Canadian State Regulator Cautions Investors About YoutradeFX
- Ontario Securities Commission, the financial services regulator for the Ontario has issued a warning against YoutradeFX. The notification comes after the broker solicits Canadian clients without holding the necessary licenses.
YoutradeFX, a provider of margin FX has been given a slap on the wrist from Canadian state regulator, the Ontario Securities Commission (OSC), the financial watchdog which governs financial services in the region has found the firm marketing its products and services to residents of Ontario. A conduct only authorised by regulated brokers.
In the notification issued by the regulatory authority, the order states: ‘YoutradeFX solicits investors to open trading accounts to conduct electronic transactions on foreign exchange markets (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and invest in certificates for difference (CFD), in particular on precious metals, indexes, commodities and stocks. These companies are not registered to sell derivative products in Ontario and are purported to be located in the United Kingdom and Mauritius respectively.’
Canada is gradually building its position as a destination for FX and CFD trading. In Forex Magnates' detailed Quarterly Industry Report Q2 2013, the status of Canada’s FX market was covered. Gain Capital was the most recent broker to receive regulatory approval. UK-based CMC Markets has been one of the most popular brokers with an established presence in the North American country.
YoutradeFX operates under several brand names, however its (main) domain www.yourtradefx.com is linked to its Australian entity. The firm is regulated by ASIC with Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term No. 398528.
On the firm's UK website, a notification appears (using UK IP address): “Youtrade Capital Markets has applied to the Financial Conduct Authority for a Voluntary Variation of Permission, this in effect means that the company can no longer conduct any investment business in the UK. If you have any questions regarding this notice please contact either Adele Swain or Adrian Jackson on +44 203475 4422.“
YoutradeFX, a provider of margin FX has been given a slap on the wrist from Canadian state regulator, the Ontario Securities Commission (OSC), the financial watchdog which governs financial services in the region has found the firm marketing its products and services to residents of Ontario. A conduct only authorised by regulated brokers.
In the notification issued by the regulatory authority, the order states: ‘YoutradeFX solicits investors to open trading accounts to conduct electronic transactions on foreign exchange markets (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and invest in certificates for difference (CFD), in particular on precious metals, indexes, commodities and stocks. These companies are not registered to sell derivative products in Ontario and are purported to be located in the United Kingdom and Mauritius respectively.’
Canada is gradually building its position as a destination for FX and CFD trading. In Forex Magnates' detailed Quarterly Industry Report Q2 2013, the status of Canada’s FX market was covered. Gain Capital was the most recent broker to receive regulatory approval. UK-based CMC Markets has been one of the most popular brokers with an established presence in the North American country.
YoutradeFX operates under several brand names, however its (main) domain www.yourtradefx.com is linked to its Australian entity. The firm is regulated by ASIC with Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term No. 398528.
On the firm's UK website, a notification appears (using UK IP address): “Youtrade Capital Markets has applied to the Financial Conduct Authority for a Voluntary Variation of Permission, this in effect means that the company can no longer conduct any investment business in the UK. If you have any questions regarding this notice please contact either Adele Swain or Adrian Jackson on +44 203475 4422.“