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FCA Catches One other ETX Capital Clone Agency, ETbrokers

It’d solely be Monday morning, however already there have been plenty of suspected monetary scams recognized at this time. Including to the record is the Monetary Conduct Authority (FCA) which has flagged ETbrokers.

Based on the FCA’s warning from at this time, ETbrokers is a clone of an FCA-authorised agency, ETX Capital. Clone corporations are fraudulent entities which copy particulars from reputable corporations.

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These particulars can vary from daring makes an attempt at copying the precise identify, brand and/or web site of a reputable firm, to extra delicate however equally efficient strategies of copying addresses, registration particulars and extra.

While the FCA doesn’t present the precise particulars this clone agency has copied from ETX Capital, the regulator does add that ETbrokers has been working in the UK and focusing on residents, with out having the right authorisation.

When making an attempt to comply with the URL the British watchdog has equipped for ETbrokers, https://etbrokers.com, an “account suspension” warning seems on Google.

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ETX Capital isn’t any stranger to clone corporations

ETX Capital is a brokerage based mostly in London and the buying and selling identify of Monecor (London) Ltd. Sadly for the corporate, this isn’t its first clone agency.

As Finance Magnates reported mid-last yr, Apex Tradex was promoting that its mum or dad entity was Monecor (London) Ltd, the identical identify as ETX’s holding firm. This was in an try to persuade ‎native merchants that it was the authorised on-line buying and selling agency that had contacted them.‎

That is additionally the second clone agency Finance Magnates has reported on at this time alone, giving a transparent indication of the big presence of scams inside the monetary business, notably within the binary choices, international alternate (foreign exchange) and cryptocurrency sectors.

Earlier at this time, Monex Group, a Tokyo-based monetary providers firm, warned that Monex Coin Administration is focusing on purchasers of the corporate.

Based on the assertion launched by the Group, representatives of Monex Coin Administration are soliciting purchasers of the dealer. The fraudsters are falsely claiming to be affiliated with the corporate and urging them to make use of an automatic buying and selling system.

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