Canada’s OSC warns against CherryTrade – unauthorized binary options broker

Canada’s OSC warns against CherryTrade – unauthorized binary options broker

OSC

The Ontario Securities Commission (OSC) has included Website Promotions Ltd. and Flowingstream Capital, both doing business as CherryTrade, or cherrytrade.com, to its warning list, since the two companies are not registered to operate in Ontario, according to two separate notices issued by the OSC on Wednesday.  

The two companies are not registered in Ontario, hence are not authorized, to provide trading in or advising on securities.

The two companies’ addition to the OSC’s warning list does not necessarily mean the regulator has made a finding on it. It means, however, that the companies have been providing financial services on the territory of Ontario without having the proper authorization. Another scenario when companies are entered into the OSC’s Warning List is when they offer securities without a prospectus, as the local regulation requires.

CherryTradeWebsite Promotions Ltd. is based in the British West Indies, while Flowingstream Capital is headquartered in the UK.

CherryTrade offers binary options trading on currencies, stocks, commodities, and indices. Its product portfolio features 60-second and one-touch binaries.

The broker offers Classic, Pro, Gold, VIP, and Corporate trading accounts, depending on traders’ experience with minimum initial deposits ranging from 200 to 100,000 currency units. It provides no data regarding regulation and all links to social media lead to their home pages, instead to CherryTrade’s profile in them.

In Canada, the forex market in the different provinces is regulated locally and their jurisdictions may vary. The OSC is in charge of the capital markets in Ontario, Canada’s largest province by population. It keeps a register of all authorized entities. It also maintains a warning list with some companies that operate in the province without being authorized, which has expanded to 205 entities and individuals.

We strongly advise you to only deal with regulated brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

Source: OSC

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