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Screenshot of a breaking news alert e-mail from Q2 2017
Another week brings more brokerage warnings from Canada, today the Canadian provincial regulator Ontario Securities Commission (OSC) would like to warn the public regarding two brokers for attempting to do business in the Canadian province without being registered to solicit clients or conduct business in Ontario, Canada. The first broker listed is SpotFN, LLC doing business as SpotFN.com and the second broker named is Broker Capital (Belize) Limited (formerly Island Bay Services Limited).
The first broker SpotFN, looks like an unregulated binary options platform, which is usually something you want to stay away from. It is recommended of course to always trade with a regulated broker first and foremost, and even better with a company registered within your legal jurisdiction. The second company listed Broker Capital has received its second warning in as many weeks in Canada, the other one coming from The British Columbia Securities Commission (BCSC) just last week.
Earlier in the month the OSC warned on one FX and two Binary Options online brokers – BerkleyFX, Amber Options and OptiCrown. None of the aforementioned firms are regulated by the OSC. While many of these warnings may seem duplicitous, the Canadian Securities Administrators (CSA), an organization which represents the securities regulators of 10 Canadian provinces and 3 territories keeps a central list of these warnings, the latest of which was published back in March… the ‘Black List’ of what it called unregistered trading platforms soliciting Canadians.
To view the official warnings from the OSC click here.