UK’s FCA warns the forex broker MarketCT being a clone

UK’s FCA warns the forex broker MarketCT being a clone

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UK’s financial regulator, the Financial Conduct Authority, issued a warning that the broker MarketCT is trading as a clone of the regulated company Capital Markets.

The watchdog warns the consumers that the scammers might cold-call unsuspecting investors “to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced or even non-existent.” Usually the fraudsters use the name, firm registration number and the address of a genuine company, registered with the FCA. In the case of Market CT, it uses the address and details of the legitimate Capital Markets Trading UK LLP. It is regulated by the FCA with the number OC300617 and operates under the brands Mandara Capital (commodity derivatives trading company) and CMT UK.

On its website (marketct.com) the clone offers trade in forex and CFDs. It claims the brand MCT is “owned and operated by Capital Markets” and has clients in 140 countries across the world. The website has versions in English, Italian, French, Russian and Portuguese. The offered leverage is 1:200 and there is no option for a demo account. The information about regulation is missing, as is other standard for a forex broker information.

The FCA warns the consumers to be extremely cautious and to have in mind that “if it sounds too good to be true, it probably is” and advises that the clients check with the FCA and be extremely careful with the details.

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