The Manitoba Securities Commission is cautioning investors about a trading website after one Manitoba resident lost thousands of dollars.
OneTwoTrade.com is a trading website operated by Up and Down Marketing Ltd., purportedly located in the country of Malta.
The MSC says the website is not registered to sell securities in Manitoba and that their actions are not in compliance with provincial securities laws.
“We were recently advised that at least one Manitoba resident has responded to an online advertisement encouraging him to invest in binary options via an online trading platform,” said Jason Roy, senior investigator with the commission.
“This investor invested approximately $100,000 and used a credit card to fund a portion of his account. It is unlikely that he will be able to get his money back. In addition, he may be subject to the higher interest rates charged by his credit card company.”
Prevent becoming a victim of investment fraud
The MSC provides these tips to protect yourself…
- Never send money to anyone you only know from an unsolicited phone call or email
- Never give out sensitive personal information online or over the phone
- Research an investment before making a commitment
- Make sure the firm and individual you are dealing with are registered in Manitoba by checking their registration status at recognizeinvestmentfraud.com
Investors who believe that they have been approached by an unregistered individual or firm are encouraged to contact the MSC immediately at 1-855-FRAUD-MB to file a complaint or speak with an investigator.