Canada’s OSC Flags Forex Broker Axe Invest

Australian regulator ASIC has also warned against the entity.

The Ontario Securities Commission (OSC) has added yet another warning to its list this Monday, with the Canadian regulator flagging Axe Invest as an entity that appears to be engaging in activities that may pose a risk to investors.

Specifically, the warning against Axe Invest has appeared on the regulator’s warning list, which: “contains individuals and companies that appear to be engaging in activities that may pose a risk to investors. The OSC urges investors to be cautious about these individuals and companies.”

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In the warning against the entity posted today, the watchdog states that: “Axe Invest, offering investment services on its website found at www.axeinvest.com, is not registered in Ontario to engage in the business of trading in securities.”

Taking a look at the website of the entity, Axe Invest claims to be a trading provider for foreign exchange (forex), cryptocurrencies, indices, commodities, and more.

“Good service is the principle of our company structure. We are aware that we don’t just to offer a trading opportunity but, we are here to accomplish your personal needs, whether you are trading Crypto, or Forex, or in a different market. At Axeinvest, service matters!” the website states.

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Furthermore, the website states that it is owned and operated by Madar Partners LTD, with registered number 93741 and based in Marshall Island. A google search of the company will reveal numerous reviews, where investors claim to have been scammed by the broker.

The OSC isn’t the only regulator to have cautioned against Axe Invest. Towards the end of last year, Aussie regulator, the Australian Securities and Investments Commission (ASIC), also warned against the entity for operating in the country without the required authorization.

Scams continue to rise

Scams within the forex and cryptocurrency space remain a real and increasing threat to traders and unsuspecting consumers. As Finance Magnates has reported extensively, regulators are constantly on the lookout for entities that may either be clone firms or fake companies.

As Finance Magnates reported earlier this month, in the southern hemisphere, Australians have lost more to investment scams so far in 2019 than they did in the whole of 2018. That’s according to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch.

In particular, as of September 2019, AU$48.85 million ($33.0 million) has been lost to fraudsters who are operating investment scams.

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