UK’s Financial Conduct Authority (FCA) issued on Friday a warning about a clone of UK-regulated spread betting and contracts for difference (CFDs) broker Delta Financial Markets. The clone broker Delta Financial Markets, presenting itself under the trading brand Delta Trade, has been targeting UK citizens and pretending to be associated with the genuine broker by using its details.
The clone broker claims to be based and registered in St. Vincent and the Grenadines and uses the website www.dfml.trade. The FCA-licensed broker operates under the trading name DF Markets and via www.dfmarkets.co.uk
Clone firms use the details of a genuine entity, aiming to convince investors they works with the authorized company. In fact, the clone is not associated in any way with the licensed broker. The regulator noted that fraudsters may give out false details or mix false data with correct details of the authorized firm.
The regulator asks traders to report financial service providers if they suspect the companies might operate using the details of authorized brokers.
The FCA maintains an updated Financial Services Register of companies authorized by it to operate in the UK. Any entities that are not included might appear to be fraudulent. Investors who engage with unauthorized companies should be aware as they might be putting their investments at risk. In case of default, investor funds of up to £50,000 are protected under the Financial Services Compensation Scheme (FSCS) only if the broker has been authorized and regulated in the UK.
Delta Financial Markets, or DF Markets, offers spread betting and CFDs trading on a number of instruments, including 77 forex pairs, Gold and Silver. It also offers three proprietary trading platforms – desktop-based DFTrader, web-based DF WebTrader and mobile-based DFMobile.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.