UK’s financial regulatory authority, the Financial Conduct Authority (FCA), issued on Monday a notice in which it warns against forex broker Capital Markets, operating as MarketCT, a clone of FCA-regulated entity Capital Markets Trading UK.
The company, using the website www.marketct.com, has been wrongfully presenting itself as being associated with Capital Markets Trading and has been targeting UK citizens withouth the proper authorization. It provides the same address as the genuine FCA-regulated broker without being based their.
Capaital Markets offers online trading in contracts for difference, forex, commodities, and indices via the MetaTrader 4 (MT4) trading platform, according to its website. It operates across 140 countries worldwide.
FCA-authorised Capital Markets Trading operates via the brand brands CMT UK and Mandara Capital, according to the regulator’s database.
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 FCA asks all investors who consider they might be in contact with unauthorized and unlicensed investment service providers to be cautious and to report them.
The FCA maintains an up-to-date Financial Services Register of companies authorized 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.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.