FCA Adds Premier FX Copy Cats to List of Suspicious Firms

You'll never guess what happened this afternoon fellow Finance Magnates reader. That's right, the UK's Financial Conduct Authority (FCA) has added yet another firm to its warning list of suspected scams.

On this occasion, the firm is called Premier FX, and it says that it's based in London. Not just based in London mind you but based in Grosvenor Street, just around the corner from the United States' embassy.

Now, given that the firm is a budget scam, the odds are it doesn't have an office in the heart of Mayfair. In fact, I'd be willing to bet money that it doesn't. So, if you feel like getting in on a wager, feel free to send me an email.

Gambling aside, the company purports to offer some sort of foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term service. More specifically, the company's website says that it mainly helps businesses with Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and currency exchange.

Not the real Premier FX

The firm's name may sound familiar to some, and that's because there is, or perhaps more accurately 'was,' a foreign exchange company called Premier FX that is regulated by the FCA. The 'real' Premier FX collapsed in the middle of last year after falling into administration.

But, sadly for us, the fake one is still up and running. Finding reviews for the site is not easy as they appear to be entirely comprised of the angry former customers of the genuine Premier FX.

Still, looking at the way the site is set up, the fact that it lies about its licensing and almost certainly lies about its address, it's not difficult to figure out the company's modus operandi. They'll take your money and, once you've deposited it into their accounts, you will never see it again.

As with most firms that appear on the FCA warning list, this author advises you to stay far, far away from Premier FX - fake or genuine.