Ontario Securities Commission (OSC), one of the thirteen provincial financial regulators in Canada, has added a UK-based company under the name ‘Trade-24’ to its list of companies not to do business with, according to a regulatory statement.
TRADE24 is the latest entity to be added to the OSC warning list and follows a growing number of recent complaints regarding forex and binary options firms.
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According to the OSC, Trade24 Global Ltd is not registered in Ontario to engage in the business of trading in securities or advising anyone with respect to investing in, buying or selling securities. The address details of the suspicious company are: Tower 42, 25 Old Broad Street, EC2N 1HN; 1st Floor, 2 Woodberry Grove, Finchley, London, N12 0DR, and it can be found under the web address www.trade-24.com.
A brief review of the broker’s website reveals that Trade-24 claims to offer ECN access to the forex market using various trading platforms such as MetaTrader 4, SIRIX and Signal Trader. In the ‘About Us’ section it makes reference to global offices in London, Paris and Zurich. However, the company didn’t claim any specific regulatory status in these jurisdictions.
This is not the first time that Trade24 has been red-flagged for soliciting traders without regulatory permissions. Earlier in August, the Financial Conduct Authority (FCA) issued a warning against the same company for providing forex trading services in the UK without having the required authorization.
In its capacity as one of Canada’s provincial regulators, OSC seeks to protect investors while promoting fair and efficient capital markets throughout the province. The regulator website provides information, tools and resources for investors, including investor warnings about individuals and companies that appear to be engaging in unauthorized activities.