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CySEC warns Boom Xchange is a clone of Trade.com parent

 

The Cyprus Securities and Exchange Commission (‘CySEC’) officially warned investors on Friday that Boom Xchange is not licensed to provide investment services in the country. CySEC stated that this investment company illegally uses the details of authorized Cypriot Investment Firm that is operating forex broker brands Trade.com, Finexo and ForexYard.

 

According to the notice issued by the Cypriot financial watchdog, “the name, license number and content from the website of the Cyprus Investment Firm Leadcapital Markets Ltd is used illegally and without it’s authorization.”

 

Boom Xchange claims to be a social trading platform, offering a wide array of tradeable instruments, including forex, cryptocurrencies, stocks, commodities, ETFs and more. We found out that the Terms and Conditions on the website of Boom Xchange (boomxchange.com) actually mention the details of Leadcapital Markets Ltd.: its name and address. Although CySEC does not explicitly state it, this is what is commonly referred to as a clone firm, a very popular scam tactic to attract clients in the trading world.

 

CySEC urges investors to consult its website (www.cysec.gov.cy) prior to investing with any forex broker that claims to be regulated in Cyprus. We also strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySEC, FCA, or ASIC, among others.

 

TAGS: CySEC  Boom Xchange  warning  clone  Cyprus 
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