SFC Exposes Clone Company PHMARKETS for Using Authorised Firm Details

Hong Kong’s Securities and Futures Commission (SFC) today unmasked yet another fraudulent entity, this time bringing to light the clone firm Phmarkets Financial Limited (PHMARKETS) which was added its warning list of unregulated entities, according to a SFC statement.

PHMARKETS is operating from the site www.phmarkets.com, and lists its address at 3/F, China Building, 29 Queen’s Road, Central, Hong Kong. However, SFC said the cloned firm is using the details of an authorised firm operating under the name Peace Town Financial Services Limited.

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As of the time of publication, the fraudulent entity has taken down all the website pages and the aforementioned link only Leads Leads Leads or lead generation are an essential component of marketing and powerful tool by brokers. In its simplest form, leads can be defined as the outreach of customer interest or enquiry into products or services, most often associated with brokerages.These can be created for purposes such as list building, e-newsletter list acquisition, or for sales leads. Amongst marketers, such lists are one of their most important assets and instrumental to sales.There are a variety of methods for generating Leads or lead generation are an essential component of marketing and powerful tool by brokers. In its simplest form, leads can be defined as the outreach of customer interest or enquiry into products or services, most often associated with brokerages.These can be created for purposes such as list building, e-newsletter list acquisition, or for sales leads. Amongst marketers, such lists are one of their most important assets and instrumental to sales.There are a variety of methods for generating Read this Term to the member login page. It’s not clear if the site was taken down as a result of the warning or leading up to it. However, limited cached versions of the URL describe the company’s offering which includes providing foreign exchange, futures, stock selection and Spot Metals CFDs through MT4 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.

PHMARKETS is a common type of fraud known as ‘cloned firms’, which usurp the identity of an existing authorized entity in order to give the appearance of trustworthiness or legitimacy, and thereby to convince investors of its legitimacy.

SFC mission

Hong Kong’s financial regulator helps keep investors informed by drawing attention to suspicious operations and unregulated entities that market participants should abstain from doing business with.

The Alert List contains entities which have come to the attention of the SFC because they are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.

Last week, Finance Magnates reported on the SFC when the regulator issued a warning against Dukes Copy LTD, a fraudulent clone posing as Dukascopy Bank, a provider of foreign exchange (FX) and contracts-for-difference (CFDs).