The OSC Has Warned the Public About These Brokers

The OSC has alerted consumers about the following brokers. This list is always being updated by CryptoCoinTrace and we research statements issued by major financial regulators worldwide. 

The problem of broker scams is increasing exponentially, and there are more warnings than ever. Therefore, our team makes it easier for you to research brokers by aggregating regulator reviews in one place and creating broker reviews that will give you the information you need to understand the potential pitfalls of working with online brokers. 

Doing research is one of the best ways to keep yourself and your finances safe from online trading fraud. We’ve done most of the work for you—all you have to do is consult our scam reviews, cross these brokers off your list and instead look for a licensed, legitimate broker.

What Does The The Ontario Securities Commission Do?

The Ontario Securities Commission (OSC) is an independent Crown agency that plays a crucial role in regulating Canada’s financial markets to ensure that they are fair and safe for companies and consumers. We oversee financial institutions and ensure that they comply fully with the Ontario Securities Act. 

This means that the OSC inspects financial institutions regularly, analyzes documentation and ensures that they are operating according to standards and regulations. The OSC reports irregularities, suspicious activities can take disciplinary action against problematic financial services and assist law enforcement in their investigations.

Common Broker Red Flags:

  • The OSC 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

Many of the brokers on this list are here because they have licensing problems, including not holding a license, operating with an expired or revoked license or conducting a business in an area where they are not certified to work on behalf of customers. Also, a large number of the brokers on this list make misleading statements about the kind of returns their customers will make on investments or concerning types of services they offer as well as ambiguous statements about fee structure. 

The OSC issues warnings against financial services that don’t comply with regulations, whether they are national laws or the OSC’s standards for its licensees. When they receive a large number of customer complaints about a broker, the OSC will warn the public about them. One of the most common alerts deals with clone brokers–fake brokers that adopt a name that sounds like a regulated broker. 

When legal action is taken against a company, such as a major lawsuit, fraud trial or a cease and desist order, the OSC will issue an alert. Also, they will indicate if there is a question about the broker’s 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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