Ontario Securities Commission (OSC) Issues Warning Against BITFARGO

The Ontario Securities Commission (OSC) has reportedly released a warning note for the entire investment community in Canada. The warning note issued by the Ontario Securities Commission is for an online trading service provider going by the name “BITFARGO”.

According to the Ontario Securities Commission, BITFARGO has been providing its financial trading services to the Canadian locals without any approval. As the platform is providing its service without any approval, therefore, it is full of risks for the investment community to interact with the particular platform.

Warning against BITFARGO

The Ontario Securities Commission has issued a notice revealing that BITFARGO has been providing trading services to Canadian citizens that are full of risks. The platform is not authorized or approved to operate in Canada. This means that any investor interacting with the platform is at the risk of losing their funds and investments.

As BITFARGO is an unauthorized platform, the investors won’t be covered by any law or regulation. As a result, if the investors end up losing their funds to fraud, they won’t be able to recover their money. The investors wouldn’t even be covered or later, compensated by the financial regulatory authorities in Canada.

BITFARGO is Unauthorized in Canada

In Canada, all online and offline financial services providing entities are required by the law to operate with approval by the respective regulatory authorities. In Canada, the financial services providers need to have approval/authorization from the Ontario Securities Commission to offer services.

The regulatory authority has announced that BITFARGO has been claiming that it is authorized to operate in Canada. However, BITFARGO is not authorized to operate in Canada at all, which has been confirmed by the Ontario Securities Commission.

The regulator has strictly advised all local investors to be extra careful and vigilant when dealing with BITFARGO. The first advice from the regulatory authority to the investors is to not interact with BITFARGO at all.

However, if the investors still wish to interact with BITFARGO, they will be doing it at their own risk. This is because BITFARGO is an authorized trading service provider.

Information for BITFARGO

According to BITFARGO’s website (bitfargo.io), it has been registered in St. Vincent and the Grenadines. The registration number provided by BITFARGO is (REG 1070 LLC 2021). The address BITFARGO has provided on its portal is Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent, and the Grenadines.

On the website, BITFARGO has revealed that it is owned by Nexus LLC. BITFARGO claims that Nexus LLC is a company that is registered in St. Vincent and the Grenadines.

Services and Claims Made by BITFARGO

BITFARGO claims that it is a forex and CFD trading service provider. The platform claims that it provides services for other instruments as well that include commodities, stocks, indices, and cryptocurrencies. According to the team behind BITFARGO, it provides its users with several trading platforms. These platforms include Web Trader, Mobile Trader, and Desktop Trader.

As for the resources, BITFARGO reveals that it provides fundamental analysis, forex trading strategies, technical analysis, and leverage/margin-related guidance.

The platform also reveals that it is a fully regulated online trading service provider. The platform claims that it adheres to the know-your-customer (KYC) and anti-money laundering (AML) regulations.

Furthermore, the platform claims that it provides 24/7 customer support to investors. BITFARGO claims that it has been doing it through email, chat support, and landline.

On the website, BITFARGO claims that it has a tremendous number of investors who are happy with the services it provides. As of now, BITFARGO claims 92% of the total investors that have invested through their platform are happy with its services.

The platform also claims that it has a really high retention rate for traders that currently stands at 76%. As for risk management, the platform claims that the maximum risk management it has recorded is 25%.