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Screenshot of a breaking news alert e-mail from Q2 2017
The Ontario Securities Commission (OSC) today issued a warning about binary options broker Titan Trade Capital Limited.
The regulator is concerned that the company, which offers its services via www.titantrade.com, is making its services available to residents of Ontario, without having the necessary license to do so. According to Canadian laws, companies are allowed to offer off-exchange trading with binary options, only if they obtain specific licenses from the regulators of the provinces where they wish to market these services.
Due to the lack of authorization, Titan Trade Capital Limited is now blacklisted in Ontario.
The website of Titan Trade shows no information on any licenses whatsoever but provides an address in the Seychelles. It also mentions another company (relation with Titan Trade unspecified) – MHGG Tech Solutions, with an address in the UK. The latter company has no registration with the Financial Conduct Authority.
The broker is targeting a wide clientele, if we take into account that it offers its services in five languages and provides a variety of phone numbers for contact.
Titan Trade has won some ill fame in Russia, where traders have complained about it to KROUFR, a body that deals with resolution of disputes among brokers and their clients. The company has no registration with any Russian self-regulatory organisation either.
To view the full text of the warning, click here.