The British Columbia Securities Commission (BCSC) has issued a warning against dealing with unauthorized Forex trading firm Eco Money Broker (EMB).
The announcement from the watchdog, dated April 14, 2015, said the broker does not have the necessary licenses to offer investment services in British Columbia. In the face of that, EMB has advertised its offering in the Canadian province and has allowed a BC resident to set up an account with the firm.
The company operates the website www.ecomoneybroker.com, presenting its services as a mix of high-yield investments, loans and Forex trading. No information is available on any licenses whatsoever, but the company provides an address in the United States (Miami, Florida). As you may suppose, being a legitimate US Forex firm requires a raft of registrations with US regulators and a range of permissions. LeapRate’s check has shown that EMB does not have any of these.
The BCSC reiterates that EMB is not registered in BC to trade in, or advise on, securities or exchange contracts. The regulator advises investors to exercise extreme caution when dealing with firms that are not registered to trade or advise in BC.
After the addition of EMB, the Investment Caution List composed by the BCSC features 128 entries. On top of numerous Forex firms that try to solicit investors from the province without the proper license, the list includes the names of many unauthorized binary options brokers.
To view the official text of the warning, click here.