The Alberta Securities Commission (ASC) is warning Alberta investors about potentially fraudulent ads by companies offering opportunities to work from home as traders in the financial markets during the COVID-19 pandemic.

“Typically claiming to train you on trading stocks or forex, the ads state that traders can keep a large percentage of the profits, and they don’t need experience or a licence; however, the firms demand payment of fees from would-be traders, and the ASC believes neither the firms nor fees are legitimate,” said the Commission in a news release.

“Day trading on the stock or foreign exchange markets is inherently high-risk and usually requires professional training and advanced software. The extreme volatility of current market conditions compounds the level of difficulty in achieving the high returns the ads claim.”

Anyone in the business of trading securities in Canada must be registered with the securities regulator in each province or territory where they do business, unless an exemption applies. To become registered, individuals need to meet minimum proficiency standards, explained the ASC.

“The ASC expects that similar scams will continue to increase as more Canadians are looking for alternative sources of income due to layoffs or requirements to stay home during the COVID-19 crisis,” it said.