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UK FCA Warns on Trading Firm Etradefxlive

The UK’s  Financial Conduct Authority (FCA  ) issued a warning on Tuesday about a firm not authorized to offer, promote or sell financial services and products in the United Kingdom.

According to the advisory, ETRADEFXLIVE, under the website etradefxlive.com, is not authorized by the FCA, and it’s allegedly targeting people in the UK. “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,” the watchdog warned.

The FCA mentioned that ETRADEFXLIVE also operated under the brand name ‘ETRADE FX LIVE,’ which might suggest that it could be a  clone  firm of the American financial services firm E*Trade, although the authority does not confirm this. “Be aware that some firms may give out other details or change their contact details over time to new email addresses, telephone numbers or physical addresses,” it added.

The watchdog also mentioned the following: “If you used an authorized firm or registered firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making, the service the firm is providing, and the permissions the firm has. If you would like further information about protection, the authorized or registered firm should be able to help.”

Other Warnings Issued

Recently, the FCA issued a warning about a clone firm that is impersonating Octopus Investments Limited. According to the advisory, AZOptions allegedly uses the FCA-authorized firm’s legit details to scam people in the UK.

As of press time, the website remains operative and claims to be a financial company offering crypto-related services for both individual and institutional investors. Also, the UK FCA stated that a financial company is illegally operating in the country and allegedly cloning XTB. According to the advisory note published on its website, the British watchdog believes xtbtradingfx.com may be providing financial services in the UK without their authorization.

The UK’s  Financial Conduct Authority (FCA  ) issued a warning on Tuesday about a firm not authorized to offer, promote or sell financial services and products in the United Kingdom.

According to the advisory, ETRADEFXLIVE, under the website etradefxlive.com, is not authorized by the FCA, and it’s allegedly targeting people in the UK. “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,” the watchdog warned.

The FCA mentioned that ETRADEFXLIVE also operated under the brand name ‘ETRADE FX LIVE,’ which might suggest that it could be a  clone  firm of the American financial services firm E*Trade, although the authority does not confirm this. “Be aware that some firms may give out other details or change their contact details over time to new email addresses, telephone numbers or physical addresses,” it added.

The watchdog also mentioned the following: “If you used an authorized firm or registered firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making, the service the firm is providing, and the permissions the firm has. If you would like further information about protection, the authorized or registered firm should be able to help.”

Other Warnings Issued

Recently, the FCA issued a warning about a clone firm that is impersonating Octopus Investments Limited. According to the advisory, AZOptions allegedly uses the FCA-authorized firm’s legit details to scam people in the UK.

As of press time, the website remains operative and claims to be a financial company offering crypto-related services for both individual and institutional investors. Also, the UK FCA stated that a financial company is illegally operating in the country and allegedly cloning XTB. According to the advisory note published on its website, the British watchdog believes xtbtradingfx.com may be providing financial services in the UK without their authorization.


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