The New Zealand FMA added Mic-Market to its warning list today (Tuesday), exposing the broker's false claims of being licensed in Cyprus, UAE, and South Africa. The regulator also revealed connections between Mic-Market and Trader AI, a firm previously flagged by Australian ASIC.

Finance Magnates has discovered that Mic-Market is nearly an exact clone of CySEC-licensed broker Colmex, using both their license number and website design.

Mic-Market Impersonates Cyprus-Based Colmex

“We are aware that Mic-Market has contacted a New Zealand resident with the aim of offering financial services,” stated the FMA in Tuesday's announcement. “Mic-Market advised the New Zealand resident that they are associated with Trader AI, which is the subject of a warning by the Australian Securities and Investments Commission.” You can check the ASIC warning here.

The FMA emphasizes that Mic-Market lacks licensing in New Zealand and other jurisdictions where it claims authorization. The broker's official website (micmarkfx.com) falsely displays license numbers from Cyprus (123/10) and South Africa (46990).

A check of the CySEC registry reveals that the cited license number has been associated with Colmex Pro Ltd for 14 years, operating through colmexpro.com. Similarly, the FSCA license belongs to the same broker, registered in South Africa since 2016.

Comparing Colmex and Mic-Market websites shows that the entity warned by FMA is clearly a clone. Except for the logo, both sites are almost identical.

Mic-Market also uses Colmex's correspondence addresses, having only changed phone numbers and email addresses.

Finance Magnates found that the fake broker allows trading account registration, posing a potential risk of fund loss.

Watch Out for More Clones

Mic-Market represents one of the latest examples of complete website and data cloning of a licensed, long-established retail CFD broker.

Finance Magnates reported several months ago that other popular brokers, including AvaTrade, LCG, and JFD, fell victim to similar scams.

Previously, warnings were issued about a cloned XTB website, first flagged by the UK's FCA. The site operated under xtbtrading.org and appeared nearly identical to XTB's official UK website.

While Mic-Market aimed to attract new clients, the fake XTB could have used its deceptively similar domain name and website to mislead investors into logging into the fraudulent site, risking account credential theft and potential account compromise.