Icon Markets Limited, doing business as Hedgestone Group, operated by Nevski Ps Ltd. (collectively, the Parties)
Icon Markets Limited and Hedgestone Group claim to be based in Belize City, Belize, and offer an online binary options and contracts for difference (CFD) trading platform. Nevski Ps Ltd. claims to be based in Petarch, Bulgaria, and operates Hedgestone Group.
A binary option is a type of option whose payout depends on whether the underlying asset (such as a stock, a commodity, a currency pairing, etc.) increases or decreases in value. Options are considered to be securities under the securities legislation in British Columbia (BC).
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.
We recently became aware of the Parties and that a BC resident was able to open a trading account with Hedgestone Group.
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.