IIBFX.com FCA warning

10 December, AtoZForex.com, Amsterdam — In a bid to scam unsuspecting investor and traders, fraudsters nowadays regularly utilize the scheme of cloning reputable financial firms. Remarkably, it has been just over a week and half, since the Financial Conduct Authority (FCA) unmasked the Ikon Capital Limited clone and today the UK regulator already has revealed another case. From the FCA’s announcement it is reported that the regulated IIB International Broker (IIB FX) has fallen victim of a clone firm. Hence, IIBFX.com FCA warning  has been issued as the IIB FX clone firm.

Details of the IIB FX clone firm

Legitimate and licensed firms are falling victim to these scams, as fraudsters replicate the identical image of these legitimate firms for illicit purposes. Similar for this case, as the clone firm has utilized the exact same brand name, logo and company’s address of the authentic IIB FX. Within the IIBFX.com FCA warning  announcement the UK financial regulator has given the contact details, which the IIB FX clone firm utilized:

Clone firm
Firm name:IIB FX
Firm reference no: 
Address: 40 Bank Street, Canary Wharf, London E14, UK

From what can be seen is that the website and email address of the IIB FX clone firm differs from the authentic firm. As the FCA also provided the details of the legitimate and regulated firm:

Authentic firm
Firm name:IIB International Broker Limited
Firm reference no:585441
Address:40, Bank Street, Canary wharf London E14, UK
Tel:0044 20 8616 8453

Background of FCA authorised IIB FX

The authentic IIB FX is a trade name under IIB International Broker Limited, and has publicly informed that it has no relation with the IIBFX.com clone firm nor its malpractices. The authentic IIB FX was established back in 2004, while being headquartered in Sofia, Bulgaria.

Initially, IIB FX operated as a mediation firm for the insurance sector. Their activities were protecting customer’s interest, clearing house in OTC for Exchanges as well as Spot FX for institutional clients. It wasn’t until 2014, when the firm acquired a FCA license and gained access into the retail Forex and CFD market.

Nevertheless, the clone case of IIB FX shows again that investors as well as Forex brokers need to be cautious in the market. On one hand, traders are advised to always check the FCA registry in full detail, before committing funds with a certain broker. On the other hand, Forex brokers need to keep an eye open to spot any clone firm that is misusing their brand name.

Think we missed something? Let us know down in the comments section.

    Share Your Opinion, Write a Comment