The Financial Conduct Authority (FCA) has published two warnings on its website today against two clone firms, as scams within the foreign exchange (forex) and cryptocurrency sectors remain a constant threat to investors.

One of the warnings posted by the British regulator is against Sigma4trade Limited, a clone firm of Sigma Broking Limited. According to the statement, fraudsters are using the following URL as part of its tactics to scam people in the UK – https://www.sigma4trade.com/.

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According to the website, Sigma4trade is the “Industry’s Leading Forex Brokerage.” It claims to offer foreign exchange trading, cryptocurrencies, commodities, indices, and equities, which are allegedly available through its trading platforms.

“Founded and led by industry veterans, Sigma4trade Markets has positioned itself as a leading provider of Online Foreign Exchange (Forex) trading, spread betting and other related services,” the website states.

According to the FCA, Sigma4trade is a clone firm of Sigma Broking Limited, which is an authorized company in the UK. The regulator provides the following details as belonging to the legal entity:

Firm Name: Sigma Broking Limited; Firm Reference Number: 485362; Address: 20th Floor, 125 Old Broad St, London, EC2N 1AR, UK; Telephone: +44 2070119686; Email: david.mudie@sigma-broking.com and Website: www.sigma-broking.com.

“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm,” the warning from the UK watchdog published today said.

FCA Flags Global Markets Group as Clone Firm

Global Markets Group, http://www.gmgsecurities.com/index_en.html, has also been flagged by the FCA as a clone firm of Global Markets Group Limited. The clone firm also claims to be a forex trading provider.

Via its website, Global Markets Group claims to be regulated by the FCA; however, as today’s warning shows, this is not true. Instead, the legal entity, Global Markets Group Limited, is the one that is authorized.

The correct details for the legitimate entity are:

Firm Name: Global Markets Group Limited

Firm Reference Number: 744501

Address: Suite 501, 18 King William Street, London, EC4N 7BP

Telephone: +44 (0) 20 3865 3305

Company Number: 09493910

Website: www.gmgmarkets.co.uk