The UK
Financial Conduct Authority (FCA) has issued a warning against a clone pretending
to be the authorized firm Admiral Markets UK Ltd., the operator of Admirals retail
trading brand. Over the past few years, this is at least the fifth clone of a
popular broker.
The FCA
first published this warning on 17 October 2023 and updated it most recently on
4 January 2024. Fraudsters are using Admirals’ details, including similar
names, phone numbers and emails, to try to convince people their firm is
legitimate when in fact it is not authorized by the FCA.
Scammers
use a series of false email addresses and the websites admiral-fx.com and
fxsadmiral.com, through which they offer retail investors from the UK and other
parts of the world FX/CFD trading. However, the FCA has informed and warned that
these have nothing to do with the official Admirals website available at
admiralmarkets.com.
Watch out for these emails, phones and websites. Source: FCA
The
scammers have been contacting people unexpectedly, pretending this clone of Admiral Markets is
authorized, which the FCA calls it a “clone firm.” Fxsadmiral.com and
admiral-fx.com have no connection with the real Admiral Markets.
Although
the clone sites differ from the original, unscrupulous players definitely want
to mislead retail investors. They use the same logo as Admirals and claim to
use the same London address and FCA license number 595450.
The regulator
warns that scammers may change these details over time or mix them with Admiral
Markets’ real contact information to seem more legitimate.
How Many Clones a Charm?
It turns
out this is not the first and certainly not the last clone of the Admirals.
Admiral Markets is one of the companies most favored by dishonest actors. Finance
Magnates has been reporting and warning about the firm’s clones for at
least seven years.
In 2017,
the FCA cautioned about fraudsters impersonating the broker, and that same
year, Admirals itself issued a similar warning. This alert was repeated the
following year and then again in 2020.
In the
meantime, the regulator from Malaysia has warned about a company impersonating
Admiral Markets.
Other
popular brands have fallen victim to copy-cats, too. In the last week of 2022, XTB
and Hargreaves Lansdown were targeted, among others. The warnings were related to the British market.
Why Clone Companies Are
Dangerous
Clone
companies pose significant risks to retail traders for several reasons:
- Misrepresentation and fraud: Clone firms often impersonate legitimate companies, using their name,
address, and Firm Reference number. This deception can lead retail traders to
believe they are dealing with a reputable firm, making them more susceptible to
fraud. - 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 firms may manipulate trading
conditions, refuse withdrawals, or simply disappear with clients’ funds. - Exposure to high-risk products: Clone firms often promote high-risk trading
products, like complex derivatives, without adequately explaining the risks.
Retail traders, especially those inexperienced, may not fully understand the
products they are trading, increasing the likelihood of significant losses. - Personal data security: Engaging with clone firms risks personal data breaches. These
companies might misuse personal information for other fraudulent activities or
identity theft.
Retail
traders should always verify the authenticity of a financial services firm
before engaging in any trading activity. This includes checking the regulatory
body’s official register, confirming the firm’s contact details, and being
cautious of unsolicited offers or promises of high returns.
The UK
Financial Conduct Authority (FCA) has issued a warning against a clone pretending
to be the authorized firm Admiral Markets UK Ltd., the operator of Admirals retail
trading brand. Over the past few years, this is at least the fifth clone of a
popular broker.
The FCA
first published this warning on 17 October 2023 and updated it most recently on
4 January 2024. Fraudsters are using Admirals’ details, including similar
names, phone numbers and emails, to try to convince people their firm is
legitimate when in fact it is not authorized by the FCA.
Scammers
use a series of false email addresses and the websites admiral-fx.com and
fxsadmiral.com, through which they offer retail investors from the UK and other
parts of the world FX/CFD trading. However, the FCA has informed and warned that
these have nothing to do with the official Admirals website available at
admiralmarkets.com.
Watch out for these emails, phones and websites. Source: FCA
The
scammers have been contacting people unexpectedly, pretending this clone of Admiral Markets is
authorized, which the FCA calls it a “clone firm.” Fxsadmiral.com and
admiral-fx.com have no connection with the real Admiral Markets.
Although
the clone sites differ from the original, unscrupulous players definitely want
to mislead retail investors. They use the same logo as Admirals and claim to
use the same London address and FCA license number 595450.
The regulator
warns that scammers may change these details over time or mix them with Admiral
Markets’ real contact information to seem more legitimate.
How Many Clones a Charm?
It turns
out this is not the first and certainly not the last clone of the Admirals.
Admiral Markets is one of the companies most favored by dishonest actors. Finance
Magnates has been reporting and warning about the firm’s clones for at
least seven years.
In 2017,
the FCA cautioned about fraudsters impersonating the broker, and that same
year, Admirals itself issued a similar warning. This alert was repeated the
following year and then again in 2020.
In the
meantime, the regulator from Malaysia has warned about a company impersonating
Admiral Markets.
Other
popular brands have fallen victim to copy-cats, too. In the last week of 2022, XTB
and Hargreaves Lansdown were targeted, among others. The warnings were related to the British market.
Why Clone Companies Are
Dangerous
Clone
companies pose significant risks to retail traders for several reasons:
- Misrepresentation and fraud: Clone firms often impersonate legitimate companies, using their name,
address, and Firm Reference number. This deception can lead retail traders to
believe they are dealing with a reputable firm, making them more susceptible to
fraud. - 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 firms may manipulate trading
conditions, refuse withdrawals, or simply disappear with clients’ funds. - Exposure to high-risk products: Clone firms often promote high-risk trading
products, like complex derivatives, without adequately explaining the risks.
Retail traders, especially those inexperienced, may not fully understand the
products they are trading, increasing the likelihood of significant losses. - Personal data security: Engaging with clone firms risks personal data breaches. These
companies might misuse personal information for other fraudulent activities or
identity theft.
Retail
traders should always verify the authenticity of a financial services firm
before engaging in any trading activity. This includes checking the regulatory
body’s official register, confirming the firm’s contact details, and being
cautious of unsolicited offers or promises of high returns.
