Australian Broker FXTG Warns of UK-based Clones Abusing its Brand

The firm says it knows of a number of companies professing to be affiliated with it or claiming to be

Australian FXTG has issued a warning to the public today regarding clone websites abusing its brand to target traders abroad. The firm says it knows of a number of companies professing to be affiliated with it or claiming to be an introducing broker of Forex TG Pty Ltd. “We have numerous reports that clients are getting calls from UK based companies and offshore call centers, or allegedly claiming to be in UK. FXTG only operates in Melbourne and not overseas.”

FXTG further says it has had three companies allegedly sending client agreements falsifying its company documents, and warns all investors not to deal with anyone who is unregulated and asks to send money overseas or claims to be an affiliate or IB of FXTG.

The broker advises investors who want to participate in the forex market to do checks on firms and their employees to validate their legitimacy. It also advises investors to request the presentation of affiliate agreements if an entity claims to be an IB of a regulated firm.

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Explaining the steps they have taken to stop this, the owner of FXTG Stavro D’Amore, says: “We have contacted all three firms who are allegedly claiming to be affiliated and clients should take extreme caution dealing with people who manipulate us. We have seen numerous amount of people being contacted by offshore brand names who are saying that they are working with us. We are currently going through a major improvement and structure change to better serve our clients, We have advised ASIC of recent manipulation towards the firm and company impersonations.”

As first reported by Finance Magnates earlier this month, D’Amore voluntarily requested that the Australian Securities and Investments Commission (ASIC) suspend its licence in order to focus on restructuring the brand.

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