Nova Scotia Securities Commission is the financial regulator in Nova Scotia, which is is one of eastern Canada’s Maritime provinces on the Atlantic.
What Is The Warning About?
HQBroker, an unregistered firm that’s allegedly based in Hong Kong and soliciting investors in Canada to trade various instruments on its platform, is the subject of a new investor alert that the Nova Scotia Securities Commission (NSSC) issued on Friday.
Tricks and Lies
The regulator says in the alert that the firm claims to be based in Hong Kong and offers trading in a variety of instruments, including derivatives, metals and foreign exchange. The NSSC has stated that the firm’s purported address in Hong Kong is false and that HQBroker is not registered to trade securities in Canada.
Not The First Regulator Warning About This Broker
Regulators in Ontario and New Brunswick issued their own warnings about HQBroker last summer. And the Securities and Futures Commission of Hong Kong put out a warning about the firm last spring as well.
How To Protect Yourself From Scams
“Always take time to check registration and understand the risks and costs involved with your investments,” said Stephanie Atkinson, senior enforcement counsel with the NSSC, in a statement. “Becoming an informed investor is your best line of defence.”