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FCA alerts investors of Plus500 clone firm

 

The UK Financial Conduct Authority (FCA) has warned on Tuesday that Plus 500 Pro is a clone of the renown forex brokerage Plus500, which holds a license from FCA, among others. According to FCA, Plus 500 Pro is not authorized to carry out regulated financial services in the UK.

 

Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them.

 

On its website (plus500pro.com) the clone offers trade in forex, options and various CFDs, including cryptocurrencies. However, there is no specific information on account types, minimum initial deposit, leverage, spreads, etc. While the fraudulent website does not explicitly state that the broker is regulated by FCA, there are claims that its clients would be covered by UK’s Financial Services Compensation Sceme (FSCS). The scheme, of course, may only be applicable to clients of entities which are indeed licensed by the Financial Conduct Authority.

 

The FCA-licensed brokerage Plus500, on the other hand, offers trading in forex, options, contracts for difference (CFDs), commodities, indices, and exchange-traded funds (ETFs). It operates its own online trading platform for CFDs, and is regulated in six countries – the UK, Cyprus, Israel, Australia, New Zealand, Singapore and South Africa.

 

The UK is a strong forex market with tight regulation. The FCA is renowned for its strict standards and tight supervision. The regulator keeps a register of unauthorized forex brokers that target local citizens and regularly issues alerts against entities that could potentially hurt local investors. We strongly advise our readers to do their own research on the company before opening an account, giving out any personal information and money.

 

TAGS: FCA  warning  UK  Plus500 
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