Ontario’s provincial regulator, the Ontario Securities Commission (OSC), has added the Trade24 forex broker to its warning list.
According to the publication on OSC’s website, Trade24, owned by Trade24 Global Ltd, with an address in London, is not registered in Ontario to engage in the business of trading in securities.
OSC is the fourth regulator that warns against Trade24 since June when Belize’s regulator, the International Financial Services Commission (IFSC), has published a notification that the forex broker is using a fake Belize license. Back then the name of the owner company was Trade24 Investments.
In July New Zealand’s Financial Markets Authority also said that Trade24 is not authorized to provide its services in the country.
UK’s Financial Conduct Authority warned that the forex broker is not licensed and could be a scam.
Trade24 offers trading in forex, CFDs, stocks and commodities via the MetaTrader 4 platform. Its site has versions in English, Polish, Bulgarian, Arabic, French, Russian, Spanish and German.
The broker also provides a long list of awards in various categories, including “best director”, “best customer service”, “most transparent forex broker”, etc. stretching all the way back to 2012.
A quick SMN check revealed that there are several discussions and complaints that Trade24 is a scam broker and traders cannot withdraw their funds. According to various user forums, throughout 2015, Trade24 Services has had addresses on the Seychelles, in London and Cyprus.