FXOpen has issued a warning to customers about BE IN FOREX. According to the broker, BE IN FOREX, a provider of Forex trading signals accounts, claims to be affiliated with FXOpen. However, FXOpen has warned that they are in fact not related in any way to them and stated:
Please be further informed that in no way FXOpen has authorized BE IN FOREX to enter into agreements with third parties on behalf of FXOpen, to receive funds or to commit any other activity on behalf of and/or in favor of FXOpen.
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Over the year, brokers have reported to Forex Magnates about an increase in clone firms and brokers representing themselves as affiliates of regulated entities. In a best-case scenario, brokers are contacted by the fake firm’s customers shortly before extensive damage and client losses occur, allowing them to issue warnings. In a worst-case scenario, the clone firm goes undetected for a long time, with customers of the fake broker entering complaints to regulators about the registered entity. In that scenario, while a regulated broker doesn’t need to worry about financial penalties settling with regulators, they still have to go through the hassle of answering questions about customer complaints and absolving their name.