RECOMMENDED FOREX BROKERS
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Canada’s British Columbia Securities Commission (BCSC) has become the latest regulatory body to issue a warning against forex broker Trade12, which is operated by Exo Capital Markets Ltd. and Global Fin Services Ltd.
The entities operate via the website www.trade12.com. They are not registered to trade in, or advise on, securities or exchange contracts in British Columbia. However, at least one local resident was able to open a trading account with Trade12.
Trade12 is based in Estonia. It is owned and operated by UK-based Global Fin Services, which is a unit of Marshall Islands-registered Exo Capital Markets. No information concerning regulation was available.
Trade12 offers a web-based trading platform for forex, gold, silver, oil and stock index futures and contracts for difference (CFDs). It collaborates with introducing brokers and affiliate partners and claims to have been providing financial services for more than 10 years.
BCSC is not the first regulator to issue a warning against Trade12. Some other authorities that have done the same are New Zealand’s Financial Markets Authority (FMA), the Cyprus Securities and Exchange Commission (CySEC), and Italy’s CONSOB. In addition, the broker has been blacklisted by Russian self-regulatory organization KROUFR due to numerous complaints filed by its customers.
In Canada, capital markets are supervised by provincial regulatory bodies. In British Columbia, futures contracts are treated as securities and providers of such products are required to register with the relevant authorities in order to operate in the province.
When engaging with unauthorized and non-regulated brokers, 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.