FCA Alerts Traders to FX Clone Broker Atom8 Markets

The original company is registered with FCA as a regulated provider of spread betting, CFDs and FX products.

The Financial Conduct Authority (FCA) today warned against Atom8 Markets, the latest in its series of warnings about clone firms posing as legitimate approved businesses in order to to con UK consumers into making payments for investment services.

Register now to the London Summit 2017, Europe’s largest gathering of top-tier retail brokers and institutional FX investors

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

According to the UK financial watchdog, the fraudsters have been using a fake website – http://atom8markets.com – and the FCA warned that Atom8 Markets is indeed attempting to mislead investors into thinking that it is offering a legal product through using the details of an authorised firm operating under the same name.

The clone company also claims to be licensed by the FCA, using the authorised firm’s FRN and registered address.

Suggested articles

Is It Worth Investing in Affiliation in 2019?Go to article >>

The original company operates under the name Atom8 Financial Services LLP and is registered with the FCA as a regulated provider of spread betting, CFDs and FX products.

Cloned firms are a common fraud – the FCA said that fraudulent clone companies are on the rise, and last month’s list demonstrates that this shows no signs of abating.

The FCA added in its statement that clones employ the tactic of adopting a legitimate company’s name when they cold call potential victims, and thus it urges caution in the event that individuals are contacted by anyone claiming to work for the firm in question.

The watchdog has also advised investors to ensure that they only deal with authorised firms by checking the Financial Services Register.

Got a news tip? Let Us Know