In two separate provincial releases, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) recently advised investors to look out for scam sites.
Multiple sites were mentioned by the FCAA as being unregistered to trade or sell securities or derivatives in Saskatchewan: Astronix, My Profit Live and TradeOnyx.
Investors and consumers are advised not to send money to companies that are not registered, as they may not be legitimate businesses.
All three online entities claim to offer Saskatchewan residents trading opportunities including cryptocurrency, foreign exchange, and currency pairs.
Astronix also mentions share trading and energies, while TradeOnyx supposedly offers bonds. My Profit Live includes commodities, contracts for difference, ETFs, and futures.
In the written release, FCAA Securities Division Executive Director Dean Murrison said registration status can be verified through aretheyregistered.ca.
"We continue to encourage Saskatchewan residents to verify that entities selling investment opportunities are registered through the Canadian Securities Administrators' database," he added. "You can ensure you are dealing with a reputable organization by verifying their registration status, which takes only a couple of minutes."
Individuals who have invested with Astronix, My Profit Live or TradeOnyx or anyone claiming to be acting on their behalf, are advised to contact the FCAA's Securities Division at 306-787-5936.