In its latest crackdown, the UK’s Financial Conduct Authority (FCA) has warned against SO FX, an educational forex trading platform, for not being registered with the regulator.
Generally, SEC’s wanings are limited to fraudulent companies imitating authorized companies or brokers, which have indulged in some misleading activities. The watchdog also issued warnings on the influencers showing off on social media about their forex profits and then selling affiliated services. SO FX largely falls on that last category.
Operating from the website so-fx.com, the company primarily offers forex trading educational courses for both beginner and advanced traders. Furthermore, the platform along with its owners and employees are active on Instagram and Facebook with thousands of followers.
Hence, SO FX seems to be getting the majority of its business through its social media exposure. Additionally, the regulator highlighted the Instagram handle of both the company and its co-owner George Linfield, along with the Facebook page of the firm.
Notably, potential forex traders, SO FX also guides them to affiliate brokers, as mentioned on its website.
The flagged details of SO FX are:
Address: Roman Landing, 35-37 St Mary’s Place, Southampton SO14 1AU
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Telephone: 023 8017 8743, +4447771606768
Instagram account: https://www.instagram.com/georgelinf/; @georgelinf; @sofx;
Clones on Rising
Apart from SO FX, the UK watchdog red-flagged two clone platforms imitating authorized brokers. One platform has imitated FCA-authorized Growell Capital Limited while the other one has cloned EEA-authorized Dirk Vandebeek.
The FCA also detailed that the FXGrow clone is operating from ‘https://fxgrowcapital.com/’ and might be approaching people using the email ‘email@example.com’ or phone number ‘0097145864211’.
The Vandebeek-clone is operating from ‘www.vandebeekwm.co.uk’ and maintains at least two emails – ‘firstname.lastname@example.org’, ‘email@example.com’ – and a telephone number – ‘02080897180’.
Earlier this month, the UK regulator also warned against two clone firms using the identities of FCA-authorized brokerage ETX Capital.