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: email@example.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.
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.