Admiral Markets, a multi-regulated FX and CFDs brokerage firm, on Monday, said it believes that an online trading website has been falsely claiming affiliation with its authorised brands.
The clone entity operates under the domain name https://admiralfxmarkets.com/, which prompted action from the regulated company. Admiral Markets confirmed that it has no association whatsoever with the aforementioned website and advised everyone to avoid it entirely.
AdmiralFxMarkets claims to offer crypto and FX investment plans, with returns ranging from 500 percent to 1000 percent after 24 to 48 hours, which raises a red flag as far as investors are concerned.
As one would expect, sites such as AdmiralFxMarkets operate as a High Yield Investment Program (HYIP) scheme where returns are always questionable, though they tend to dry up long before the original investment amount is repaid. The company provides no legitimate proof of payouts, and it is likely no one will ever see any money.
The fraudulent website is indeed attempting to mislead investors into thinking that it is offering a legal product by using the details of an authorized firm operating under a similar name. It also claims to be licensed by the FCA, using the regulated firm’s registered address and making reference to its actual website, a typical move for a scam company to gain the trust of unsuspecting clients.
Admiral Markets ‘Real’ Crypto Offering
The original Admiral Markets is licensed by the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC ). The regulatory approvals allow the brokerage firm to offer a set of financial services and also approved to provide cross-border services across the EU / EEA under European passport rights.
In its statement, Admiral Markets was keen to spell out to investors the risks of dealing with fraudulent providers. It further stated: "Any other unauthorised persons, companies or websites using the Admiral Markets brand for fraudulent activities, not only break the applicable laws, but also do not comply with the basic rules of investor protection, information disclosure, claims handling and other regulatory obligations.”
Earlier this year, Admiral Markets had been a target of another a fraudulent scheme that mainly focused on its Latin American clients and involved phone calls or emails offering potential clients managed accounts on behalf of Admiral Markets, a product that the company does not support.
The fake staff contacted clients registered with other broker websites to request trading deposits, and by email to send client agreement forms for completion.
