The Financial Conduct Authority (FCA) has added yet another entity to its long warning list this Wednesday, by flagging Gold FX Trading, otherwise referred to as GFT, as a clone firm that has fraudulently copied the details of a legitimate firm.
According to the warning from the British regulator, via its website https://web.goldfxtrading.com/, Gold FX Trading displays Firm Reference Number (FRN): 438879. This number appears on its website to “prove” to customers that it is legitimate.
However, as the regulator outlines in the warning: “This is the authorisation number of GFT Global Markets UK Limited who is no longer authorised by the FCA. GFT Global Markets UK Limited’s website on the FCA register is www.gftuk.com.”
“This currently redirects to https://www.forex.com/en-uk/ which is a trading name of Gain Capital UK Limited who is authorised by the FCA.”
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Taking a look at its website, Gold FX Trading states that it: “offers its customers online trading of currencies, commodities and of major stocks via CFDs (Contract for Difference) in a sophisticated trading platform called MetaTrader.”
“The MetaTrader platform was developed to provide beginners with a user friendly trading environment, but robust enough to answer the demands of more experienced traders.”
Because Gold FX Trading is falsely stating it is regulated by the FCA and has also fraudulently copied the license details of Gain Capital UK, it is a good idea to give Gold FX Trading a wide berth for your own safety.
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As outlined by the British watchdog this Wednesday: “…fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.”