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Forex broker Balboa Forex and securities broker Venture Pro Trader are providing financial products within the Canadian province of Nova Scotia without having the required authorization, the Canada’s Nova Scotia Securities Commission (NSSC) warned in separate notices issued on Tuesday and last Friday.
Neither of the entities are not registered to trade in securities in the Canadian province and cannot offer or advertise such financial services. Before offering investment services in the province, brokers need to be registered with the NSSC and to comply with the securities laws. The regulator said Balboa Forex and Venture Pro Trader have each contacted at least one local resident and tried to sell them gold options.
“This is our third investor alert of this sort in as many weeks,” said Heidi Schedler from the NSSC in relation to Balboa Forex. “Nova Scotians need to be extremely cautious and vigilant when they are ‘cold-called’ or emailed about investing. Ask the person or firm if they are registered, and then double check online to make sure what they say is true.”
Balboa Forex is a Japan-based forex broker that does not provide on its website much information regarding the products is offers, neither about the company that stands behind the brand. It does not provide information about licensing or regulation, either
Venture Pro Trader, on the other hand, says it is a commodities and options trading firm based in Panama, but also operates an office in Hong Kong. It operates mainly on the offshore commodity and forex trading markets.
The NSSC is regulating the investment industry in the Canadian province of Nova Scotia. In Canada, capital markets fall under the regulation of provincial watchdogs and legislation rules may vary from province to province. The regulator maintains a register with authorised financial service providers where investors can verify the registration status of any investment firm.
We strongly advise you to only deal with regulated forex and binary options brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.