IFSC warns MahiFX Great trade clone

9 October, AtoZForex.com, Lagos – The activities of fraudsters in the financial realm continues to grow ever more daring. One of the new cases involves the cloning of ASIC-regulated retail forex broker MahiFX. As earlier reported back in August, MahiFX rejected all affiliation with Great trade, a firm which employs a lot of information from MahiFX’s site.

MahiFX clarified back in August with the statement:

PLEASE NOTE: It has come to our attention that a website called Great Trade has been using some of our information and images. We’d just like to let you know that this website is fake, and has no affiliation with MahiFX. We have reported Great Trade to the appropriate organisations.

Great trade

MahiFX Great trade clone firm goes as far as directly pasting information of MahiFX’s board of directors and images on its own site, an audacious step. The clone firm also claims promises high return on investment, with no reasonable evidence to support the claims, or an explanation of a model to justify such earnings. This is typical of fraudulent firms.

IFSC rejects Great trade

MahiFX has now taken further steps to curb the activities of the clone firm. They have notified the Belize financial regulators about the case as Great trade claims to be regulated by them. The International Financial Services Commission of Belize (IFSC) have therefore put out a statement, showing that it has not authorized Great trade.

“It has come to the notice of the International Financial Services Commission of Belize (IFSC) that an entity calling itself ‘Great Trade Ltd.’ is fraudulently claiming to be registered in Belize and is holding itself out as being licensed to provide online trading in securities and forex services.

No such company is registered or licensed in Belize and the Certificate of Incorporation and Good Standing posted on its website www.great-trade.net is a complete forgery.”

Further steps taken to take down the great trade site involves MahiFX’s lawyers contacting the website hosts of the clone firm. But so far have been ignored by the hosts, therefore prompting more drastic actions from the genuine firm.

This comes as MahiFX seeks the much coveted FCA license in a bid to expand and penetrate the UK market.

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