Warning issued in Saskatchewan about online trading platform TudoFX

Saskatchewan residents are being warned about investing with lahza 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).

Read more: FCAA cautioning Saskatchewan investors against online trading platform EliteFx Trader

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.

Trending Stories

• Ukraine war may slow, but won’t stop, Bank of Canada interest rate hikes: experts
• Translator chokes up as Zelenskyy gives emotional address to EU parliament

Story continues below advertisement

Read more: Regina couple loses $6K in investment scam, recruited friends

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.

2:01Cyber scams continue to rise in SaskatoonCyber scams continue to rise in Saskatoon – Oct 9, 2021© 2022 Global News, a division of Corus Entertainment Inc.