The regulator issues alert on unauthorized XTB clone scamming investors.
"XTB Trading World" is not associated with the original brand in any way.
The publicly-listed and regulated broker XTB has been illegally impersonated by an unauthorized firm in an attempt to scam investors, as warned by the UK Financial Conduct Authority (FCA). This scam illegally uses the details of the legitimate XTB platform in its effort to deceive retail traders.
Investors should be aware that this is not the real XTB platform and should exercise caution when evaluating investment opportunities online that claim affiliation.
FCA Warns against XTB
Clone Targeting UK Investors
The clone
firm "XTB Trading World" has been contacting UK residents claiming to
be associated with XTB Limited, an FCA-authorized company. However, the FCA
confirmed this clone firm has no connection to the real XTB.
The
fraudsters are using the firm name to falsely present themselves as XTB. Attempts
to contact retail investors are made through the phone number +447424912789 and
the email address tradewithxtb@outlook.com. The FCA emphasizes the importance
of exercising extreme caution and avoiding any interaction with these scammers.
According
to the FCA warning, the XTB clone promotes financial services and products
to UK investors without authorization. This puts investors at risk of losing
money without recourse.
Clones Are Everywhere
This is not
the first warning from the FCA against the XTB clone. The last time the
regulator warned about people impersonating employees of the publicly listed
company was in March 2022. This year, the regulator from Italy blocked access
to the XTB Empire website, which is also a clone.
Just
yesterday (Wednesday), Finance Magnates informed about clones of the popular
retail trading brand Hargreaves Lansdown and retail banking giant Westpac. It
shows that the practice of creating fake firms, mirroring legitimate ones is, unfortunately, getting more common.
In
November, the FCA issued alerts regarding imposters of renowned platforms like
the social trading network eToro and those posing as publicly traded IG Group
members. Moreover, during that month, con artists misused the names and
trademarks of Santander and Saxo Bank.
How To Protect Yourself
Common tactics of clone firms
include cold-calling investors with investment offers, promoting
fake products not offered by the real firm, and asking investors to transfer
funds in unsafe ways. Victims often lose large sums of money to these scams,
with an average reported loss of £47,000.
Clone firms
take advantage of the trust placed in established financial brands and exploit
investors' lack of awareness of fraud tactics. The FCA advises investors to only
deal with FCA-authorized firms, which can be checked on the Financial Services
Register. Dealing with unauthorized firms means forgoing certain investor
protections.
Investors
should also be wary of unsolicited contact about investment opportunities.
Carefully check any firm's credentials before sending them money or sharing
personal information. Everyone can report scams to the FCA by calling the
authority or using their contact form.
The publicly-listed and regulated broker XTB has been illegally impersonated by an unauthorized firm in an attempt to scam investors, as warned by the UK Financial Conduct Authority (FCA). This scam illegally uses the details of the legitimate XTB platform in its effort to deceive retail traders.
Investors should be aware that this is not the real XTB platform and should exercise caution when evaluating investment opportunities online that claim affiliation.
FCA Warns against XTB
Clone Targeting UK Investors
The clone
firm "XTB Trading World" has been contacting UK residents claiming to
be associated with XTB Limited, an FCA-authorized company. However, the FCA
confirmed this clone firm has no connection to the real XTB.
The
fraudsters are using the firm name to falsely present themselves as XTB. Attempts
to contact retail investors are made through the phone number +447424912789 and
the email address tradewithxtb@outlook.com. The FCA emphasizes the importance
of exercising extreme caution and avoiding any interaction with these scammers.
According
to the FCA warning, the XTB clone promotes financial services and products
to UK investors without authorization. This puts investors at risk of losing
money without recourse.
Clones Are Everywhere
This is not
the first warning from the FCA against the XTB clone. The last time the
regulator warned about people impersonating employees of the publicly listed
company was in March 2022. This year, the regulator from Italy blocked access
to the XTB Empire website, which is also a clone.
Just
yesterday (Wednesday), Finance Magnates informed about clones of the popular
retail trading brand Hargreaves Lansdown and retail banking giant Westpac. It
shows that the practice of creating fake firms, mirroring legitimate ones is, unfortunately, getting more common.
In
November, the FCA issued alerts regarding imposters of renowned platforms like
the social trading network eToro and those posing as publicly traded IG Group
members. Moreover, during that month, con artists misused the names and
trademarks of Santander and Saxo Bank.
How To Protect Yourself
Common tactics of clone firms
include cold-calling investors with investment offers, promoting
fake products not offered by the real firm, and asking investors to transfer
funds in unsafe ways. Victims often lose large sums of money to these scams,
with an average reported loss of £47,000.
Clone firms
take advantage of the trust placed in established financial brands and exploit
investors' lack of awareness of fraud tactics. The FCA advises investors to only
deal with FCA-authorized firms, which can be checked on the Financial Services
Register. Dealing with unauthorized firms means forgoing certain investor
protections.
Investors
should also be wary of unsolicited contact about investment opportunities.
Carefully check any firm's credentials before sending them money or sharing
personal information. Everyone can report scams to the FCA by calling the
authority or using their contact form.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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