Securities market regulators of Canadian provinces seem to be competing with each other on which one will issue the highest number of warnings against investment companies.
British Columbia Securities Commission (BCSC) added its weight to the growing watchfulness by issuing a warning regarding ZuluTrade, which most of us know as a provider of Forex and binary options social trading services.
According to the watchdog of the Canadian province, “Zulu Trade Inc. is not registered to trade in, or advise on, securities or exchange contracts in BC”. It is useful to remember that binary options, along with Forex, require obtaining special licenses in each Canadian province where a company wishes to offer such services.
Have in mind that the fact that ZuluTrade does not have a license in British Columbia does not negate the licenses it has in other jurisdictions. For example, ZuluTrade is allowed to offer investment services in the European Union, where it is provided via Triple A Experts SA (AAAFx). The latter has a license (2/540/17.2.2010) issued by the Hellenic Capital Market Commission (HCMC).
Below you can see some statistics from ZuluTrade’s website about the users of the service in Canada. How many (if any) of these people are residents of British Columbia is not clear.
Photo source: zulutrade.com.
You can view the official warning text by clicking here.