Quebec’s financial regulators say they have uncovered another handful of online trading platforms that are not registered to do business in the province.
The Autorité des marchés financiers (AMF) says it recently identified five online trading platforms that are not authorized to offer products and services in Quebec. They include: avatrade.com, avatrade.ca, ilq.com.vn, vaultoptions.com and sycamoreoptions.com.
Two of the five, vaultoptions.com and sycamoreoptions.com, offer binary options trading platforms, the AMF says. And, reiterating earlier warnings about dealing in these sorts of options, it stresses that binary option carry specific risks and that they are only suitable for certain investors.
The regulator notes that investors in Quebec should not deal with any of the five sites named; noting that “Unauthorized trading platforms are sometimes associated with fraudulent schemes”; which can lead to investors losing their assets and even identity theft.
At the same time, the AMF published an updated list of websites that are not authorized to do business in Quebec.