The UK's Financial Conduct Authority (FCA) uncovered the impersonation of XTB forex broker that has been providing fake details to potential investors.
This XTB forex broker news informs traders about the guise of illegal imitation, now increasingly widespread. Many victims lose a lot of money to this scam, with the average loss estimated at £47,000. Hence, the FCA advises investors to invest with companies licensed by legal financial services authorities.
The UK's Financial Conduct Authority (FCA) is warning of fraudulent entities misusing information about publicly listed forex broker XTB to defraud retail traders. The clone company "XTB Trading World" claims to be affiliated with an FCA-licensed platform to reassure traders of its authenticity. However, the FCA has confirmed that the clone company has no connection to the original forex broker XTB.
This illegal scam masquerades as the award-winning platform that has received operational licensing from the FCA. Cloning refers to an attempt to provide fake details via the telephone number +447424912789 and the email address tradewithxtb@outlook.com. It caused UK investors to lose their money without detailed legal entity identification.
The regulator stated that the XTB clone promoted financial services and products to UK investors without permission. The FCA emphasizes the importance of caution and avoiding interactions with these fraudsters as they offer no concrete information to give the impression of reliability or legitimacy.
It is not the first time the FCA has focused on clones of the stock exchange-listed broker. On other XTB broker news, last year, Italian regulators blocked access to Empire's XTB clone site. In March 2022, regulators reported about people posing as employees of public companies. Additionally, Finance Magnate highlighted fraud against the Hargreaves Lansdown brand and retail banking giant Westpac.
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