Foreign Exchange (FOREX)
Beware of “exciting opportunities” to invest on the foreign exchange (FOREX) market.
How it works
Although some opportunities to invest on the FOREX market may be legitimate, investors should use caution. Ads for FOREX opportunities may look legitimate, but usually your money is not invested in anything. It’s simply stolen by the scam artist. Some scams may hold “purchased” gold (or other valuable currencies) in a “secure vault” and promise to sell it as it increases in value. Most of the time, the gold does not exist. If your money is invested in the FOREX market, you may not have been told that the investment is very risky. You’re likely to lose some or all of your money.
How to protect yourself
- Check that the individual and firm selling the investment are registered in New Brunswick. Use the National Registration Search Tool.
- Get as much written information as possible about the investment. It should include detail about the risks and costs of the investment, and what you have to do to get your money out.
- If you’re unsure, get a financial professional such as an accountant, lawyer or a financial advisor, to evaluate the investment.
How to report it
If you suspect you’re a victim of a FOREX scam, or attempted FOREX scam, complete the FCNB Submit a Complaint form.
FCNB is responsible for the administration, education and enforcement of provincial legislation that regulates securities, insurance, pensions, credit unions and certain consumer services. If your complaint relates to an area outside of FCNB’s regulated areas, we may refer you to the appropriate reporting agency or organization.