Financial scams litter the foreign exchange (forex), cryptocurrency and trading markets and today, unfortunately, is no different, with the Financial Conduct Authority (FCA) yet again warning against a company committing fraudulent activities.
This Tuesday, the British regulator has flagged World Techno Trade, a clone firm of True Trade Limited. Clone firms, as the name suggests, are illegal entities that copy information, such as name, address or registration details to trick consumers into parting with their hard-earned cash.
It appears that World Techno Trade is no different as when you take a look at the fraudster’s website at https://wtt-g.com/ the company is claiming to be associated with the authorized firm True Trade Limited, and it is using the company’s FCA registration number to make itself appear as legitimate.
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True Trade Limited’s Firm Reference Number is 726463 with the FCA. According to the warning, the company’s address is 32 Threadneedle Street, London, EC2R 8AY. However, In October of this year, the company updated its address via UK’s Companies House to Mansion House 33 Queen Street London London EC4R 1BR to 32 Threadneedle Street London London EC2R 8AY.
Residents of the UK should be aware that clone firms often mix their own fake details with the legitimate details of an FCA-regulated firm. That’s why it is important to constantly check the watchdog’s website for warning updates to protect yourself against scams such as these.
What is World Techno Trade?
According to its website, World Techno Trade allows its customers to trade cryptocurrencies against fiat currencies. The clone firm uses a suite of testimonials to try and make its website look more credible. However, it is interesting that not one of these testimonials mention the company directly and only talk of Bitcoin.
The principal activity of True Trade Limited is to carry out trades of forex and spot metals. It has been regulated by the FCA since November 22, 2016. For the firm’s 2017 financial year, it recorded a profit of £26,100 ($33,507).