UK’s FCA warns against clone of IIB International Broker Ltd

UK’s FCA warns against clone of IIB International Broker Ltd

FCA

The UK’s financial watchdog, the Financial Conduct Authority (FCA), issued on Wednesday a warning notice against IIB International Broker, saying it is a clone of IIB International Broker Ltd, which is authorized in the European Economic Area (EEA). The fraudster operates via the website www.iibfx.com.

The clone broker is using the details the FCA-authorized genuine broker and pretends to be associated with it. The regulator warns the clone broker may give out other false details or mix these with some correct details of the authorized firm.

The genuine broker, which is licensed by the FCA, is based in Bulgaria and the UK, while the clone broker says it is based in the UK.

IIB International Broker Ltd, operating under the trading name IIB FX, offering online forex and contracts for difference (CFDs) trading services.

The watchdog asks traders to report clone brokers if they have any suspicions they may be conducting financial services, using details of other brokers.

The FCA keeps a list of licensed companies that are regulated to meet its requirements and all other entities that are not included in the list may appear to be a scam.Forex brokers that do not have a license cannot target UK citizens. Meanwhile, brokers authorized in a EU country can operate in all other member states.

Last month, the regulator issued a warning about another two clone brokers – Assets Investments and Hans Bernauer, a.k.a. HB Trading, which have been copying the details, brands and activities of FCA-authorized forex brokers.

We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.

Source: FCA

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