BCSC Has Issued Warnings About the Following Brokers
The BCSC has alerted the public about a large number of suspicious brokers. It’s no wonder there are so many problematic brokers on this list–the numbers of online trading scams are soaring worldwide. That’s a good reason to use extra care before opening a brokerage account.
We urge you to peruse this list, read the broker reviews and avoid any of the brokers that have been flagged by the BCSC. Check back frequently. ChargeBax constantly creates more scam reviews and updates from regulators around the world.
What Is the BCSC?
The BCSC is the British Columbia Securities Commission and is a top regulator that manages financial markets in British Columbia. It is also responsible for oversight of all financial companies in the region and for ensuring they comply with all rules and regulations.
The BCSC is empowered to take disciplinary action against brokers that violate rules and can suspend and revoke licenses. In addition, it warns the public about suspicious financial services and regularly flags brokers that are suspected of scams.
Why Did the BCSC Flag These Brokers?
- Licensing problems
- Misleading information
- Lack of transparency
- Account issues
- Customer complaints
A large number of the brokers on this list have issues with licensing. This means they may not have a license at all or may be abusing their license by operating with a revoked license or signing up clients in areas where they aren’t authorized to operate.
The broker’s website, client communications, or advertisements may contain misleading information. These can be exaggerations about credentials, the amount of returns clients can expect, or absurdly low fees. Often these statements are used as window dressing to attract clients who will soon discover the picture they painted wasn’t accurate.
You should know who is managing your money. Brokers must reveal the identities of who runs the brokerage, location, correct contact information, and other details. Many of these brokers have given only a very sketchy picture and therefore have been flagged.
One of the most common reasons customers file claims is when they don’t have full access to their accounts. Many of these brokers have blocked customers from making withdrawals or are charging huge fees for transactions.
Brokers end up on the BCSC list because customers have complained about their practices. The other possibility is that the BCSC have examined them and found violations, but often this doesn’t happen without an abundance of terrible reviews.
BCSC Broker List 2022
Is Your Broker on This List? Here’s What to Do
We do not recommend opening an account with any of the brokers we have mentioned in our warnings list. If you do hold an account with this broker, close it right away and ask for a withdrawal of your funds. If the broker will not allow you to retrieve your funds, talk to ChargeBax professionals right away. We will investigate the matter, track down the broker and your funds, and will help you prepare your claim.