The UK's Financial Conduct Authority (FCA) has accused Admiral Markets UK Ltd, a retail trading brand operator posing as Admirals..CLONES OF AUTHORIZED COMPANIES WARN。This is at least the fifth company to clone a hot broker in the past few years。

FCA issues warning

The FCA first issued this warning on 17 October 2023 and updated it on 4 January 2024.。The scammers used Admiral Markets details, including similar names, phone numbers and emails, to convince people that their company was legitimate, but in fact they were not authorised by the FCA.。

Crooks use a series of fake email addresses and websites admiral-fx.com and fxsadmiral.com, through which Forex / CFD trading is offered to retail investors in the UK and the rest of the world。However, the FCA has informed and warned that these sites are linked to Admiralmarkets, the official website of Admirals..com has nothing to do with。

Crooks contact people by surprise, pretending that this cloned admiral market is authorized, and the FCA calls it a "cloning company."。Fxsadmiral.com and Admiral-fx.com has no connection to the real Admiral Markets。

Although the clone site is different from the original, the criminals definitely want to mislead retail investors。They use the same logo as the Admirals and claim to use the same London address and FCA license number 595450.。

Regulators have warned that scammers could change those details over time or mix it up with real contact information from Admiral Markets to make it look more legitimate.。

How many clones are successful?？

As it turns out, this is not the first and certainly not the last cloned Admiral Markets, which is one of the most favored by dishonest actors, with reports and warnings about the company's cloning practices at least seven years ago.。

In 2017, the FCA issued a warning against fraudsters posing as the broker, and in the same year, Admirals itself issued a similar warning.。Warning again the following year, warning again in 2020。

Meanwhile, Malaysian regulators have also issued a warning against a company posing as Admiral Markets.。

Other popular brands fall victim to counterfeiters。In the last week of 2022, companies like XTB and Hargreaves Lanswdown were targeted.。These warnings relate to the UK market。

Why cloning companies is dangerous？

Clone companies pose a significant risk to retail traders for several reasons:

• Misrepresentation and fraud: clone companies often pose as legitimate companies, using their names, addresses and company reference numbers。This kind of deception can make retail traders more susceptible to being deceived by mistaking them for dealing with a reputable company。
• Lack of regulation: Clone companies are not authorized or regulated by financial authorities。
• Increased risk of financial loss: Retail traders dealing with clone companies face a higher risk of financial loss。These companies may manipulate trading conditions, refuse to withdraw money or simply disappear with client funds.。
• Exposure to high-risk products: Clone companies often market high-risk trading products, such as complex derivatives, without adequately explaining the risks。Retail traders, especially inexperienced ones, may not fully understand the products they are trading, increasing the likelihood of significant losses。
• Personal data security: There is a risk of personal data leakage with clone companies。These companies may misuse personal information for other fraudulent activities or identity theft。

Retail traders should always verify the authenticity of a financial services company before engaging in any trading activity, including checking the regulator's official register, confirming the company's contact details, and being cautious about unsolicited offers or high return commitments。