Caution Investors CatalyXIt – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview of CatalyXIt:
CatalyXIt is a company that claims to offer online trading platforms for securities and derivatives, such as stocks, options, futures, and cryptocurrencies. The company advertises itself as a regulated and licensed broker that provides high returns, low fees, and advanced technology. However, the ASC has issued a warning that CatalyXIt is not registered to trade in or advise on securities or derivatives in Alberta and that it may be involved in fraudulent or illegal activities.
Regulation and Compliance of CatalyXIt:
According to the ASC, CatalyXIt is not registered with any securities regulator in Canada or elsewhere, and it does not have any authorization to operate as a broker-dealer or an investment adviser. The company also does not comply with the reporting requirements for securities and derivatives transactions, such as filing prospectuses, financial statements, trade confirmations, and account statements. The ASC warns that investors who deal with unregistered entities like CatalyXIt are exposed to significant risks of losing their money or becoming victims of identity theft.
Customer Reviews of CatalyXIt:
The customer reviews of CatalyXIt are mostly negative and indicate that the company is a scam. Many customers have reported that they have been unable to withdraw their funds from their accounts, that they have been pressured to deposit more money or to pay fees or taxes before receiving their profits, that they have been contacted by aggressive or abusive sales representatives, and that they have received false or misleading information about the performance of their investments. Some customers have also complained that the company’s website and platforms are unreliable, inaccessible, or hacked.
Products and Services Offered By CatalyXIt:
CatalyXIt claims to offer a variety of products and services for securities and derivatives trading, such as:
– A web-based platform that allows customers to trade stocks, options, futures, and cryptocurrencies on various markets around the world.
– A mobile app that enables customers to access their accounts and execute trades from their smartphones or tablets.
– A social trading feature that allows customers to follow and copy the trades of other successful traders on the platform.
– A demo account that allows customers to practice trading with virtual money before investing real money.
– A learning center that provides educational resources, tutorials, webinars, and market analysis for customers who want to improve their trading skills and knowledge.
However, these products and services are not verified or endorsed by any regulatory authority, and they may not function as advertised or promised by the company.
Location of CatalyXIt:
CatalyXIt does not disclose its physical address or contact information on its website or platforms. The company only provides an email address and a phone number for customer support. However, the phone number has a UK country code (+44), which suggests that the company is based in the United Kingdom. However, the UK Financial Conduct Authority (FCA) has also issued a warning that CatalyXIt is not authorized to provide financial services in the UK and that it may be operating from another country.
Customer Service Provided By CatalyXIt:
The customer service provided by CatalyXIt is poor and unprofessional. Many customers have reported that they have been unable to reach the company by email or phone, or that they have received no response or assistance from the customer support team. Some customers have also claimed that they have been harassed or threatened by the company’s representatives when they tried to withdraw their money or close their accounts. The company does not have any dispute-resolution mechanism or complaint-handling procedure for its customers.
Defensive Measures Against Fraudulent Brokers:
The ASC advises investors to be cautious and vigilant when dealing with online trading platforms like CatalyXIt. The ASC recommends that investors should:
– Check the registration status of any entity that offers securities or derivatives trading services in Alberta or Canada by using the National Registration Search tool on the Canadian Securities Administrators (CSA) website.
– Avoid sending money or personal information to entities that are not registered or authorized by any securities regulator in Canada or elsewhere.
– Be wary of entities that promise high returns, low fees, or guaranteed profits without disclosing the risks involved in securities or derivatives trading.
– Be skeptical of entities that use aggressive marketing tactics, such as unsolicited calls, emails, texts, or social media messages.
– Be alert for signs of fraud, such as inconsistent or unrealistic information, pressure to act quickly or urgently, requests for upfront payments or fees, or difficulties in accessing or withdrawing funds.
Conclusion:
CatalyXIt is a company that claims to offer securities and derivatives trading services, but it is not registered or authorized by any securities regulator in Canada or elsewhere. The company may be involved in fraudulent or illegal activities, and it poses significant risks to investors who deal with it. The ASC warns investors to avoid CatalyXIt and to report any suspicious or unlawful activities to the ASC or the local police. Investors who are interested in trading securities or derivatives should only deal with registered and reputable entities that comply with the applicable laws and regulations.
