Abstract：On January 4, 2024, the British Columbia Securities Commission (BCSC) warned an unlicensed broker called TopMarkets.
The regulator said TopMarkets describes itself as a company that provides a variety of financial trading services, including forex, stocks, commodities, indices and cryptocurrencies.
According to the BCSC, the broker operated five websites. They are:
Investors should be careful to avoid these TopMarkets-related websites, as the broker has not only been warned by the BCSC, but has also stealed regulatory information from legitimate companies.
Clicking on one of these sites, we find that TopMarkets claims to be regulated in Cyprus, with a regulatory number of 138/11. However, the searching result from the Cyprus Securities and Exchange Commission (CySEC) reveals that the regulatory number is held by Topfx Ltd, the company that operates the well-known forex broker TopFX.
The regulator only certified a domain of the regulated broker on its website and did not indicate that the five websites that belong to the warned TopMarkets have any connection to the genuine company.
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