Released on March 2, 2022
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online trading platform TudoFX. This platform claims to offer Saskatchewan residents an opportunity to invest and trade in stocks, forex, crypto currencies, and contract for differences through its' online website at www.tudofx.com.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. TudoFX is not registered to sell or trade securities or derivatives in Saskatchewan.
The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses. Investors and consumers should also exercise extreme care when asked to transfer funds to a foreign country or when asked to grant remote access to a personal computer.
The registration provisions of The Securities Act, 1988 and accompanying regulations are intended to ensure that only 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 TudoFX, or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
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