Nova Scotia Securities Commission issues alert about Royal FX Trading Ltd.

At least one Nova Scotian has reported losing funds by making what was believed to be an investment with Royal FX

 CityNews Halifax Staff

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NEWS RELEASE
NOVA SCOTIA SECURITIES COMMISSION
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The Nova Scotia Securities Commission is alerting Nova Scotians that Royal FX Trading Ltd. (Royal FX), operating online at www.royalfxtrading.com, is not registered to engage in the business of trading or advising in securities or derivatives in Nova Scotia.

At least one Nova Scotian has reported losing funds by making what was believed to be an investment with Royal FX. After learning about Royal FX from a YouTube video, they received instructions via a chat box to transfer funds to purchase Bitcoin and open an investment account. Although they received a statement showing significant growth in their account within one month, a request to withdraw funds was met with a fee payment requirement and no further contact from Royal FX.

The Commission urges Nova Scotians to exercise extreme caution when dealing with firms that are not registered in Nova Scotia. People who have had contact with Royal FX should contact the Commission. People can contact the Commission to report suspicious behavior from anyone offering investment opportunities.

Quotes:
“Protect your financial well-being by taking the time to become informed. Always verify the registration status of an individual or company offering an investment opportunity and search for information about them online. Be wary of guaranteed returns and opportunities that are difficult to understand. All investments carry risk and if an investment sounds too good to be true, it probably is.”
– Jennie Pick, Enforcement Counsel, Nova Scotia Securities Commission

Quick Facts:
— it is illegal to solicit investments in Nova Scotia without registering with the Commission and complying with Nova Scotia securities laws, unless an exemption applies

Additional Resources:
To file a complaint or report a scam to the Nova Scotia Securities Commission: https://nssc.novascotia.ca/recognize-and-report-scam

To see if a company or person is registered, check the Canadian Securities Administrators’ National Registration Search at: https://info.securities-administrators.ca/nrsmobile/nrssearch.aspx