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Dukascopy brand name abused by clone website

Aug 17 2017
By
Jonathan Smith

Clone website dukascopi.com pretends to offer Forex and CFD trading from Switzerland, using the same address as Swiss online bank and forex broker Dukascopy. Actually, the clone website is operated by an offshore company, registered on the St. Vincent and the Grenadines (SVG).

 

 

By using the fake address, the clone obviously seeks to mislead investors into believing that they are dealing with the reputable Geneva-based brokerage. In fact, behind the Dukascopi brand and site is Mercure Services Ltd., a firm headquartered in Kingstown, SVG. St. Vincent and the Grenadines is a popular offshore destination where companies are not overseen by any authority and are not required to abide to any rules whatsoever.

 

In comparison, the real Dukascopy is regulated by the Swiss Financial Market Supervisory Authority (FINMA) both as a bank and a securities dealer. Swiss forex brokers are obliged to hold at least CHF 20 million and to sign the Swiss Banks and Securities Dealers agreement, which protects all customer deposits of up to CHF 100,000.

 

The fraudster Dukascopi uses the Sirix web platform and requires an initial investment of $1,000. Probably those who have made the mistake to deposit will never get their money back.

 

Forex and binary options scams may use different schemes, but their purpose is always the same: to take investors’ money. We advise traders to watch out for investment frauds and always do due diligence checks.

TAGS: Dukascopy clone  warning 

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