Gold FX Trading Identified as Clone Firm of Gain Capital UK

The Financial Conduct Authority (FCA) has added yet another entity to its long warning list this Wednesday, by flagging Gold FX Trading, otherwise referred to as GFT, as a clone firm that has fraudulently copied the details of a legitimate firm.

According to the warning from the British regulator, via its website https://web.goldfxtrading.com/, Gold FX Trading displays Firm Reference Number (FRN): 438879. This number appears on its website to “prove” to customers that it is legitimate.

However, as the regulator outlines in the warning: “This is the authorisation number of GFT Global Markets UK Limited who is no longer authorised by the FCA. GFT Global Markets UK Limited's website on the FCA register is www.gftuk.com."

“This currently redirects to https://www.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.com/en-uk/ which is a trading name of Gain Capital UK Limited who is authorised by the FCA.”

Taking a look at its website, Gold FX Trading states that it: “offers its customers online trading of currencies, commodities and of major stocks via CFDs (Contract for Difference) in a sophisticated 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 called MetaTrader."

“The MetaTrader platform was developed to provide beginners with a user friendly trading environment, but robust enough to answer the demands of more experienced traders.”

Because Gold FX Trading is falsely stating it is regulated by the FCA and has also fraudulently copied the license details of Gain Capital UK, it is a good idea to give Gold FX Trading a wide berth for your own safety.

Be Wary of Common Tactics of Financial Scams, FCA Warns

As outlined by the British watchdog this Wednesday: “...fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the 'firm reference number' (FRN) we have given the authorised firm or other details.”