Ontario Securities Commission (OSC), one of the thirteen provincial financial regulators in Canada, has added Nemesis Capital Limited, operating as AlfaTrade, to its list of companies not to do business with, according to a statement issued by the watchdog today.
AlfaTrade is the latest entity to be added to the OSC warning list and follows a mounting number of complaints in connection with forex and binary options firms.
According to the OSC, AlfaTrade is not registered in Ontario to engage in the business of trading in securities or to advise anyone with respect to investing in, buying or selling securities.
TrustedBrokerz: The Source More Traders Are TrustingGo to article >>
The brokerage operates under the url www.alfatrade.com. Its address is Oborishte District 21B, Moshovska St, Sofia, Bulgaria and is owned and operated by Nemesis Capital Limited, Stoney Ground, Kingstown, St. Vincent and the Grenadines.
A glance at the broker’s website reveals that AlfaTrade offers access to the forex market via MetaTrader 4, but there was no evidence of any kind of regulatory jurisdiction, thus the firm appears to be unlicensed.
Second Time Around
This is not the first time that AlfaTrade has been red-flagged for soliciting traders without the appropriate license. Earlier in this year, British Columbia Securities Commission (BCSC), another Canadian provincial financial regulator, issued a warning to investors about AlfaTrade after the firm was found to be offering its services in BC without a license.
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.