M.Success FX is Not Associated with Equiti UK, FCA Warns
- The clone firm claims that Equiti Capital UK is part of the “mace group”.
Another clone firm has come up on the radar of the Financial Conduct Authority (FCA), as the regulator has published a warning against M.Success FX, which it claims is a clone firm of Equiti Capital UK Limited.
Equiti Capital is a multi-asset execution-only brokerage, located in the United Kingdom. The firm is authorized and licensed by the FCA, with the following firm reference number - 528328.
Taking a look at the clone firm’s website (https://www.m-successfx.com/en/col.jsp?id=101) M.Success FX claims to be part of the mace group, which apparently has offices across Asia, Europe, and North America. On its “About Us” page, the entity claims that Equiti(mace UK) is part of the mace group.
Clarifying the relationship between Equiti and M.Success FX, the FCA states: “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK.”
On its website, the entity also claims: “ Its Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term is fully regulated by the UK's FCA (foreign exchange transaction regulatory license). It has more than 200,000 individual and institutional clients worldwide, with millions of transactions each month. He has never left any bad record and is praised by regulators and investors as the most trustworthy and excellent dealer.”
However, given today’s warning, it is clear that M.Success FX is not regulated by the FCA whatsoever, so any other claims made on its website can be assumed as false.
FCA Continues to Flag Clone Firms
As the name suggests, clone firms are fraudulent entities which copy details of a legitimate firm, such as their name, website, address, registration details, etc. Some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm.
Clone firms are a big problem in 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. As Finance Magnates has reported, Tickmill, Dukascopy Bank and broker-dealer ICAP, among others, have all been targeted by clone firms.
Another clone firm has come up on the radar of the Financial Conduct Authority (FCA), as the regulator has published a warning against M.Success FX, which it claims is a clone firm of Equiti Capital UK Limited.
Equiti Capital is a multi-asset execution-only brokerage, located in the United Kingdom. The firm is authorized and licensed by the FCA, with the following firm reference number - 528328.
Taking a look at the clone firm’s website (https://www.m-successfx.com/en/col.jsp?id=101) M.Success FX claims to be part of the mace group, which apparently has offices across Asia, Europe, and North America. On its “About Us” page, the entity claims that Equiti(mace UK) is part of the mace group.
Clarifying the relationship between Equiti and M.Success FX, the FCA states: “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK.”
On its website, the entity also claims: “ Its Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term is fully regulated by the UK's FCA (foreign exchange transaction regulatory license). It has more than 200,000 individual and institutional clients worldwide, with millions of transactions each month. He has never left any bad record and is praised by regulators and investors as the most trustworthy and excellent dealer.”
However, given today’s warning, it is clear that M.Success FX is not regulated by the FCA whatsoever, so any other claims made on its website can be assumed as false.
FCA Continues to Flag Clone Firms
As the name suggests, clone firms are fraudulent entities which copy details of a legitimate firm, such as their name, website, address, registration details, etc. Some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm.
Clone firms are a big problem in 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. As Finance Magnates has reported, Tickmill, Dukascopy Bank and broker-dealer ICAP, among others, have all been targeted by clone firms.