FCA Flags 2 FX Clone Firms Sigma4trade & Global Markets Group
- The entities are clones of Sigma Broking Limited and Global Markets Group Limited.

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 trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. 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 trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. 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/.
“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
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 trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. 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 trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. 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/.
“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