The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued a Temporary Cease Trade Order against Ava Trade Limited, that appears to be operating an unregistered online platform that allows users to trade in FOREX and Contracts for Difference (CFD).
“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 at www.aretheyregistered.ca. Just because a company claims to be registered in a foreign country, does not mean they are registered everywhere.” Ava Trade purports to be a regulated FOREX and CFD broker with offices in Ireland, Italy, France, Japan, Spain, Australia, Mongolia, China, Nigeria, Chile, and South Africa. Its online platform is located at https://www.avatrade.com.
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. Ava Trade is not registered to trade in securities or derivatives in Saskatchewan. The company is also the subject of several investor cautions and warnings issued by Ontario, Quebec and British Columbia. Anyone contacted by Ava Trade should contact the FCAA Securities Division at 306-787-5936.
