Another warning to XTrade companies.
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BCSC, British Columbia Securities Commissions is the main Financial Regulatory Authority in Canada, and the BCSC has added “XFR Financial Limited” to its “Investment Caution List”.
It is the official warning to the company and according to BCSC, the company has solicited clients in British Columbia without obtaining proper license to do it.
XFR Financial Limited owns XForex ad XTrade, a CFD and Forex online broker.
XTrade is also known as an official sponsor of the famous soccer figure, “Cristiano Ronaldo”.
Although it is the warning published by BCSC, the broker is officially regulated by CySEC and the it is operating financial services by following the rules set by the regulator.
You can find the full official announcement by BCSC from below.
XForex, owned and operated by XFR Financial Ltd. (together, the Parties)
Date added: July 19, 2016
Background: XForex claims to be a contracts for difference (CFDs) broker based in Cyprus.
We became aware that a British Columbia (BC) resident was solicited by a representative of XForex and was able to open a trading account with XForex.
CFDs are a type of derivative security that allow traders to speculate on the price movements of an underlying asset. CFDs are considered to be securities under the securities legislation in BC.
Although XFR Financial Ltd. is registered with the Cyprus Securities and Exchange Commission, the Parties are not registered to trade in, or advise on, securities or exchange contracts in BC.
We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.