Saskatchewan residents are being warned about investing with an online trading platform.
TudoFX is claiming to offer the opportunity to invest and trade in stocks, foreign exchange, cryptocurrencies and contracts for derivatives, according to the Financial and Consumer Affairs Authority of Saskatchewan (FCAA).
The FCAA said TudoFX is not registered to sell or trade securities or derivatives in Saskatchewan.
Investors and consumers are being cautioned not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.
The FCAA said extreme care should also be taken by investors and consumers when they are asked to transfer funds to a foreign country or asked to grant access to a personal computer.
Officials with the agency said there are steps consumers and investors can take to protect themselves.
They said to know what exactly is the investment and understand how the investment, product or service works.
Always verify that the person or company is registered to sell or advise about securities or derivatives and get a second opinion and seek professional advice about the investment.
Individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives in Saskatchewan.
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