07/08/2020 | Press release | Distributed by Public on 07/08/2020 07:09
The Nova Scotia Securities Commission is alerting Nova Scotians that they are seeing an increase in Forex-related scams targeting investors.
Forex investing includes speculating on the change in value of one currency against another and is legal and regulated in the province if done through licensed dealers in Nova Scotia.
However, its complexity and volatility can be used by fraudsters to mislead unsuspecting investors into believing a scheme is a legitimate and lucrative investment.
Some of the warning signs that a Forex investment may be fraudulent include:
The commission and other provincial and territorial securities regulators in Canada have seen a rapid increase in Forex-related scams online in the past few months. The Commission issued our latest alert about a Forex-related scam just last week. The scams are being offered on social media, online forums and sites like Reddit and Kijiji, targeting investors with promises of high returns. If you do invest in Forex, you need to know that it is a complex, volatile and extremely risky investment. Do not invest more than you can afford to lose.Stephanie Atkinson, acting director of enforcement, Nova Scotia Securities Commission
-- any firm offering Forex trading to Nova Scotians must be registered with the commission and be a member of the Investment Industry Regulatory Organization of Canada