FCNB recently became aware that Cash Forex Group (CFX) may have been marketing and selling their products and services to New Brunswickers.
This company claims to offer forex trading services for investors through its online trading platform using algorithms and artificial intelligence. According to its website (cashfxgroup.com), the company claims to be headquartered in Panama City.
CFX is not registered to trade in, or advise on, securities or derivatives in New Brunswick. The Financial and Consumer Affairs Authority of Saskatchewan recently issued an investor alert on CFX and the British Columbia Securities Commission recently placed CFX on its Investment Caution List.
The FOREX market, also referred to as the Foreign Exchange or FX market, is basically the exchange of one currency for another. Profits and losses depend on the fluctuations in the exchange rate between the two currencies.
Although some opportunities to invest on the FOREX market are legitimate, investors should use caution. Ads for FOREX opportunities may look convincing, but if the company is not legitimate, your money may not be invested in anything, and simply disappear.
New Brunswickers considering the FOREX market should do their research and understand what they are getting into before investing. Firms must be registered in New Brunswick to trade or advise in FOREX, otherwise they are in breach of the province’s securities laws. Use the National Registration Search Tool to check registration. Visit FCNB’s website to learn more on how to become better informed about investment products and services.