Ontario Securities Commission (OSC), one of the thirteen provincial financial regulators in Canada, has added HQBroker to its list of companies not to do business with, according to a regulatory statement.
HQBroker 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.
OSC has updated its blacklist of companies that are illegally conducting financial services targeting provincial residents to add HQBroker, doing business through its website https://www.hqbroker.com. The firm is not registered in Ontario to trade securities or advise anyone with respect to investing in, buying or selling securities.
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A brief review of the firm’s website reveals that it offers investments services on a wide range of financial instruments. HQBroker doesn’t claim a specific regulatory status in any jurisdiction.
This is not the first time that HQBroker has been red-flagged for soliciting traders without regulatory permissions. Last year, 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.
The warning follows a similar case highlighted by the OSC in which Nemesis Capital Limited, operating as AlfaTrade, was added to its list of unregulated investment providers.
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.