FCA Flags 2 FX Clone Firms Sigma4trade & Global Markets Group

The Financial Conduct Authority (FCA) has published two warnings on its website today against two clone firms, as scams within the foreign exchange (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) 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/.

According to the website, Sigma4trade is the “Industry’s Leading Forex Brokerage.” It claims to offer foreign exchange trading, Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, 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, https://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