The clone impersonated Admirals trading brand using false details to deceive investors.
Clone firms pose serious risks, including fraud and unregulated operations.
The UK
Financial Conduct Authority (FCA) has issued a warning against a clone pretending
to be the authorized firm Admiral Markets UK Ltd., the operator of Admirals retail
trading brand. Over the past few years, this is at least the fifth clone of a
popular broker.
FCA Warns against Admiral
Markets Clone Firm
The FCA
first published this warning on 17 October 2023 and updated it most recently on
4 January 2024. Fraudsters are using Admirals' details, including similar
names, phone numbers and emails, to try to convince people their firm is
legitimate when in fact it is not authorized by the FCA.
Scammers
use a series of false email addresses and the websites admiral-fx.com and
fxsadmiral.com, through which they offer retail investors from the UK and other
parts of the world FX/CFD trading. However, the FCA has informed and warned that
these have nothing to do with the official Admirals website available at
admiralmarkets.com.
The
scammers have been contacting people unexpectedly, pretending this clone of Admiral Markets is
authorized, which the FCA calls it a "clone firm." Fxsadmiral.com and
admiral-fx.com have no connection with the real Admiral Markets.
Although
the clone sites differ from the original, unscrupulous players definitely want
to mislead retail investors. They use the same logo as Admirals and claim to
use the same London address and FCA license number 595450.
The regulator
warns that scammers may change these details over time or mix them with Admiral
Markets' real contact information to seem more legitimate.
How Many Clones a Charm?
It turns
out this is not the first and certainly not the last clone of the Admirals.
Admiral Markets is one of the companies most favored by dishonest actors. Finance
Magnates has been reporting and warning about the firm's clones for at
least seven years.
In the
meantime, the regulator from Malaysia has warned about a company impersonating
Admiral Markets.
Other
popular brands have fallen victim to copy-cats, too. In the last week of 2022, XTB
and Hargreaves Lansdown were targeted, among others. The warnings were related to the British market.
Why Clone Companies Are
Dangerous
Clone
companies pose significant risks to retail traders for several reasons:
Misrepresentation and fraud: Clone firms often impersonate legitimate companies, using their name,
address, and Firm Reference number. This deception can lead retail traders to
believe they are dealing with a reputable firm, making them more susceptible to
fraud.
Lack of regulation: Clone companies are not authorized or regulated by financial
authorities.
Increased risk of financial loss: Retail traders dealing with clone companies
face a higher risk of financial loss. These firms may manipulate trading
conditions, refuse withdrawals, or simply disappear with clients' funds.
Exposure to high-risk products: Clone firms often promote high-risk trading
products, like complex derivatives, without adequately explaining the risks.
Retail traders, especially those inexperienced, may not fully understand the
products they are trading, increasing the likelihood of significant losses.
Personal data security: Engaging with clone firms risks personal data breaches. These
companies might misuse personal information for other fraudulent activities or
identity theft.
Retail
traders should always verify the authenticity of a financial services firm
before engaging in any trading activity. This includes checking the regulatory
body's official register, confirming the firm's contact details, and being
cautious of unsolicited offers or promises of high returns.
The UK
Financial Conduct Authority (FCA) has issued a warning against a clone pretending
to be the authorized firm Admiral Markets UK Ltd., the operator of Admirals retail
trading brand. Over the past few years, this is at least the fifth clone of a
popular broker.
FCA Warns against Admiral
Markets Clone Firm
The FCA
first published this warning on 17 October 2023 and updated it most recently on
4 January 2024. Fraudsters are using Admirals' details, including similar
names, phone numbers and emails, to try to convince people their firm is
legitimate when in fact it is not authorized by the FCA.
Scammers
use a series of false email addresses and the websites admiral-fx.com and
fxsadmiral.com, through which they offer retail investors from the UK and other
parts of the world FX/CFD trading. However, the FCA has informed and warned that
these have nothing to do with the official Admirals website available at
admiralmarkets.com.
The
scammers have been contacting people unexpectedly, pretending this clone of Admiral Markets is
authorized, which the FCA calls it a "clone firm." Fxsadmiral.com and
admiral-fx.com have no connection with the real Admiral Markets.
Although
the clone sites differ from the original, unscrupulous players definitely want
to mislead retail investors. They use the same logo as Admirals and claim to
use the same London address and FCA license number 595450.
The regulator
warns that scammers may change these details over time or mix them with Admiral
Markets' real contact information to seem more legitimate.
How Many Clones a Charm?
It turns
out this is not the first and certainly not the last clone of the Admirals.
Admiral Markets is one of the companies most favored by dishonest actors. Finance
Magnates has been reporting and warning about the firm's clones for at
least seven years.
In the
meantime, the regulator from Malaysia has warned about a company impersonating
Admiral Markets.
Other
popular brands have fallen victim to copy-cats, too. In the last week of 2022, XTB
and Hargreaves Lansdown were targeted, among others. The warnings were related to the British market.
Why Clone Companies Are
Dangerous
Clone
companies pose significant risks to retail traders for several reasons:
Misrepresentation and fraud: Clone firms often impersonate legitimate companies, using their name,
address, and Firm Reference number. This deception can lead retail traders to
believe they are dealing with a reputable firm, making them more susceptible to
fraud.
Lack of regulation: Clone companies are not authorized or regulated by financial
authorities.
Increased risk of financial loss: Retail traders dealing with clone companies
face a higher risk of financial loss. These firms may manipulate trading
conditions, refuse withdrawals, or simply disappear with clients' funds.
Exposure to high-risk products: Clone firms often promote high-risk trading
products, like complex derivatives, without adequately explaining the risks.
Retail traders, especially those inexperienced, may not fully understand the
products they are trading, increasing the likelihood of significant losses.
Personal data security: Engaging with clone firms risks personal data breaches. These
companies might misuse personal information for other fraudulent activities or
identity theft.
Retail
traders should always verify the authenticity of a financial services firm
before engaging in any trading activity. This includes checking the regulatory
body's official register, confirming the firm's contact details, and being
cautious of unsolicited offers or promises of high returns.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa