Hackers Launch Fake Chinese Boston Prime Site and Pose as a Forex Broker

It's widely 'practicable' over the internet to copy logos, concepts, designs and even whole websites. Some go as far as copy whole social networks, like Facebook's Chinese clone. Wired ran a large article about the phenomena called "Inside the clone factory: The story of Germany's Samwer brothers".

Similar practice exists in the 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 market as well - mainly of brokers copying parts of competitor websites, the parts they like. Except annoying the original website's owners this posses little interest or risk. However this become very dangerous when somebody is copying a website and posses as a forex broker.

Apparently Chinese based hackers have completely copied Boston Prime's (Boston Technologies' affiliated prime brokerage arm) website calling it https://www.bostonprime.cn.com/ and pose not only as its local representatives but also as a forex broker! Boston Prime itself is a prime brokerage and obviously doesn't accept retail clients or opens live accounts for them directly. The Chinese clone website does - and this is when it becomes really dangerous. Aside of looking exactly like the original website the cloned site has an Open a Demo and Open a Live account options as well as allowing to download its 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 aptly called Boston Prime FX Trader (probably being a hacked Metatrader 4 server).

To an untrained eye this looks like another regulated (they made sure Boston Prime's FSA license number is there for all to see, misleading potential clients even further) forex brokers' website and quite frankly the cloners have done a great job in copying the original website and posing as a legitimate one. No doubt many clients will go the English site to verify this information, see that it looks exactly like the Chinese one, check the license on FSA's website and feel confident opening a trading account. It's quite clear that they will never see their money back.

Unfortunately there's not much Boston Prime can do about it - pulling down a website in China is next to impossible for a foreign based company. All we can do about it - is warn the public.