Caution regarding currency market - AMF cautions investors about solicitations through Markets.com and Bforex Ltd.
Monday, March 05, 2012
Montréal – The Autorité des marchés financiers (“AMF”) is cautioning investors about Markets.com and Bforex Ltd., two companies that are not authorized to carry on activities in Québec. These two companies have recently solicited Quebeckers to invest in the currency (FOREX) market.
Solicitations through Markets.com
Markets.com, which is owned by Safecap Investments Limited, is an investment firm domiciled in Cyprus. Neither SafeCap Investments Limited nor Markets.com is registered with the AMF.
In addition, the AMF issued a caution in October 2010 regarding solicitations of Quebeckers made through four websites related to SafeCap: www.finexo.com, www.goforex.com, www.gfcmarkets.com and www.gdbrokers.com.
Solicitations through Bforex
Bforex is incorporated in the British Virgin Islands. On its website, www.bforex.com, it offers a platform for investors wishing to trade on the currency market. The company is not registered with the AMF and therefore cannot solicit investors in Québec.
Since these companies are not registered with the AMF, the solicitations they make to Québec investors may violate the laws administered by the AMF, in particular the Derivatives Act.
Reminder for investors
The currency market is complex and volatile. It is intended for investors who have the knowledge, time and resources necessary to monitor market fluctuations. Investors who do not have the knowledge and time needed to trade in this market could incur significant losses.
As Fraud Prevention Month begins, the AMF also reminds investors about the importance of being vigilant before investing their savings, regardless of the location of the companies and individuals offering the investments. Investors should ensure that the companies and individuals offering to act as intermediaries hold the necessary approvals from the AMF by checking the Register of firms and individuals authorized to practice on the AMF’s website or by calling the AMF Information Centre.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec’s financial industry.
– 30 –
Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
Top of page