It seems that scammers are tirelessly targeting Asian traders that are quite inexperienced compared to their European/American counterparts. Fortunately, ASIC and FCA are keeping an eye out for scammers, and especially vigilant against forex broker clones.

Another day, another scam warning. It seems that scammers are tirelessly and shamelessly targeting Asian traders that are quite inexperienced compared to their European/American counterparts. Fortunately, ASIC and FCA are keeping their eye out for scammers, and especially vigilant against forex broker clones.

ASIC Regulation

Fake Claim By FiFx

Yesterday (16/9), Australian licensing authority, ASIC, released warning against a fake website promoting foreign exchange broker, First Forex. The entity is operating under the name First Forex, FiFx, and FiFx Global and claims to be under Australian regulation. However, the online forex brokerage service that located at www.fifx.com is actually not licensed by ASIC as Australian regulator.

We have looked into the site and found that not only FiFx quoted Australian regulation, they are also quoting Cyprus laws (check the screenshot). The curious thing is, www.fifx.com main homepage is in Chinese, instead of English, although it is also available in Vietnamese and English.

FiFxA Screencap Of The Fake FiFx Homepage

Following a quick search in the net, we have also found another website under the name of First Forex at www.firstforex.co.uk that mentioned to be powered by FTT Global Limited and registered in England and Wales. Until this news is written, we still don't know the relation between the first First Forex and the second First Forex, whether the one is the other's clones or what. If FiFx is First Forex's clone, then we might wait for another warning against the same entity from UK FCA.

 

The Case Of DuPont FX

At the same day, the UK FCA published warning against DuPont Financial/DuPont FX/DP Global Services Ltd, that the regulator said to be a clone of Dupont Denant Contrepartie, an EEA authorised firm. Details of the fraudster including physical address in London, digital location at www.dupontfx.com with email address at [email protected]. Meanwhile the original company is situated in Paris and has no clear phone, website, or email.

However, DuPont FX is actually not so unfamiliar, because the name has been mentioned several times in several forex trader forums and it seems to have been active for a number of years now. Therefore, it could be that the company is not regulated to offer their service in the UK on account of not licensed by the UK FCA, but it is still uncertain whether they are actually doing scam or not.

We will always on the lookout for scam warning, and inform you at the earliest opportunity, including the development of these cases, so stay tune to our forex broker news section.