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UK's FCA warns of Primus Forex Financial Group, clone of PCM UK

 UK's Financial Conduct Authority (FCA) has issued a warning against Primus Forex Financial Group, a clone of the properly regulated forex brokerage Primus Capital Markets UK (PCM UK).

 

According to the UK regulator, the clone firm is trying to convince its potential clients that they work for a genuine, authorised firm by giving out false details. In this case, Primus Forex Financial Group uses the official address of the authorized firm, PCM UK. Unfortunately, at the moment the website of the clone firm, www.primusasia.com, is not accessible, so we cannot provide more information on the broker’s offering.

 

“… 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 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.

 

As regards the authorized firm, Primus Capital Markets UK Limited, it operates a forex and CFD brokerage PCM UK (primuscapital.uk). It offers trading on the renown MT4 platform with rather competitive trading conditions and appears to have a sister company regulated in Cyprus.

 

We always advise our readers to check whether the company is properly regulated by a reputable supervisor 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.

 

TAGS: FCA  warning  UK  Primus Forex Financial Group  clone firm   

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