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Concorde Forex Is a Clone of a Broker That Hasn't Been Launched Yet

The scam is targeting former clients of bankrupt Ukrainian broker Forex Trend, collecting customer data under the guise of a

Fraudsters targeting FX traders have shown a lot of creativity in recent times with the invention of clones and recovery rooms, but now there is a brand new type of scam. In a first-ever such incident, scammers have stolen the identity of an FX brokerage that has not even been launched yet.

Forex Trend was a Ukrainian broker registered in New Zealand that shut down without notice, taking all of its clients’ funds down with it. However, the traders remained active in online forums where they speculated on the chances for the rebirth of the broker. Concorde Capital, a Ukrainian firm which has seen an opportunity to market to the clients of Forex Trend and announced it will launch a new brokerage with preferred terms for them, however, this is still a work in process and not a live solution yet.

A few days ago, on the official website of Forex Trend, which reopened at the beginning of the month for registration of clients wishing to transfer to the new broker on favorable terms, there was a warning stating: “Please be informed that this site: belongs neither to us nor the new company, therefore, its proposals are not true and misleading. Be careful and beware of scams!”

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Moreover, representatives of Forex Trend cautioned against any kind of “mediator”, offering assistance in the transfer to the new company for a cash reward. “All such offers are fraudulent – no third party has the power to influence the selection process of the transfer of applications and they do not have any part in it.” The official site of Forex Trend houses an application form for transfer of customer data and resources to the new company, but is available only when entering a personal account.

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