Clones of Darwinex Detected by the FCA

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FCA Exposes Several Financial Scams, Including Darwinex Clone

The FCA is sharpening its focus on retail investment and trading brokers as financial scams are becoming more sophisticated.

The Financial Conduct Authority (FCA) today issued several warnings to local investors highlighting unauthorized firms known to have been soliciting customers in the UK jurisdiction. The regulator also pointed out that some of the brokers highlighted in the latest flurry against unauthorized firms are actually clones of UK-approved providers, which makes it difficult for unsuspecting investors to know or see the difference.

In an update published on its website today, the City watchdog has blacklisted TrustFX (www.trustfx.io), Titan Global Finance, and All Financial Markets. The FCA has also flagged a bogus firm called Fortune Trade FX, which was found to be a complete clone of Darwinex, a UK-based social trading broker and asset manager.

The FCA warning comes just a few days after the authority warned the public against the suspicious operation of Advisory Broker Services, which has been revealed to be manipulating investors by claiming the reference number of a European Economic Area (EEA) authorized firm.

The FCA has been sharpening its focus on retail investment and trading brokers as financial scams are becoming more sophisticated in hiding their true corporate details and contacts. The regulator appears determined to protect consumers not only from fraud but also from losing small fortunes to regulated firms that may offer “products causing similar harms.”

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Recently, the watchdog also highlighted its concerns over financial promotions that falsely implied that all of a firm’s activities were regulated by the FCA or other regulators, when in fact they were not.

Retail FX/CFDs brokers have also come under the spotlight with the closure of two regulated brokers in a single month. SVS Securities Plc (SVS), which was set-up in 2002, acted as a regulated financial services broker, holding significant amounts of client money and assets. The second case involved AFX Markets Ltd (AFX), which was set up in 2020 and FCA-authorized since May 2020.

There have also been a number of high profile incidents in the wider financial services industry over the last few years, many of which have led to the collapse of firms.

FCA warns of Darwinex forex clone

The fraudsters claim they are the FCA-regulated Darwinex forex firm, scamming the consumer under three fake websites.

July 31, 2020 | AtoZ Markets The British Financial Conduct Authority has published a warning of a Darwinex forex clone.

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The regulated forex Tradeslide Trading Tech Limited –Darwinex- was cloned under the names of StockotradeFX, Ultimatecryptofx, and Tradevibefx, as the watchdog detailed on July 30.

Selling its unauthorised services to the clientele under the three websites of “www.tradevibefx.com, www.ultimatecryptofx.com, www.stockotradefx.com”, the regulator confirmed that the scam company has no license, detailing that the FCA-regulated forex firm “Tradeslide Trading Tech Limited –Darwinex”, operating under the firm number 586466, has no association with the counterfeit company or any of its affiliates.

The FCA also warned of scam bitcoin emails

The British financial watchdog always emphasises in its warnings that “you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.”

In a connected news, the FCA shed light on one of the biggest scam campaign the financial market witnessed recently, where the regulator warned of fraudulent bitcoin trading emails targeting the public under the regulator’s seal.

AtoZ Markets reported last week that Dominic Thomas, the founder of the London-based independent financial advisory, tweeted, tagging the FCA in his post, that he had received five emails promoting for bitcoin sales under the regulator’s name, suspecting that those emails were carrying viruses.

It is worth mentioning that fraudsters usually resort to copy the details of an authorised company as the latter shows on its website, including the reference number, logo, address and contact details, while in fact they operate from other locations in most cases, as investigations regulators carried demonstrated.

FCA Uncovers Clone Firms Targeting Online Broker Darwinex

The clone firms have copied Darwinex’s website design and FCA Firm Reference Number.

Another clone firm has been identified in the foreign exchange (forex) and cryptocurrency industries. On Tuesday, the Financial Conduct Authority (FCA) posted a warning against a clone firm of Tradeslide Trading Tech Limited, otherwise known as Darwinex.

The clone firm goes by three names, StockotradeFX, Ultimatecryptofx, Tradevibefx, and operates via three websites – www.tradevibefx.com, www.ultimatecryptofx.com, www.stockotradefx.com.

All three websites, state that they are “owned by Tradeslide Trading Tech Limited, a company duly authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with FRN 586466.”

FCA: there is no connection with Darwinex

However, yesterday’s warning from the British regulator, clearly states that the three entities have no connection whatsoever with the legitimate and FCA-authorised firm Tradeslide Trading Tech Limited (Darwinex).

As the name suggests, clone firms are fraudulent entities which copy details of a legitimate firm, such as their name, website, address, registration details, etc. Some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm.

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Although the entity operates via three URLs, all websites appear to be largely the same and have copied the design of Dawinex’s website. One the front page of each website, the entity claims it is: “The online brokerage that allows sophisticated traders to trade the market and investors to back them.” – the same statement made of Darwinex’s site.

The correct details of the legitimate firm are as follows:

Firm Name: Tradeslide Trading Tech Limited (Darwinex)

Firm Reference Number: 586466

In its warning, the UK watchdog states: “We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.”

Clone firms are a big problem in the foreign exchange (forex) and cryptocurrency sectors. As Finance Magnates has reported , Tickmill, Dukascopy Bank and broker-dealer ICAP , among others, have all been targeted by clone firms.

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