Forex

FCA Catches Another ETX Capital Clone Firm, ETbrokers

It may solely be Monday morning, however already there have been a lot of suspected monetary scams recognized in the present day. Adding to the listing is the Financial Conduct Authority (FCA) which has flagged ETbrokers.

According to the FCA’s warning from in the present day, ETbrokers is a clone of an FCA-authorised agency, ETX Capital. Clone corporations are fraudulent entities which copy particulars from authentic firms.

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These particulars can vary from daring makes an attempt at copying the precise identify, brand and/or web site of a authentic firm, to extra delicate however equally efficient strategies of copying addresses, registration particulars and extra.

While the FCA doesn’t present the precise particulars this clone agency has copied from ETX Capital, the regulator does add that ETbrokers has been working within the United Kingdom and concentrating on residents, with out having the correct authorization.

When attempting to comply with the URL the British watchdog has equipped for ETbrokers, https://etbrokers.com, an “account suspension” warning seems on Google.

ETX Capital isn’t any stranger to clone corporations

ETX Capital is a brokerage based mostly in London and the buying and selling identify of Monecor (London) Ltd. Unfortunately for the corporate, this isn’t its first clone agency.

As Finance Magnates reported mid-last 12 months, Apex Tradex was promoting that its mum or dad entity was Monecor (London) Ltd, the identical identify as ETX’s holding firm. This was in an try and persuade ‎native merchants that it was the licensed on-line buying and selling agency that had contacted them.‎

This can also be the second clone agency Finance Magnates has reported on in the present day alone, giving a transparent indication of the massive presence of scams inside the monetary trade, significantly within the binary choices, international alternate (foreign exchange) and cryptocurrency sectors.

Earlier in the present day, Monex Group, a Tokyo-based monetary companies firm, warned that Monex Coin Management is concentrating on shoppers of the corporate.

According to the assertion launched by the Group, representatives of Monex Coin Management are soliciting shoppers of the dealer. The fraudsters are falsely claiming to be affiliated with the corporate and urging them to make use of an automatic buying and selling system.

 

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David

David is the founder of DebtDefined.com. The firm originates business financing for companies of all size in the Canadian marketplace . Originations include business loans, term loans, asset based lines of credit, SR ED Tax credit financing , and receivable financing .

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