Forex Broker AlfaTrade Exposed by BCSC

British Columbia Securities Commission (BCSC), one of the thirteen Canadian provincial financial regulators, has issued a warning to investors about 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 broker AlfaTrade.

The warning was issued to Nemesis Capital Limited, operating as AlfaTrade which is the latest broker to be added to the Canadian watchdog’s warning list that comprises of companies offering unauthorized forex trading in Canada.

AlfaTrade was blacklisted after the BCSC learned that a British Columbia (BC) resident was able to open an account with the company. The broker which claims to have an office in Sofia, Bulgaria, purports to be a brokerage firm that offers trading in forex, contracts for difference, commodities and indices. According to information on its website, AlfaTrade is owned and operated by Nemesis Capital Ltd. St Vincent and the Grenadines and lists its head office contact details at an unconfirmed address in Sofia, Bulgaria.

AlfaTrade itself claims to be an international trading brand providing reliable online FX brokerage services. Finance Magnates was however unable to find any evidence of the company being regulated in Bulgaria nor of falling under the jurisdiction of Cypriot regulator CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term.

The BCSC is the independent provincial government agency responsible for regulating capital markets in British Columbia. Its warning list contains individuals and companies that appear to be engaging in activities that may pose a risk to investors. BSCS confirms that AlfaTrade is not registered to trade in, or advise on, securities or exchange contracts in BC and urges forex brokers to exercise caution when dealing with this firm.