Online trading

Saskatchewan. regulator issues warning about e-commerce company

EliteFX Trader Inc. does not meet the requirements to sell securities and derivatives in Saskatchewan.

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Saskatchewan’s financial regulator is warning residents of the province not to do business with any e-commerce platform marketing its services in the province without permission.

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The Financial and Consumer Affairs Authority (FCAA) issued a press release on Tuesday warning against EliteFX Trader Inc., which operates the elitefxtrader.com website. The company reportedly contacted people in the province to offer them the opportunity to invest in securities and derivatives.

EliteFX is not registered in Saskatchewan and therefore is not authorized to sell securities and derivatives here, the statement said.

Anyone who has invested or has been contacted by EliteFx is encouraged to call the FCAA Securities Division at 306-787-5936.

The FCAA then warned against dealing with companies that are not properly registered, noting that they may not be legitimate companies and people could lose their money. The regulator also advised caution when dealing with any company that claims to be able to recover investments sent to an unregistered company.

Individuals wishing to verify a company’s listing can do so using the Canadian Securities Administrators’ national listing search.

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