Continuing a string of warnings against forex and binary options brokers targeting traders in Canada, Canadian securities regulator the Ontario Securities Commission (OSC) has issued a warning to investors regarding AlfaTrade (at website alfatrade.com), and its parent company Nemesis Capital Limited.
According to the OSC, AlfaTrade is not registered in Ontario, Canada to engage in the business of (i) trading in securities and (ii) advising anyone with respect to investing in buying or selling securities.
The OSC typically issues warnings regarding unlicensed companies that appear to be engaging in activities that may pose a risk to investors in its jurisdiction, and which are apparently targeting Canadian traders.
AlfaTrade received a similar warning earlier this year from BC regulator BCSC. We had also reported a year ago that AlfaTrade – which used to be operated by FCA regulated company Pia Markets Ltd. – had taken the abrupt decision to leave the UK in July 2015. Since that time Pia lost its FCA license, and the company was dissolved in May 2016. AlfaTrade has operated since as an unregulated broker.
The OSC warning against AlfaTrade and Nemesis Capital Limited can be seen here.