Unlicensed CFD broker StoxMarket receives warning from Canadian securities regulator BCSC

Continuing its string of warnings against unregulated brokers and other scams targeting retail traders in Canada, Canadian securities regulator the British Columbia Securities Commission (BCSC) has added to its Investment Caution List unregulated CFD broker StoxMarket at website stoxmarket.com, owned and operated by Marketier Holdings Limited.

According to the BCSC, StoxMarket claims to be based in the Commonwealth of Dominica, and offers an online Forex and contracts for difference (CFDs) trading platform. CFDs are a type of derivative security that allow traders to speculate on the price movements of an underlying asset. CFDs are considered to be securities under the securities legislation in British Columbia and elsewhere in Canada..

The regulator recently became aware of StoxMarket, and that Canadian residents were able to open a trading account with the broker.

StoxMarket is not registered to trade in, or advise on, securities or exchange contracts in Canada. The BCSC urges residents to exercise caution when dealing with firms that are not registered to trade or advise.

StoxMarket was the subject of a similar warning last year, by Italian financial regulator CONSOB.

The BCSC warning against StoxMarket can be seen here.

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