British Columbia regulator warns against Forex firm AlfaTrade

The British Columbia Securities Commission (BCSC) keeps updating its Investment Caution List, which includes the names of unregistered brokerage firms unlawfully targeting British Columbia investors or misleadingly purporting to be associated with the Canadian province.

The latest addition to the Investment Caution List is AlfaTrade, owned by Nemesis Capital Limited. AlfaTrade, which offers Forex services via, purports to have an office in Bulgaria.

The BCSC recently became aware that a British Columbia (BC) resident was able to open an account with AlfaTrade.

The regulator notes that AlfaTrade and Nemesis Capital Limited are not registered to trade in, or advise on, securities or exchange contracts in BC. The watchdog urges the residents of the Canadian province to exercise caution when dealing with firms that are not registered to trade or advise in British Columbia.

The warning was issued on Canada’s Check Registration Day, which seeks to draw the attention of investors to the importance of using the services of registered financial services providers. Offering investment services or products in Canada, whether online or in person, is a regulated activity, that is, it requires a license from local authorities.

You can view the full warning by clicking here.

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