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UK’s FCA warns RTC Finance is a clone

Oct 17 2017
By
Jonathan Smith

UK’s Financial Conduct Authority (FCA) has issued a warning that the forex and CFD brokerage RTC Finance is a clone of the EEA-authorized binary options and CFD brokerage Spot Capital Markets.

 

According to the UK regulator, RTC Finance, a.k.a Icon markets, a.k.a First World Consultants Limited is trying to confound its potential clients by giving out other false details or mix these with some correct details of the registered firm.

 

RTC Finance provides two addresses: one of the owner of the brand Icon Markets, in Belize and one of what it dubs “primary service provider of the Services” - First World Consultants, allegedly based in Cyprus.

 

RTC Finance appears to be owned by Icon Markets Limited, which is regulated by the Belize International Financial Services Commission (IFSC). Belize, however, is an offshore zone and with its lax requirements and lack of client protection often attracts crooks. It seems that RTC Finance is exactly such case. Despite its brief existence, it seems that the broker has managed or at least tried to scam a lot of people, judging by the numerous negative client comments under our review. Of the over 50, there is not a single positive review. The words “scam” and “fraud” turns up time and again.

 

On the other hand, according to FCA, RTC Finance is using details of Spot Capital Markets, also based in Cyprus, but properly regulated by the Cyprus Securities and Exchange Commission (CySEC). We compared the addresses of First World Consultants and Spot Capital Markets and they are not the same, even though both are in Limassol. Most likely, however, the fraudsters are telling other things to their potential clients.

 

Either way, we always advise our readers to avoid dealing with offshore brokers, even regulated ones, as the offshore zones are breeding grounds for scammers. It is best 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 google whether there have been warnings against the broker and if it has been in some sort of trouble with regulators – fines, suspensions of licenses, etc.

 

 

TAGS: rtc finance  warning  fca  uk  scam  clone 
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