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The FCA flags GlobalArabFX and iForex24 as clone firms

Jun 06 2019
By
Jonathan Smith

 

UK's Financial Conduct Authority (FCA) has recently warned against two clones: GlobalArabFX and iForex24. These unregulated forex brokers are wrongfully using the details of regulated companies (with which they are not associated) in an attempt to mislead UK investors that they are legitimate financial services providers.

 

 “… 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 usually states it its said in the notice. Furthermore, the regulator warned that scammers may use the name of the genuine firm, the 'firm reference number' (FRN) it has given the licensed firm or other details.

 

Iforex24 gives a UK contact number on its website, but it is not licensed by the UK’s FCA. Instead, IFOREX24 Ltd is registered om the Marshall Islands. Although it looks like Iforex24 is trying to mimic the name of the Cyprus-regulated forex broker iForex, the FCA reported that the unregulated broker illegally uses the details of Axitrader UK.

 

GlobalArabFX presents itself as an international forex broker. Although its website features an address and phone number in the UK, it remains unclear which company operates the brand. Actually, he FCA reported that GlobalArabFX is illegally using the details of Global FX (UK) Ltd., a payment services provider duly authorized to operate in the UK, with which the broker is not associates.

 

As always, we advise our readers to check whether the company is properly regulated prior to depositing with any forex broker that gets through to them or which they find on the web. Generally speaking, it is best to invest with brokerages licensed by reputable agencies like the FCA or the Australian Securities and Investment Commission (ASIC). 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 – fines, suspensions of licenses, etc.

 

TAGS: FCA  warning  GlobalArabFX  iForex24  clone firm  scam  UK 
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