FCA Flags FX Educational Platform SO FX, Other Clones

In its latest crackdown, the UK’s Financial Conduct Authority (FCA) has warned against SO FX, an educational 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 Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, for not being registered with the regulator.

Generally, SEC’s wanings are limited to fraudulent companies imitating authorized companies or brokers, which have indulged in some misleading activities. The watchdog also issued warnings on the influencers showing off on social media about their forex profits and then selling affiliated services. SO FX largely falls on that last category.

Operating from the website so-fx.com, the company primarily offers forex trading educational courses for both beginner and advanced traders. Furthermore, the platform along with its owners and employees are active on Instagram and Facebook with thousands of followers.

Hence, SO FX seems to be getting the majority of its business through its social media exposure. Additionally, the regulator highlighted the Instagram handle of both the company and its co-owner George Linfield, along with the Facebook page of the firm.

Notably, potential forex traders, SO FX also guides them to affiliate brokers, as mentioned on its website.

The flagged details of SO FX are:

Address: Roman Landing, 35-37 St Mary's Place, Southampton SO14 1AU

Telephone: 023 8017 8743, +4447771606768

Instagram account: https://www.instagram.com/georgelinf/; @georgelinf; @sofx;

https://m.facebook.com/sofxuk

Website: https://so-fx.com

Clones on Rising

Apart from SO FX, the UK watchdog red-flagged two clone platforms imitating authorized brokers. One platform has imitated FCA-authorized Growell Capital Limited while the other one has cloned EEA-authorized Dirk Vandebeek.

The FCA also detailed that the FXGrow clone is operating from 'https://fxgrowcapital.com/' and might be approaching people using the email 'support@fxgrowcapital.com' or phone number '0097145864211'.

The Vandebeek-clone is operating from 'www.vandebeekwm.co.uk' and maintains at least two emails - 'info@vandedeekwm.co.uk', 'peterhoward@vandebeekwm.co.uk' - and a telephone number - '02080897180'.

Earlier this month, the UK regulator also warned against two clone firms using the identities of FCA-authorized brokerage ETX Capital.