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UK’s FCA warns against GulfFX clone firm

 

The UK’s Financial Conduct Authority has updated its warning list with GulfFX – a website that falsely claims to operate under a legit company, licensed by the regulator.

 

The FCA further warns that “fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the 'firm reference number' (FRN) we have given the authorised firm or other details.”

 

In the case of GulfFX, the broker has used the name of FCA-licensed ​​​Gulf Central Merchant Bank Ltd. (together with its FRN), which are placed at the bottom of the home page of GulfFX’s website. Nonetheless, the broker is not associated with the regulated company.

 

GulfFX offers trading in forex, various CFDs, and binary options on a customized version of MT4 platform. According to the information on its website, the broker is headquartered in London, and has offices in Bahrain, Tokyo, Cyprus, Geneva, and Sydney. Judging by the user comments on our review, a lot of investors have been scammed by GulfFX.

 

 

Most companies providing financial services in the UK have to be licensed by the FCA and we always advise our readers to always check brokers’ names in the regulator’s register before investing any money.  It is also 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  GulfFX  warning  clone  scam  UK 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
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Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
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Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

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