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- In reality, your money is either not invested at all or placed in very risky investments. Either way, you’re likely to lose some or all of your funds. Be wary of clone forex brokers, which create websites that mimic legitimate brokerage firms, luring investors with attractive offers and trading platforms.
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Oct 3, 2024 · It's also worth noting that Octa Stocks FX is likely an attempt to "clone" a legitimate broker – check out my guide to forex scams to read more about cloned firms. Octa Stocks FX is unregulated and appears on the FCA's warning list.
- Scam Forex Brokers and Types of Common Forex Scams
Forex scams can involve selling products that don’t perform...
- Scam Forex Brokers and Types of Common Forex Scams
Jun 18, 2020 · UK Forex (Clone of FCA authorised firms) is not authorised or registered by the FCA but has been targeting people in the UK, claiming to be an authorised firm. Find out why you should be wary of dealing with this unauthorised firm and how to protect yourself from scammers.
Oct 18, 2023 · The UK Financial Conduct Authority (FCA) has issued a warning against a clone of retail Forex and CFD broker Admiral Markets. Fraudsters copy the details of firms the FCA authorises to try and convince people that their firm is genuine. AdmiralsFX is a fraudulent entity, abusing the details of Admiral Markets.
Sep 23, 2024 · Forex scams can involve selling products that don’t perform as advertised, impersonating notable forex traders or investors to collect personal information, setting up sham websites that imitate big-name brokers to steal deposits, and a long list of other unethical and (in many cases) illegal methods of robbing traders and investors.
May 14, 2024 · Stay super vigilant about clone brokers, which pose as big brand names but are actually scams. Visit Scam Broker Shield, your go-to-place to find out if a broker can be trusted. Be smarter than a scammer: cross-check regulatory information.
Jan 15, 2024 · The UK's Financial Conduct Authority (FCA) uncovered the impersonation of XTB forex broker that has been providing fake details to potential investors.
Mar 20, 2023 · Beware of clone firms. Many fake trading and brokerage firms will use the name, firm registration number (FRN) and address of firms and individuals who are FCA authorised. This is called a clone firm.
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