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.