Released on July 12, 2022
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online trading platform Gold TradeFX.
This platform claims to offer Saskatchewan residents an opportunity to invest and trade in crypto currency and contract for differences through the website www.goldtradefx.com. This entity has obtained funds from at least one resident of Saskatchewan.
"If an online platform is not registered, they are not a safe choice for Saskatchewan residents - it's as simple as that," Executive Director of the Securities Division with the FCAA Dean Murrison said. "Always do your due diligence by checking if an entity is registered with the FCAA, and whenever possible ask your financial adviser to evaluate every investment opportunity you are considering."
Gold TradeFX is not registered to sell or trade securities or derivatives in Saskatchewan. The FCAA strongly cautions investors and consumers to not send money to companies that are not registered in the province, as they may not be legitimate businesses and you may lose your money.
If you have invested with Gold TradeFX or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
In Saskatchewan, individuals or companies must be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988 and the 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 Administrations' 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.
For more investor protection information, visit: Financial and Consumer Authority of Saskatchewan (gov.sk.ca).
For more information, contact:Margherita Vittorelli
Financial and Consumer Affairs Authority