REGINA — The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entities My Profit Live and TradeOnyx.
"We continue to encourage Saskatchewan residents to verify that entities selling investment opportunities are registered through the Canadian Securities Administrators' database," FCAA Securities Division Executive Director Dean Murrison said.
"You can ensure you are dealing with a reputable organization by verifying their registration status, which takes only a couple of minutes at aretheyregistered.ca."
My Profit Live claims to offer Saskatchewan residents trading opportunities, including cryptocurrency, foreign exchange, options, commodities, currency pairs, contracts for difference, ETFs and futures through the online website https:// myprofitlive com (this URL has been manually altered so as not to be interactive).
TradeOnyx claims to offer Saskatchewan residents trading opportunities, including cryptocurrency, foreign exchange, bonds and currency pairs through the online website https:// tradeonyx com (this URL has been manually altered so as not to be interactive).
Neither My Profit Live nor TradeOnyx is registered to trade or sell 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.
If you have invested with My Profit Live, TradeOnyx or anyone claiming to be acting on their behalf, contact the FCAA's Securities Division at 306-787-5936.
In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives 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 at aretheyregistered.ca.
- 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.
Do not allow unknown or unverified individuals to remotely access your computer.
Bookmark SASKTODAY.ca, Saskatchewan's home page, at this link.
