“Beware of RBCmarkets” Quebec Regulator AMF said

Quebec’s regulator Autorité des marchés financiers (AMF) warns Quebec consumers of fraudulent representations made by RBCmarkets on the website www.rbcmarkets.com​. AMF said that RBCmarkets site and EX 64, also operating under the name RBCmarkets, are in no way associated with the financial institution RBC Royal Bank or its subsidiaries.

Neither RBCmarkets nor EX 64 has get license from AMF. They haven’t been authorised to provide financial products to investors, including forex, cryptocurrencies, stocks and derivatives.

According to the announcement, the available facts indicate that Quebeckers are solicited and seemingly able to open an “account.” However, consumers actually have no control over the account or site content, which can be manipulated by the fraudsters. Significant financial losses related to RBCmarkets have been reported.

The AMF urges Québec consumers to be very cautious when thinking about investing with companies that solicit them on-line. There is limited recourse against such companies and their executives when they operate outside Canada, which is often the case.

The AMF recommends that investors perform the following checks and steps before investing through an individual or firm that solicits them:

• Find out if the firm or individual involved is duly registered with the AMF by checking the Register of firms and individuals authorized to practise or by contacting the AMF Information Centre

• If the firm or individual is registered with the AMF, call them using the phone number listed in the Register to confirm that the solicitation is actually from that firm or individual

• If the firm or individual is not registered with the AMF, immediately report the situation to an agent at the AMF Information Centre

• Never share personal information or make any payment before performing these checks