Canadian Regulator BCSC Issues Warning About Ava Trade
Ava Trade is the latest broker to be flagged by the BCSC for advertising its trading platform within its jurisdiction.
British Columbia Securities Commission (BCSC), one of Canada’s thirteen provincial financial regulators, has issued a warning to investors about forex broker, Ava Trade Ltd, and has added the company to its warning list.
The warning follows a similar case highlighted by the BCSC this month in which two further forex brokers were added to its growing list of companies not to do business with.
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Ava Trade is a provider of a full spectrum of trading instruments including forex, stocks, commodities and indices. According to the BCSC statement, Ava Trade, which claims to be a regulated in the British Virgin Islands, was reported to have placed an advertisement in British Columbia (BC). Ava Trade was flagged by the watchdog as it is not registered to trade in, or advise on, securities or exchange contracts in BC.
Finance Magnates contacted Ava Trade for more information on the matter. The company’s CEO, Daire Ferguson, commented: “We are not familiar with this, however, the fact that the AvaTrade Group is regulated to the highest standards by 5 independent regulators: BVI Financial Services Commission, Central Bank of Ireland, Japanese Financial Services Authority, Australian Securities and Investments Commission and South Africa Financial Services Board speaks for itself.”
However, as is the case with all brokers included on the BCSC’s warning list, Ava Trade is not registered to trade in, or advise on, securities or exchange contracts in BC and for this reason, has been included its list of individuals and companies that appear to be engaging in activities that may pose a risk to investors. The BCSC has therefore, urged investors to use caution when dealing with this company.
Naaaa, it’s nothing. Many of my friends (and myself) trade with AvaTrade in Canada. I think it’s one of the most reliable brokers out there
Moe , are you still trading with Avatrade ?
Im very confident this company can not be trusted. For starters they dont appear to be registered to legally do business with people in Ontario, but they are, with me and a friend. I just recently noticed it. I was watching 15m chart when all of the sudden(no data or news) the spread went 2x or more for a max of 10 secs. The yellow line that reps spread went full screen. Then price moved slightly up and hit my pending order 100+ pips early, then went back normal like it never happened. I wouldn’t even know had I not… Read more »
Any foreign brokerage is allowed to take on Canadian clients. The provincial laws state that the foreign brokerages must comply with Canadian regulations (which basically meas, they have to offer godawful leverage rates, so jokerages like FXCM can stay on life support here). Now there are a lot of brokerages that do comply with the rules, but they don’t have to. The issue is that Avatrade advertised in BC, while not complying by the regulations. The government has a right to ban them from doing so. However, Canadians can trade with them, as long as the brokerage allows it. I… Read more »
Hey Ron, yup understand your frustration. Im just trying to get back into forex and looking for a Fair & reputable broker ( honestly I bet the most of them just want to operate likewise). Keep running into same BS. mostly originating from & leading back to our government regulations restricting what we can do with OUR $$$. Total BS. I had ok dealing with a few offshore providers in the past and then got shut down. Turned me off this great opportunity & as you am considering moving out of Canada.
so bottom line guys – is it wise to start trading with Avatrade ? i’m a B.C. Resident ?
Hey Alex , just curious if you have found a Broker you are Happy with , another frusrtated Canadian Investor !!
hello i warn they are scam my account number is 6480130 in ava trade broker . I had buy currency pair EUR TRY 3 lot and my target was 5.5800 .at 2018/07/09 market reached my target ,but they server has been disconnected.They stopped the server for ten minutes. For these ten minutes, the market has reached 40 pips higher than the designated Target. my positions Has not reached the target for this.The market was at an hour 21:13 to the point I determined to broker time. But they server was down .The definitive server must be announced by the broker… Read more »