Online trading

FCAA Warns Saskatchewan Investors Against Online Trading Platform EliteFx Trader

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) is warning investors against EliteFx Trader Inc.

It says the online trading platform, which offers Saskatchewan residents the opportunity to invest and trade in securities and derivatives, is not registered in the province.

The authority said in a news release on Tuesday that registration is mandatory to sell securities and derivatives in the province.

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EliteFx Trader Inc., allegedly based in Chicago, Illinois, has been in contact with residents of Saskatchewan.

“The FCAA strongly cautions investors and consumers not to send money to businesses located outside of Canada that are not registered in Saskatchewan, as they may not be legitimate businesses and you could lose your money,” the FCAA warned on Tuesday.

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“Residents should also be cautious if approached by organizations claiming they could claw back investments sent to unregistered entities – such as EliteFx.”

The Securities Act aims to ensure that only honest and knowledgeable people are registered to sell securities and that their businesses are financially stable, the FCAA said.

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The FCAA has provided some advice to protect residents in the future:

  • Always check that the person or company is registered to sell or advise on securities or derivatives. To verify 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 investment advice.

Anyone who has been contacted by EliteFx Trader Inc. is asked to contact the FCAA Securities Division at 306-787-5936.

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