Financial Commission Warns Public Against CTOptions and Clone Firm

The Financial Commission (FinaCom PLC), an industry-specific dispute resolution service that caters to the financial services industry, today announced that it believes that the binary options broker CTOptions and another Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term entity have been falsely claiming membership.

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The self-regulatory body noted that a representative claiming to be from CTOptions.com used a misleadingly similar logo while promoting its services to fraudulently convince investors that it is a member of FinancialCommission.org. Similarly, the clone entity listed false membership details.

Besides clarifying that the firms in question lack the proper authorisation, FinaCom also said that it strongly advises investors to only deal with financial firms that are authorised, and to check its register to ensure that they are.

It added that in cases when complaints are filed against a member firm, Financial Commission uses a proven method to process complaints and a decision is delivered by the Dispute Resolution Committee (DRC). Financial Commission cannot process complaints against non-members and no further action will be taken.

The CTOptions website attempts to mislead investors into thinking that it is offering a legal product through indirect hints regarding its regulatory status. In addition, the UK FCA has previously warned that the firm lacks authorisation. In the UK, it would be licensed and regulated by the UK Gambling Commission according to the current regulatory framework of binary options trading in the UK.

Finally, FinaCom noted that brokers operating without licenses or in jurisdictions where there are no formal rules exist pose a significant risk to consumers as there is no recourse or oversight in cases of trade disputes. With such firms there is no transparency regarding ethical standards of best-Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term, and nothing making them honor customer withdrawal requests.