Released on May 11, 2022
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online trading platform Tradethebit.
This platform claims to offer Saskatchewan residents an opportunity to invest and trade in forex, commodity futures contracts, and publicly traded companies through the website www.tradethebit.com. This entity has been in contact with an investor who resides in Saskatchewan.
Tradethebit 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.
"Unregistered entities offering alleged investment opportunities are often financial predators looking to scam Saskatchewan residents," Executive Director of Securities Dean Murrison said. "Keep your money safe by checking that anyone you invest with is registered to trade securities in the province."
If you have invested with Tradethebit 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 https://fcaa/gov.sk.ca/consumers-investors- pension-plan-members/investors.
For more information, contact:Margherita Vittorelli
Financial and Consumer Affairs Authority