Another Clone Firm is Flagged by the FCA, CWG Markets

Another clone firm has appeared on the Financial Conduct Authority’s (FCA) radar this week, with the Britsh regulator publishing a warning on its website against CWG Markets.

According to the warning, CWG Markets is a clone firm of CWG Markets Ltd, a contract-for-difference (CFD) and 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) broker, which is a legal entity authorized by the FCA.

“This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm.’ It is authorised to offer, promote or sell services or products in the UK,” the regulator said.

The clone entity, however, doesn’t appear to offer forex or CFD trading. Instead, through the URL https://cwg-markets.com it claims to be a firm that provides wealth management and offers a number of investment accounts.

Specifically, the UK watchdog has provided the following details belonging to the fraudulent entity:

Name: CWG Markets

Telephone: 01 82 88 45 36; 01 87 21 19 45

Email: coralie.cambelin@cwg-markets.com

Website: https://cwg-markets.com

The legitimate company, CWG Markets Ltd, has the following details:

Firm Name: CWG Markets Ltd

Firm Reference Number: 785129

Address: 76 Cannon Street, 3rd Floor, London, EC1R 5HL

Telephone: 020 3947 1777

Email: jeff.ross@cwgmarkets.co.uk

Website: www.cwgmarkets.com

“Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm,” the FCA warns in the statement published today.

Clone Firms Target FX and Crypto Companies

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.

Clone firms are a big problem in the foreign exchange (forex) and cryptocurrency sectors. As Finance Magnates has reported, Tickmill, Dukascopy Bank and broker-dealer ICAP, among others, have all been targeted by clone firms.