In the past years, FCA has tried to stop several clone companies that were impersonating many legit brokers. One of them is Axi.

Financial Conduct Authority (FCA) from the UK has warned against AXI Corp Limited, a clone of forex and CFD broker Axi. According to a warning published on the regulator's website, the clone is a security risk.

FCA confirmed that the clone company is located in Leadenhall Street, London, while two authorized firms are based at 1 Finsbury Market, London. However, no website for the clone company was provided, only its address, telephone number, and email address.

With its August 2018 acquisition of One Financial Markets, Australian broker Axi is now trading under the name Axi Financial Services (UK) Limited, while AxiFinancial manages AxiCorp.

"We do not authorize or register this firm, but it has been targeting UK residents as an authorized firm," the FCA stated.

Se also: Axi Review

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Other Clone Companies

FCA flagged several clone websites and firms impersonating registered brokers in 2022. In July, the financial markets supervisor called out a clone website impersonating Zenfinix, a London-based foreign exchange broker. The regulator noted that the clone firm was scamming UK investors.

A financial markets watchdog revealed three months earlier that Crypto-Trade was a clone of Rational Foreign Exchange Limited. The unauthorized entity operated the website www.crypto-trade365.com when the legal company used rationalfx.com.

In addition, FCA flagged down three more clones between January and March 2022, including AZOpitons, which claims to offer crypto-related services to retail and institutional investors. FCA closed down XTB and IC Markets clones in March and January 2022, respectively.