Ava Trade, a company that appears to be operating an unregistered online platform that allows users to trade in FOREX and contracts for difference (CFD), has been issued a temporary cease trade order by the Financial and Consumer Affairs Authority of Saskatchewan (FCAA).
The company claims to be a regulated FOREX and CFD broker with offices in Ireland, Italy, France, Japan, Spain, Australia, Mongolia, China, Nigeria, and South Africa.
Ava Trade is not registered to trade in securities or derivatives in Saskatchewan and is also the subject of several investor cautions and warnings issued by Ontario, Quebec, and British Columbia.
“An investor should always check to see if a company is registered to trade in the jurisdiction that the investor resides, before handing over their money,” FCAA deputy director Ed Rodonets said.
“A company’s registration status can be checked by using the Canadian Securities Administrators’ National Registration Search database. Just because a company claims to be registered in a foreign country, does not mean they are registered everywhere.”
Ava Trade also operates under the names of AvaTrade Limited, AVA Trade Limited, AVA Trade EU Limited, Ava Capital Markets Australia Pty Limited, Ava Trade Japan K.K., and Ava Capital Markets Pty.
The Saskatchewan government is urging the public to contact the FCAA securities division at 306-787-5936 if you are contacted by Ava Trade.
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