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Caught Purple Handed: CySEC Warns of BDSwiss Clone Companies

The Cyprus Securities and Change Fee (CySEC) has flagged two web sites belonging to overseas trade (foreign exchange) associated corporations that it believes to be suspicious, this Tuesday. The web sites in query belong to Capital Swiss FX and EXPERT FX TRADE.

In line with the assertion launched at present, the 2 web sites – capitalswissfx.com and expertfxtrade.com, don’t belong to authorised entities. This implies they don’t seem to be allowed to supply funding providers in Cyprus.

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Regardless of not being authorised to take action, as you’ll be able to count on, each web sites facilitate the buying and selling of foreign exchange and cryptocurrencies. Nevertheless, you will need to word that the web site EXPERT FX TRADE is blocked on Google.

Having a look at Capital Swiss FX, in line with its web site, it’s a buying and selling supplier for foreign exchange, cryptocurrencies, commodities and extra. It apparently facilitates this buying and selling by MetaTrader four and a buying and selling app.

CySEC states that the abovementioned web sites have stolen the license quantity and content material from the web site of the Cyprus Funding Agency BDSwiss Holding Plc, a authorized entity in Cyprus.

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The warning from the regulator says that each web sites have copied these particulars and materials illegally and with out the authorisation of BDSwiss Holding Plc. This theft is obvious as when taking a look at Capital Swiss FX’s web site you’ll be forgiven for feeling a way of Déjà Vu.

It’s because when taking a look at BDSwiss’ web site (https://www.bdswiss.com/) you’ll be able to see that Capital Swiss FX has even copied the design of the web site, along with fraudulently stealing its info.

One other day, one other clone agency for CySEC

This kind of behaviour may be very typical of clone corporations. Because the identify suggests, a clone agency is a rip-off which has set itself as much as seem as one other respectable agency. Generally they’ll attempt to copy the legit firm’s identify or model, and different occasions it’s extra delicate, and they’re going to steal small bits of knowledge just like the license quantity or deal with.

No matter what info they steal, the motivation for these fraudsters is straightforward. They need to seem respectable to allow them to trick individuals into shopping for into their rip-off.

Ending up the warning, the watchdog states: “CySEC urges traders to seek the advice of its web site (www.cysec.gov.cy), earlier than conducting enterprise with funding corporations, in an effort to confirm the entities that are licensed to supply funding providers and/or funding actions.”


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