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UK’s FCA warns forex broker Atom8 Markets is a clone

Sep 28 2017
By
Jonathan Smith

UK’s Financial Conduct Authority (FCA) has warned that the forex broker Atom8 Markets is a clone of the authorized forex broker Atom8 Financial Services LLP.

 

The regulator notes that the scammers may give out other false details or mix these with some correct details of the registered firm. In this case the clone who is targeting Chinese-speaking clients, falsely claims it is “a wholly owned subsidiary of Atom8 Financial Services LLP”, which is regulated by the FCA. The fake Atom8 is even using the same logo as the legitimate company.

 

However, “this FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’.” The legitimate company, Atom8, has a different web address and is based in London. It is an ECN (Electronic Communications Network) FX and spread-betting broker. It offers a variety of tradable instruments and several platforms, including the proprietary Atom8 Trader and the popular MetaTrader 4. The broker serves both retail and institutional clients.

 

FCA has a reputation of a strict and reliable regulator and is overseeing many of the most “serious” forex brokers, as well as banks and other financial institutions and service providers based in the UK. Generally dealing with an FCA regulated brokerage is safe, as clients are protected by the Financial Services Compensation Scheme (FSCS). Forex traders are entitled to receive 100% the first £30,000 + 90% of the next £20,000, but no more than £50,000 in total.

 

  

TAGS: fca  uk  atom8  clone 
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