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Canada’s BCSC warns of uTrader forex, binary options broker

 Canada’s regional regulator, the British Columbia Securities Commission (BCSC), has issued a warning against the forex, CFD and binary options broker uTrader and its owner Day Dream Investments Ltd.


According to the BCSC, the company claims to be based in the offshore zone the Marshall Islands, but is not regulated and is not licensed to operate in British Columbia.


“We recently became aware of the Parties and that a BC resident was able to open a trading account with uTrader”, the BCSC said and urged British Columbia residents to be cautious when dealing with firms that are not licensed to provide financial services in the province.


Utrader claims to be offering over 90 instruments like forex, CFDs, options and Bitcoin and promises up to 85% income on every trade. The broker also promises the incredible 650% profit on touch options.


Judging by client complaints, however, uTrader is the typical scam that pressures people to deposit money and then refuses to let withdrawals, by employing the various tricks used by such companies.


It appears that uTrader is mainly targeting European and Russian clients and even claims to be overseen by Russia’s commission for the regulation of relations on financial markets KROUFR, but our check revealed that it is not. Or at least not anymore.


Either way, as always we advise our readers to be extra careful when investing and do proper research on the regulation of the brokerage before actually sending any money or signing up for anything.

 

  

TAGS: utrader  bcsc  canada  warning 
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