City Watchdog Exposes Fake Clone of FXCM UK
- The FCA alleges that the copycat broker has chosen to operate under the name ‘FXCM Germany.’
The United Kingdom’s regulatory body, the Financial Conduct Authority (FCA), has warned investors of a clone firm that has been posing as 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 Capital Markets Limited, the UK arm of leading multi-asset broker FXCM Group.
The FCA alleges that the copycat broker has chosen to operate under the name ‘FXCM Germany,’ a name similar enough to FXCM UK Limited that it convinced local traders that it was the authorized Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term firm that had contacted them.
The illegitimate broker, conversely, did not assume the address at which the original company’s offices are located. Instead, it opted to claim an address in Germany. Clients should note that the licensed firm’s offices are located at is 4th floor, 20 Gresham St, London EC2V 7JE, England.
Clone firms are not an unusual occurrence
As per usual, this seems like yet another instance of a scam operation where an unlicensed company illegally assumes the identity of an authorized company so that traders will mistake it for the legitimate entity.
Furthermore, the FXCM clone had also been taking advantage of its misleading name in order to solicit traders who are based in the United Kingdom. The firm was not only identifying itself as a well-known online trading company under false pretenses, but it was operating without authorization as well. That alone is a major violation of British law.
Clone firms are not an unusual occurrence in the industry, as fraudsters have grown increasingly resourceful in recent years. In a cloned scam, the fraudsters copy or “clone” a legitimate website. The copy of the website can be astonishingly exact, or just an approximation with copied logos, but the intent is ultimately to separate victims from their money, credit card number, or login credentials.
The FCA encourages traders or those considering online trading to exercise caution, strongly advising against funding an account or investing via this specific company. Anyone who chooses to sign up with the impostor should bear in mind that they will not receive the financial authorities’ assistance should things go awry.
The United Kingdom’s regulatory body, the Financial Conduct Authority (FCA), has warned investors of a clone firm that has been posing as 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 Capital Markets Limited, the UK arm of leading multi-asset broker FXCM Group.
The FCA alleges that the copycat broker has chosen to operate under the name ‘FXCM Germany,’ a name similar enough to FXCM UK Limited that it convinced local traders that it was the authorized Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term firm that had contacted them.
The illegitimate broker, conversely, did not assume the address at which the original company’s offices are located. Instead, it opted to claim an address in Germany. Clients should note that the licensed firm’s offices are located at is 4th floor, 20 Gresham St, London EC2V 7JE, England.
Clone firms are not an unusual occurrence
As per usual, this seems like yet another instance of a scam operation where an unlicensed company illegally assumes the identity of an authorized company so that traders will mistake it for the legitimate entity.
Furthermore, the FXCM clone had also been taking advantage of its misleading name in order to solicit traders who are based in the United Kingdom. The firm was not only identifying itself as a well-known online trading company under false pretenses, but it was operating without authorization as well. That alone is a major violation of British law.
Clone firms are not an unusual occurrence in the industry, as fraudsters have grown increasingly resourceful in recent years. In a cloned scam, the fraudsters copy or “clone” a legitimate website. The copy of the website can be astonishingly exact, or just an approximation with copied logos, but the intent is ultimately to separate victims from their money, credit card number, or login credentials.
The FCA encourages traders or those considering online trading to exercise caution, strongly advising against funding an account or investing via this specific company. Anyone who chooses to sign up with the impostor should bear in mind that they will not receive the financial authorities’ assistance should things go awry.