UK Financial Conduct Authority (FCA) has been especially vigilant in the war against clone firms this year and has released a number of warning for forex traders. But the epidemic of forex broker website clones has not stopped. This time, the copycats forged LCGFX that has been one of FCA-licensed forex brokers.

UK Financial Conduct Authority (FCA) has been especially vigilant in the war against clone firms this year and has released a number of warning for forex traders. But the epidemic of forex broker website clones has not stopped. This time, the copycats forged LCGFX that has been one of FCA-licensed forex brokers. Several websites in Asian languages was found to have falsely claimed relationship with the real one.

Broker Clone Scam

FCA warning came for scammers under the name of London Capital Group Asia, LCGA Fxplatform, LCG Asia, and LCG Forex that operates through the following websites:  www.lcga-fx.com, www.lcga.asia.lid-cn, indo.lcga-fx.com, and www.fxlcg.com. The warning also mentioned that the aforementioned names are Boiler Room Name, which might refer to the infamous fraud method, Boiler Room. Boiler Room is the term used to call scam that employs high-pressure sales tactics to promote financial asset fraud.

Leading forex news website, Forexmagnates, reported that the websites are operating in Asian languages like Chinese/Indonesian/Malay and the domains are registered in Singapore and Malaysia, instead of London. On the other hand, the real LCGFX is based in London, UK, and operates through www.londoncapitalgroup.com under company name of London Capital Group Ltd.

A quick look into the scam websites revealed that the first three addresses are no longer online. The last one, however, is quite professional looking and uses similar color scheme with the real broker, which could be the reason why less careful forex traders might fall victim to this broker clone.

FakeThe Fake LCGFX Website Appearance (above)

 

RealThe Real LCGFX Website Appearance (above)

LCGFX is not so well-known in Asia compared to it is in the UK. But it has good reputation among forex traders and has won numerous awards internationally as well as in the UK since established in 2003. Therefore, this case should be highlighted, so long-time traders and new traders are not cheated out of their money.