Canada’s BCSC Adds StoxMarket to its Warning List

The British Columbia Securities Commission (BCSC), one of the thirteen provincial financial regulators in Canada, has added Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term brokerage Stoxmarket to its growing ‘Investment Caution List’, according to a BCSC statement.

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Solicited Services Without A Licence

The BCSC became aware of StoxMarket after finding out that a British Columbia resident was able to open a trading account with the brokerage.

StoxMarket is owned and operated by Marketier Holdings Ltd and claims to be based in the Commonwealth of Dominica, with further UK addresses listed on its website. The company offers an online forex and contracts for difference (CFDs) Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, allowing traders to speculate on the price movements of an underlying asset.

CFDs are considered to be securities under the securities legislation in British Columbia. However, the brokerage is not registered to trade in or advise on securities or exchange contracts in the province. A glance at the website in question also reveals that the brokerage provides no confirmation regarding licences held by any of the other leading global jurisdictions either, which raises a red flag as far as investors are concerned.

The warning is one of many alerts issued by the BCSC which involve unauthorised soliciting or contact with retail investors in Canada by unlicensed brokers, and follows the recent addition of two binary options brokers who unlawfully solicited their services in a similar manner, as reported by Finance Magnates earlier this month.

BCSC Remit

The BCSC is the independent provincial government agency responsible for regulating securities trading in British Columbia through the administration of the Securities Act. The regulator website provides information, tools and resources for investors, including investor warnings about individuals and companies that appear to be engaging in unauthorised activities.

In parallel to today’s warning against StoxMarket, the BCSC has reminded BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.