a trading account and transact with the said broker even if it is not registered to trade in, or advise on, securities or exchange contracts in Canada.
Residents and traders are urged by the regulator to implement extreme caution when it comes to conducting transactions and deals with entities not registered to trade or advise in the country.
A similar warning was issued against Stoxmarket by Italian financial regulator CONSOB the previous year.
For the report by leaprate, click here: http://www.leaprate.com/2016/12/unlicensed-cfd-broker-stoxmarket-receives-warning-from-canadian-securities-regulator-bcsc/