Retail forex broker FXOpen has issued a warning against two clone companies that are using its trade mark. The broker added that these two companies, operating the websites www.fxopening.com and www.fxopenpamm.com, have been using registration and license data of companies that operate legally under the FXOpen trade name.
Clones copy designs and services
FXOpen noted that the first website, www.fxopening.com, has copied the design elements of the legitimate www.fxopen.com website and it is the one that has made unsanctioned use of the registration and licensing data of the companies under the FXOpen umbrella. The broker warned its clients that this same website promises guaranteed profits, which is an indication of unfair practices.
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The second website, www.fxopenpamm.com claims that it offers Percent Asset Management Module (PAMM) services, a type of multi account for several clients, which allows them to distribute proportionately any profits and losses from trades among themselves. This service has no relation whatsoever to the PAMM service offered by FXOpen, the broker noted.
It then went on to add in a statement that by using the services offered on these websites, clients risk losing their funds in FXOpen accounts as well as granting access to personal information to the owners and operators of the websites.