RECOMMENDED FOREX BROKERS
Do not invest more money than you can afford to lose.
Canadian financial regulator British Columbia Securities Commission (BCSC) said on Wednesday forex brokerage Nemesis Capital Ltd., trading as AlfaTrade, unlawfully provides financial services to local citizens. The broker has not been authorized to operate as a securities firm in the district and target local citizens.
AlfaTrade, www.alfatrade.com, claims to be based in Bulgaria. It offers trading in forex, contracts for difference (CFDs), commodities, and indices. It focuses on retail operations, but it also serves institutional clients in more than 150 countries. On its website, the broker says it is awaiting EU license.
Nemesis Capital Ltd. is based in Bulgaria and Saint Vincent and the Grenadines.
In Canada, capital markets fall under the regulation of provincial watchdogs and legislation rules may vary in the different provinces. The BCSC is in charge of the regulation of the capital markets in the British Columbia province. The regulator registers and grnats licenses to local companies, as well as supervising the market, investigating consumer claims, and collecting funds from fraudulent companies. Its duties also include informing the public of financial service providers that could possibly cause harm. The regulator’s managing board consists of eight commissioners and a chairman, appointed by the governor of the province.
The British Columbian regulator regularly issues warnings against unauthorized financial companies. Unregistered and unauthorized investment companies that target local residents are included in an Investment Caution List. It contains information about entities that are confirmed to engage in fraudulent activities, including foreign brokers not registered in British Columbia which have targeted local citizens, as well as entities that wrongfully associate themselves with genuine companies authorized in the district.
The BCSC warns local citizens to be cautious when chosing financial intermediaries, especially if they are not registered to trade or advise in British Columbia.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.
Well who knows, what they are saying here could be true but I don’t think you take the regulation to seriously it’s all about the loyalty of the broker, because every broker wants to be sure that the customer’s money will stay on the trading account, so my point is that if you want to find a broker try taking it slow but find the honest ones. I have experience in trading for 5 years now and I’m trading with this company that is not regulated either and i am receiving good and helpful support and results and I can withdraw my money when ever I want to. In any case, not all brokers are regulated and you can still make good money off of unregulated sites!