Australian Broker FXTG Warns of UK-based Clones Abusing its Brand

Australian FXTG has issued a warning to the public today regarding clone websites abusing its brand to target traders abroad. The firm says it knows of a number of companies professing to be affiliated with it or claiming to be an introducing broker of 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 TG Pty Ltd. "We have numerous reports that clients are getting calls from UK based companies and offshore call centers, or allegedly claiming to be in UK. FXTG only operates in Melbourne and not overseas."

FXTG further says it has had three companies allegedly sending client agreements falsifying its company documents, and warns all investors not to deal with anyone who is unregulated and asks to send money overseas or claims to be an affiliate or IB of FXTG.

The broker advises investors who want to participate in the forex market to do checks on firms and their employees to validate their legitimacy. It also advises investors to request the presentation of affiliate agreements if an entity claims to be an IB of a regulated firm.

Explaining the steps they have taken to stop this, the owner of FXTG Stavro D’Amore, says: "We have contacted all three firms who are allegedly claiming to be affiliated and clients should take extreme caution dealing with people who manipulate us. We have seen numerous amount of people being contacted by offshore brand names who are saying that they are working with us. We are currently going through a major improvement and structure change to better serve our clients, We have advised ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term of recent manipulation towards the firm and company impersonations."

As first reported by Finance Magnates earlier this month, D’Amore voluntarily requested that the Australian Securities and Investments Commission (ASIC) suspend its licence in order to focus on restructuring the brand.