BCSC warns for a Cyprus based CFDs broker
The British Columbia Securities Commission (BCSC) has issued a warning to inform investors and public for XForex, owned and operated by XFR Financial Ltd, a CFDs broker (Contracts For Difference) based in Cyprus.
According to the warning, the Commission became aware that a British Columbia (BC) resident was solicited by a representative of XForex and was able to open a trading account with XForex.
CFDs are a type of derivative security that allow traders to speculate on the price movements of an underlying asset. CFDs are considered to be securities under the securities legislation in BC.
Although XFR Financial Ltd. is registered with the Cyprus Securities and Exchange Commission, XForex and XFR Financial Ltd are not registered to trade in, or advise on, securities or exchange contracts in BC.
BCSC urges BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.
Source: BCSC
