Released on January 11, 2022
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning investors of EliteFx Trader Inc.
EliteFx Trader Inc. is an online trading platform offering Saskatchewan residents an opportunity to invest and trade in securities and derivatives through its online website, elitefxtrader.com.
EliteFx Trader Inc. is not registered in Saskatchewan, which is required to sell securities and derivatives in the province. EliteFx Trader Inc. is allegedly based in Chicago, Illinois, and has been in contact with Saskatchewan residents.
FCAA strongly cautions investors and consumers to not send money to companies located outside of Canada that are not registered in Saskatchewan, as they may not be legitimate businesses and you may lose your money.
Residents should also be cautious if approached by organizations claiming they could recover investments sent to unregistered entities - such as EliteFx.
The registration provisions of The Securities Act, 1988 and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and that their businesses are financially stable.
Tips to protect yourself:
- Always verify that the person or company is registered to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators' National Registration Search.
- 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 or been contacted by EliteFx Trader Inc., contact the FCAA's Securities Division at 306-787-5936. For more information, check out the investor alert for EliteFx Trader Inc.
For more investor protection information visit https://fcaa/gov.sk.ca/consumers-investors-pension-plan-members/investors.
For more information, contact:Margherita Vittorelli
Financial and Consumer Affairs Authority