FCA Reveals Another Clone Firm - First BTC FX

With scams continuing to be an increasing threat in the foreign exchange (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) and cryptocurrency markets, the Financial Conduct Authority (FCA) has added a new warning to its list this Friday.

In particular, the UK regulator has flagged First BTC FX as a clone firm of a legitimate company authorized by the FCA - First Global (UK) Limited. According to the warning, the clone firm operates via the following URL - https://firstbtcfx.com/.

As the name suggests, clone firms are fraudulent entities which copy details of a legitimate firm, such as their name, website, address, registration details, etc. Some even go to the lengths of completely copying a firm – from their website, to brand, in order to trick investors into thinking that they are the actual legitimate firm.

Taking a look at the entity’s website, First BTC FX claims to be a provider of forex and commodity trading, alongside other assets such as Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, indices, and shares. In its about section, the company calls itself First Global (UK) Limited, hence the warning from the British watchdog.

On its website, the clone firm says: “FirstBtcFx is one of the most accessible ways to become richer.” It also claims to have been created in 2013 and be based at the following address: PARK LANE MAYFAIR London W1K 1QW UNITED KINGDOM.

FCA: consumers be aware

According to the FCA, the details of the legitimate company, which First BTC FX is a clone of, are:

Firm Name: First Global (UK) Limited

Firm Reference Number: 190780

Address: 4 OLD PARK LANE, MAYFAIR, London, W1K 1QW, UNITED KINGDOM

Telephone: +44 20 8904 4942

Email: uk@fglobal.com

“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm,” the statement from the authority said this Friday. “This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm.’”