Binary options provider TradeQuicker, operating the TradeQuicker.com website, might be too quick, as the second regulatory agency in recent months has warned investors against it, with the latest announcement dated May 21, 2014 from the British Columbia Securities Commission (BCSC).
The commission which oversees the entire province of British Columbia(BC) in Canada, added TradeQuicker to its “Investment Caution List” yesterday, to urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.
BCSC noted that it had recently become aware that TradeQuicker contacted a British Columbia (BC) resident through an unsolicited telephone call, purporting to have an office at an address in London, England.
BCSC explained that binary options, a form of options are considered to be securities under BC’s securities legislation, and thus would require proper registration with BCSC, and that TradeQuicker was added to the warning list as it’s not registered to trade in, or advise on, securities or exchange contracts in BC, according to the advisory.
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Forex Magnates’ reporters reached out to TradeQuicker.com on live chat, and initially received a greeting in French, then the chat representative replied in English to the question as to where their firm is regulated, the operator replying, “Sure, we are following the standards of the AMF (french regulation),” to which we continued, “Are you authorized with AMF?” The chat operator replied “Yes,” and then as part of our due diligence in checking the AMF website, a warning against TradeQuicker – which was still on the latest warning list from France’s AMF udpate dated May 14th, along with a large number of other providers not regulated or authorized by AMF was discovered.
Forex Magnates had covered a previous warning from the AMF, which also contained TradeQuicker.com, along with 68 other binary options brokers, earlier this year, and the updated list followed in February. Shortly after presenting these findings to the chat operator, the chat was abruptly terminated without warning, after the operator said, “I am personally not an account manager, I simply know that our company is following the rules of this regulation.”
Same Day FCAA of Saskatchewan Warns of TradeRush.com
In a similar announcement from Saskatchewan, Canada, about the binary options provider www.traderush.com, the province’s Financial and Consumer Affairs Authority of Saskatchewan (FCAA) issued an alert informing residents that they should not deal with individuals or firms that are not registered to trade or advise in securities in Saskatchewan.
FCAA explained that it had recently become aware of the website of TradeRush, www.traderush.com, which claims to provide an online platform for trading binary options, where Canadian residents are able to open trading accounts through TradeRush’s website.
Since TradeRush is not registered as required with the Financial and Consumer Affairs Authority of Saskatchewan to trade in, or advise as to the investing in or the buying or selling of, securities or exchange contracts in Saskatchewan. Since any option that is not an exchange contract, is considered to fall within the definition of securities under Saskatchewan securities laws, the regulator took action on this basis. TradeRush.com was also listed in the above mentioned AMF list, as more and more regulators around the world have been making similar announcements regarding binary options providers. Forex Magnates wrote about TradeRush last June, when it launched a Bitcoin related offering.