XForex, owned and operated by XFR Financial Ltd.
Warning from the British Columbia Securities Commission, British Columbia
XForex, owned and operated by XFR Financial Ltd. (together, the Parties)
Date added: July 19, 2016
Background: XForex claims to be a contracts for difference (CFDs) broker based in Cyprus.
We became aware that a British Columbia (BC) resident was solicited by a representative of XForex and was able to open a trading account with XForex.
CFDs are a type of derivative security that allow traders to speculate on the price movements of an underlying asset. CFDs are considered to be securities under the securities legislation in BC.
Although XFR Financial Ltd. is registered with the Cyprus Securities and Exchange Commission, the Parties are not registered to trade in, or advise on, securities or exchange contracts in BC.
We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.