01 October 2020 | AtoZ Markets – The U.K. watchdog, the Financial Conduct Authority (FCA) has released a warning Thursday against a clone firm of an appointed representative company.
Is Luxeeforex Scam or Reliable?
In particular, the British regulator has warned against Luxeeforex, which it states is a clone of an FCA registered company, which provides asset funding.
“Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm,” the regulator warned in its statement today.
“This is what we call a ‘clone firm‘; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.”
Luxeeforex claims to be one of the fastest emerging International FX Brokerages on its website, www.luxeeforex.com. On its website, the entity states:
“Luxeeforex is a Licensed Forex broker and will ensure a hassle-free trading experience to each client. We have a highly-specialized team, with backgrounds in Finance, Forex and Technology. Created to help clients pursue their financial goals, we proudly offer transparent access to the Forex market, powerful trading platforms, exceptional execution speed, and friendly customer service.”
Related: FCA Flags Another Clone Firm OptionFX
FCA provides details on Luxeeforex (clone of Appointed Representative firm)
In its warning, the UK watchdog provides the following information as belonging to the scam:
Address: TradeEd Group Ltd, Beachmont Business Center, Suite 53 Kingstown, St Vincent & the Grenadines
Be aware that scammers may give out other false details or mix these with some correct details of the registered firm. They may change contact details over time to new email addresses, telephone numbers or physical addresses.
In comparison, the FCA also outlines the details of the legitimate firm, in which Luxeeforex has cloned details of:
Firm Name: Luxe Asset Finance Ltd
Firm Reference Number: 837069
Address: Burkes Road, Beaconsfield, Buckinghamshire HP9 1NZ
“Be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers, or physical addresses,” the FCA cautioned.
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