SFC Suggests that Merrill Wealth is Merrill Lynch Clone Firm

Scams within the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) industry continue to be the thorn in regulator’s sides. This Thursday, the Securities and Futures Commission (SFC) has updated its warning list to include a new suspicious website.

The blacklisted website is www.merrillfx.com, which belongs to an entity called Merrill Wealth. On the website, it claims to offer Forex Trading Forex Trading Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Forex trading is the buying and selling of foreign currencies with the aim of generating a profit. The value of currencies, especially floating currencies, fluctuate to varying degrees. This constant volatility of exchange rates opens the door for speculators to invest in a certain currency against another. The Forex market is the world’s biggest and most liquid market, with over $5 billion turnover every single day, with the market being open 24 hours a day, 5 days a week.It goes without saying Read this Term through its MetaTrader 4 platform, which can be accessed via desktop or online.

“The website is not associated with Merrill Lynch Far East Limited and Merrill Lynch (Asia Pacific) Limited, which are SFC-licensed corporations,” the Hong Kong regulator says in its warning.

Is Merrill Wealth a clone firm?

Whether Merrill Wealth is a clone firm is not clear. The entity states that it has companies in Australia, Hong Kong, and Vanuatu. It also claims to have a license from the Australian Securities and Investments Commission (ASIC).

When searching through ASIC Connect, which allows consumers to search for registered companies, information about a company with the name of Merrill Wealth does not appear. Furthermore, the entity states that it is actively applying for Vanuatu's financial regulatory license.

“Merrill Wealth, referred to as MW, is an international financial services company that develops and markets excellent and easy-to-use trading software for online investors and major commercial organizations,” the website states.

“Through MW, individual investors are able to enjoy fair and transparent quotations from global foreign exchange market leaders and quality trading execution. We also provide you with professional charts, expert market reviews, advanced trading tools, and a wealth of learning resources.”

As the name suggests, clone firms are fraudulent entities which copy details of a legitimate firm, such as their name, website, address, registration details, etc. Some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm.

Clone firms are a big problem in the foreign exchange (forex) and cryptocurrency sectors. As Finance Magnates has reported, Tickmill, Dukascopy Bank and broker-dealer ICAP, among others, have all been targeted by clone firms.