The Nova Scotia Securities Commission (NSSC), one of many 13 provincial monetary regulators in Canada, has added the foreign exchange agency HQBroker to its ever-growing Investment Caution List, in accordance with an NSSC assertion at this time.
HQBroker, doing enterprise via its web site https://www.hqbroker.com, gives purchasers a variety of economic providers which incorporates seminars about foreign exchange, social buying and selling, in addition to unrealistic payouts are related to its affiliate packages, which compensate purchasers for attracting new merchants.
Discover iFX EXPO, Your Gateway to Asian Markets!
Last month, Ukrainian police arrested principals of HQBroker for working a web based buying and selling rip-off throughout the Eastern European nation. According to a police report, the scheme has been orchestrated by a 34-year outdated Ukraine who additionally operated the barnd “Commerce12” via workplaces in Kyiv, Kharkiv, Dnipro, Zaporozhye, Mariupol and within the Dnipropetrovsk area
Getting again to the warning, the Nova Scotian watchdog stated this agency will not be registered to commerce in or advise on securities or alternate contracts within the province and is considered one of many alerts issued by the watchdog which contain unauthorised soliciting or contact with retail traders in Canada by unlicensed brokers.
A harmful place to buy investments
HQ Broker was additionally flagged for chilly calling Nova Scotia residents providing to ascertain derivate buying and selling accounts, in a way that bears the hallmarks of an abroad dealer rip-off, the regulator stated.
After briefly explaining sure dangers associated to derivatives merchandise, the provincial authority famous that internet marketing providers are a harmful place to buy investments and recommends exercising excessive warning when coping with corporations that aren’t registered in Nova Scotia.
The NSSC is the impartial provincial authorities company liable for regulating securities buying and selling in Nova Scotia via the administration of the Securities Act. The regulator web site supplies data, instruments and assets for traders, together with investor warnings about people and firms that seem like participating in unauthorized actions.
To fulfil its mandate, NSSC additionally works in shut co-operation with the securities regulatory authorities throughout Canada via the Canadian Securities Administrators (CSA). The CSA is the umbrella group for the 13 securities regulators of Canada’s provinces and territories that work collectively to coordinate and harmonize the regulation of Canada’s capital markets.