The UK Financial Conduct Authority (FCA) alerted forex brokerage FX Jupiter, operating via the website www.fxjupiter.com, is a clone firm of an entity authorized by the watchdog. The website of the genuine authorized firm is www.jupiteram.com.
The entity pretends to be associated with authorized companies Jupiter Asset Management Ltd., Jupiter Unit Trust Managers Ltd., Jupiter Fund Management plc and Jupiter Investment Management Group Ltd., which are registered in England and Wales. However, the clone is not related to any of the genuine entities.
FX Jupiter’s website is available in English and Chinese. The scammer claims it is regulated by the FCA and claims to be associated to the above-mentioned UK-authorized entities. It offers trading in forex, contracts for difference (CFDs), futures, precious metals and exchange-traded goods.
Clone firms use some or all of the details of a genuine entity, aiming to convince investors they works with the authorized company. The regulator noted that fraudsters may give out false details or mix false data with correct details of the authorized firm.
The UK regulator maintains a searchable register of unauthorized forex brokers that target local citizens and regularly issues alerts against entities that could potentially hurt local investors.
Investors should be extra cautious when dealing with non-authorized financial service providers. They are eligible for compensation under the Financial Services Compensation Scheme (FSCS) in case of default only if the broker or exchange they use is authorized by the relevant regulator.
When engaging with unauthorized and non-regulated brokers traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.