Released on January 27, 2021
The Financial and Consumer Affairs Authority (FCAA) is aware that an online trading platform, Cash FX Group (also known as Cash Forex Group, CashFX, CFX), is offering Saskatchewan residents a Multi-Level-Marketing opportunity to invest in forex. Investors pay for training materials to learn how to trade in forex themselves and they invest in a “trade pool” where funds are pooled into a Cash FX corporate brokerage account. The account is purported to invest in derivatives through an off-shore brokerage firm, that is not registered in Saskatchewan.
Website of Subject: https://cashfxgroup.com/
Cash FX Group also claims to have Expert Advisor Algorithms, Artificial Intelligence technology and a professional forex trading team. Cash FX Group is not registered in any capacity with the FCAA. Individuals or companies need to be registered with the FCAA in order to trade or sell securities or derivatives in Saskatchewan.
CashFX Group has also been the subject of investor alerts in other jurisdictions, specifically British Columbia, the United Kingdom, Norway and Panama.
Tips to protect yourself:
- Always check the registration of the person or company selling or advising about securities or derivatives. To check registration, visit The Canadian Securities Administrations’ National Registration Search at (https://www.securities-administrators.ca/nrs/nrsearchprep.aspx).
- Know exactly what you are investing in. Make sure you understand how the investment, product or service works.
- Get a second opinion and seek professional advice about the investment.
If you have invested with Cash FX Group, contact the FCAA’s Securities Division at 306-787-9492.
For more investor protection information visit https://fcaa/gov.sk.ca/consumers-investors-pension-plan-members/investors.
For more information, contact:Shannon McMillan
Financial and Consumer Affairs Authority