FCA Exposes Clone Company GGM Forex for Using Another Firm’s License

The U.K. Financial Conduct Authority (FCA) just announced that it has warned the public against yet another “Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term company”. Such entities purport to be regulated by the watchdog, when in fact they are merely taking some form of the name of a regulated entity to entice customers to deposit their funds.

GGM 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 has been exposed by the U.K. regulator for claiming that it is licensed under the FCA reference number of ayondo global markets, formerly known as Gekko Global Markets, hence the GGM abbreviation used by the fraudsters.

The UK watchdog strongly advises against dealing with clone companies and encourages both clients and brokers who have become victims of similar fraud to report it to the relevant authorities.

ayondo has been at the forefront of targeted efforts for keeping client funds safe, effectively increasing by 10 times the official covered funds warranty provided by the U.K. Financial Services Compensation Scheme (FSCS). The company has bought insurance for its clients for up to £500,000 pounds.

The clone company’s website boasts the reference number of ayondo on top of the page and a simple search in the register of the FCA would expose the discrepancy, however, there are many clients of financial services providers who do not thoroughly check their brokers.

In order to be protected from such schemes, clients of global brokers should meticulously check the regulatory claims of brokers in order to avoid being scammed into depositing their funds with fraudulent companies such as GGM Markets.