We were recently became aware that iMarketsLive is operating in the province. Since iMarketsLive and its trading platform, FXSignalsLive, are not registered to trade in, or advise on, securities or derivatives in New Brunswick, it is illegal for both companies to carry out these activities in the province.
According to its websites, the company appears to be based in New York, and claims to provide “highly effective tools and services to help traders make the right decision in the FOREX and futures markets.” Besides offering membership into their service, they also have an independent business owner option, which appears to be a multi-level marketing scheme.
In March 2018, FCNB sent the company a request for more information about their operations. They did not respond by FCNB’s deadline.
The FOREX market, also referred to as the Foreign Exchange or FX market, is basically the simultaneous buying of one currency while selling another. Profits and losses depend on the fluctuations in the exchange rate between the two currencies.
If your money is invested in the FOREX market, you may not have been told that the investment is very risky. Consumers considering the FOREX market should do their research and understand what they are getting into before investing. Anyone investing in the FOREX market should be aware that they could lose all of their investment.
We urge New Brunswick residents to exercise caution when dealing with firms that are not registered to trade or advise in New Brunswick.