Forex trading service provider StoxMarket, a brand of Marketier Holdings Ltd., is not authorized to provide financial services in the Canadian province of British Columbia, the local financial regulator British Columbia Securities Commission (BCSC) said in a warning notice last week.
The company is not registered to trade in, or advise on, securities or exchange contracts in British Columbia and has been targeting local investors. At least one local resident was able to open a trading account with StoxMarket, the regulator noted.
The broker operates via www.stoxmarket.com, where it offers trading in forex, contracts for difference (CFDs), commodities, indices and stocks. The broker provides an address in the Dominican Republic and a phone number in Switzerland, while stating on LinkedIn that it is headquartered in the UK.
Earlier this year, Russian self-regulatory organization KROUFR blacklisted StoxMarket after receiving a number of complaints from existing customers of the broker over the past years. Many traders complained the broker’s technical support refused to answer their questions and requests regarding fund withdrawal and closed orders.
When engaging with unauthorized and non-regulated brokers, especially blacklisted ones, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.