FCA Issues Warning on Clone of XTB

The British financial market supervisor, the Financial Conduct Authority (FCA), has flagged XTB Trading, which looks like to be a clone of the popular retail brokerage brand, for offering services in the United Kingdom without the necessary authorization.

Andrew Wood Interview: CMC Markets 2021 Technology Drive

"This firm is not authorized by us and is 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 FCA warned.

According to the FCA, fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:

Address: Level 9, One Canada Square, Canary Wharf, London, UNITED KINGDOM, E14 5AA

Website: http://xtbtradingfx.com/

"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," the FCA added.