The BCSC Has Warned the Public About These Brokers

The BCSC has issued a warning about the following brokers. CryptoCoinTrace professionals consistently update this list as new warnings are issued. It’s crucial to pay attention to which brokers are being flagged, and that’s why we’ve created these scam broker reviews–to help our customers do meaningful research on financial companies and steer clear of those that have been flagged. 

When a major regulator issues a warning about a broker, it’s important to take it seriously. The BCSC’s evaluation is authoritative and they look carefully into the situation before issuing alerts. Read our reviews for further details about these brokers and fraudulent activities in general, and keep checking for new reviews that are being added at regular intervals.

What Does The British Columbia Securities Commission Do?

The British Columbia Securities Commission (BCSC) is an independent entity that works with the Canadian government to regulate the financial market, ensure fair competition and the delivery of legitimate financial services to consumers. 

They oversee financial services to ensure that they comply with regulations and will take disciplinary action if they are found in violation of laws and standards. When the BCSC receives numerous complaints about a broker, they will warn the public and describe the problems associated with them.

Common Broker Red Flags:

  • The BCSC issues public warnings against brokers for the following reasons. These are the most common red flags–there may be other problems as well. 

    • Licensing issues
    • Misleading statements
    • Non-compliance with regulations
    • Proliferation of customer complaints
    • Clone broker
    • Legal action against the company

One of the most common reasons for complaints against brokers is a lack of a license or other licensing problems. The broker may falsely claim to have a license with the BCSC and have no license at all or hold a third-rate license from an offshore broker. In addition, the broker may have made misleading statements and guaranteed returns on investment or claimed to charge no fees. 

Many of these suspicious brokers have not complied with regulations, whether it’s Canadian law or standards enforced by the BCSC. The regulator may also have received a substantial number of customer complaints. The BCSC often alerts the public to clone brokers or those that have adopted a similar name or logo as a legitimate broker. They will also warn people if the company is the target of legal action or if there are credible questions about their solvency.

What You Should Do If You Have an Account with These Brokers?

If you currently hold an account with the following brokers, close it and demand an immediate withdrawal of all of your funds. If you do not receive a withdrawal from this broker contact CryptoCoinTrace experts. We consult with clients, advise them on claims and have the tools and methods to track down your funds. The sooner talk to us, the greater the chances of a successful claim!

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