FXOpen Targeted by Clones, Warns Clients to Be Careful

Retail Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker FXOpen has issued a warning against two clone companies that are using its trade mark. The broker added that these two companies, operating the websites www.fxopening.com and www.fxopenpamm.com, have been using registration and license data of companies that operate legally under the FXOpen trade name.

Clones copy designs and services

FXOpen noted that the first website, www.fxopening.com, has copied the design elements of the legitimate www.fxopen.com website and it is the one that has made unsanctioned use of the registration and licensing data of the companies under the FXOpen umbrella. The broker warned its clients that this same website promises guaranteed profits, which is an indication of unfair practices.

The second website, www.fxopenpamm.com claims that it offers Percent Asset Management Module (PAMM) services, a type of multi account for several clients, which allows them to distribute proportionately any profits and losses from trades among themselves. This service has no relation whatsoever to the PAMM service offered by FXOpen, the broker noted.

It then went on to add in a statement that by using the services offered on these websites, clients risk losing their funds in FXOpen accounts as well as granting access to personal information to the owners and operators of the websites.