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UK's FCA warned against Prime Crypto and 4xpremium clone firm

 

UK’s Financial Conduct Authority (FCA) has added several investment companies to its warning list on Thursday. Among them are the forex broker 4xpremium -  a clone firm -  and unregulated crypto CFD provider PrimeCrypto. Both of them are not authorized to offer investment services in the UK.

 

PrimeCrypto (operating via primecrypto.io website) is a CFD broker focused on the crypto market that poses as a crypto exchange. It offers leveraged trading in more than 60 coins as CFDS on a simplified web-based platform, but its trading conditions are not all that clear.

 

The broker is allegedly owned and operated by Maplewalk Limited, a company with a contact address in Bulgaria. This company, however, is not regulated by the local Financial Supervision Commission (FSC), the FCA, nor by an equivalent EU authority, as required by law for CFD providers.

 

As regards the other brokerage, 4xpremium, it offers trading in forex and CFDs on the popular MT4 platform and its offer seems quite attractive. Nonetheless, the website of this broker contains no information about the entity that operates it, Index Limited, and does not mention a singal world about license or regulation. According to the FCA, this is clone firm that falsely claims to operate under a legit company, licensed by the regulator (Global Market Index Limited).

 

Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called,” the FCA further warns.

 

We always advise our readers to check whether a company is properly regulated by a reputable supervisor like the FCA or the Australian Securities and Investment Commission (ASIC) before investing. Also, it is a good idea to do a due diligence check before you deposit and google the broker name to see whether there have been warnings against it or if it has been in some sort of trouble with regulators.

 

TAGS: FCA  warning  PrimeCrypto  4xpremium  UK  scam 

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