FCA updates its warning list with clone firm MTA Trade

FCA updates its warning list with clone firm MTA Trade

- in All News, Warnings
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The UK financial watchdog, the Financial Conduct Authority (FCA), issued a warning against the company MTA Trade Limited t/a MTA Trade UK. According to the FCA statement, this is a ‘clone firm’ that uses a scam tactic.

On its website (www.mtatrade.com) the clone offers trade in forex and CFDs on the popular MetaTrader 4 platform. It claims to be a licensed partner of GF Gunter Frittum Finanzdienstleistung GmbH, which is regulated under the Austrian Financial Markets Authority and is EEA authorized with FCA. FCA says that this EEA Authorised Austrian company that fraudsters are claiming to work for actually has no association with the ‘clone firm’.

Here are the details of the clone firm:

MTA Trade Limited t/a MTA Trade UK
 25 Canada Square
 Canary Wharf
 London
 E14 5LQ
 UNITED KINGDOM
Phone: 44(0)203 8682818, 009712 4093225
 Email: info@mtatrade.com
 Website: www.mtatrade.com

SMN staff check on the website revealed that the information is scarce and the fraudster broker offers no demo accounts. The clone provides no data about account types, minimum initial deposit, leverage, spreads, etc.

Earlier this month the FCA issued a warning against a clone of the FCA-registered and regulated forex broker GO Markets UK Trading Limited, going by the name Go Markets UK.

The FCA notes that clones are often scams or boiler rooms using the names of duly registered companies in order to mislead potential investors and urges the public to be cautious and to report such fraudsters.

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