FCA Warns Against Fake Primus Capital Markets

The United Kingdom’s Financial Conduct Authority (FCA) today shed light on a clone firm representing itself as Primus 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 Financial Group, which is a regulated brokerage company that provides professional investment services in the financial markets.

The clone has no association whatsoever with Primus Capital Markets UK Limited (PCM UK) and is thus involved in fraudulent activity, the watchdog said.‎ The clone company also claims to be licensed by the FCA, using the authorized firm’s FRN and registered address.

As per the press release issued by FCA, the clone firm chose PCM UK because it has been authorized to operate within the UK.

The copycat company operates through https://www.primusasia.com and has adopted the address of the original company – 3rd Floor, 9 Devonshire Square London EC2M 4YD, UNITED KINGDOM. The FCA warns that this is a typical move for a scam company to gain the trust of unsuspecting clients.

The original firm has been conducting business for several years now and can be found at https://primuscapital.uk. Founded in 2008, the genuine firm is an established broker that offers regulated trading activities in CFDs, FX, Commodities, Energies, and Indices.

Today’s announcement is the latest in the FCA’s series of warnings about clone firms posing as legitimate, approved businesses to con UK consumers into making Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for investment services.

If you are an investor, you should be aware that the Financial Ombudsman Service and the Financial Services Compensation Scheme are not available if you deal with an unauthorized company or individual, the FCA said in a statement.