Canada’s regional financial regulator, the British Columbia Securities Commission (BCSC) has warned that the AlfaTrade forex broker is not registered to trade in, or advise on, securities or exchange contracts in the Canadian province and is not allowed to do business with residents of British Columbia.
Unlike any other federal state, Canada lacks a federal regulator and has separate financial oversight bodies for each province. As a general rule, the brokers need a license from each separate regulator.
The broker, operating from the website alfatrade.com is owned by the company Nemesis Capital BG Limited, which is registered in Bulgaria. A check in the country’s Commercial Registry, which contains public information on all companies in the country, revealed that it has an address in the Bulgaria’s capital Sofia and its capital is owned by St. Vincent and the Grenadines-based Nemesis Capital Limited. This, however, does not mean the broker is regulated by Bulgaria’s financial watchdog, the Financial Supervision Commission. The AlfaTrade website does not provide information on the broker’s regulation.
AlfaTrade offers trade in forex and CFDs on metals and indices on the MetaTrader 4 platform, social trading on the MirrorTrader platform and the service “Guardian Angel”, which provides real-time advice and feedback on trading strategies, etc. The minimum deposit is $500 and the maximum leverage is 1:200.