Canadian Regulator BCSC Flags Avariz Group and Fx Stock Trade Income

The British Columbia Securities Commission(BCSC), the independent provincial government agency that enforces BC's Securities Act, recently updated two warnings against Avariz Group and Fx Stock Trade Income on its official website. 

The Commission has issued the first warning regarding Fx Stock Trade Income, which operates https://fxstocktradeincome.com and claims to be located in London, United Kingdom, and offers trading services on crypto assets, foreign exchange options and commodities.

The another warning was referring to Avariz Group, which operates www.avarizgroup.com claims to be located in Nanaimo, British Columbia, and it also claims to offer accounts for trading in forex, stocks and cryptocurrencies.

Based on the information the regulator had, both of these two girms are accepting British Columbia (BC) residents as clients without authorization.

The Commission said Fx Stock Trade Income and Avariz Group are "operating a recognized market without authorization." 

Under the Securities Act, brokerage firms need to register with the BCSC as dealers or advisers in order to open trading accounts for BC residents.

BCSC also advised BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.