FCA Issues Alert on eToro Clone Scam

FCA Issues Aert on eToro Clone

The UK's Financial Conduct Authority (FCA) has recently issued a stern warning to the public about a fraudulent eToro clone mimicking the well-known online broker, eToro. This alert comes amid a rising tide of clone scams, where fraudulent entities exploit the data of authorised firms to deceive unsuspecting victims.

Clone scams typically use similar names, logos, and website addresses to those of legitimate firms, creating a deceptive appearance of authenticity. In this case, the clone operates under various names such as Expotoro, Tratoro, and PayBack Toro. Despite their convincing facade, these entities have no affiliation with the actual, authorised businesses.

Crucially, the clone has been actively reaching out to people, masquerading as the FCA-authorised eToro. Potential victims should be aware that dealing with the eToro clone involves significant risks. These include the lack of access to the Financial Ombudsman Service for complaints and the absence of protection by the Financial Services Compensation Scheme (FSCS). In the unfortunate event of the clone firm's collapse, there is a high likelihood that individuals will not recover their funds.

To help the public distinguish between the fraudulent clone and the legitimate entity, the FCA provided detailed information on both. The eToro clone firm operates with the telephone number +442030973333 and uses emails such as info@tratoro.com and info@pbtoro.com. Its websites are listed as https://expotoro.com/ and https://pbtoro.com/.

In contrast, the genuine eToro (UK) Ltd, with no connection to the clone firm, can be identified by its distinct Firm Reference Number 583263. Located at the 24th Floor of One Canada Square, Canary Wharf, London, their official contact details include the telephone number +4402045251189 and the email address complianceuk@etoro.com. Their legitimate website is www.etoro.com.

The FCA urges the public to exercise caution and verify the authenticity of any financial service provider before engaging in transactions. The FCA's warning serves as a critical reminder of the sophistication of financial scams and the importance of vigilance in the digital age.

UK FCA Warns Against Plus500 Clone Scam


The UK Financial Conduct Authority (FCA) has recently issued a public warning about a fraudulent entity cloning the reputable retail FX and CFD broker, Plus500. This clone, operating under the deceptive website www.plus500un.com, is mimicking Plus500's branding, including its name, logo, and other corporate details.

Clone firms like this are a growing concern, as they exploit the credentials of legitimate businesses to deceive individuals into believing they are dealing with the real entity. These fraudsters may combine accurate details of authorized firms with false contact information, including email addresses, telephone numbers, and postal addresses, making it challenging for individuals to differentiate between the genuine and the fake.

The FCA emphasizes that Plus500UK Ltd, the legitimate and authorized firm, is in no way connected to this clone. Plus500UK Ltd is a recognized firm with the Firm Reference Number 509909 and operates from 8 Angel Court, Copthall Avenue, London, EC2R 7HJ, United Kingdom. Their official contact details include the telephone number +4402038761640 and email address compliance@plus500.co.uk, with their authentic website being https://www.plus500.com/en/.

The authority stresses the risks involved in dealing with clone firms. Individuals who transact with such entities are not covered by the Financial Ombudsman Service for complaints, nor are they protected by the Financial Services Compensation Scheme (FSCS). This lack of protection means that in the event of the clone firm going out of business, it's highly unlikely that individuals will recover their money.

The FCA urges the public to be vigilant and always verify the authenticity of any financial service provider before engaging in any transaction. This incident serves as a stark reminder of the sophisticated tactics employed by scammers in the financial world and the importance of conducting thorough checks to ensure the legitimacy of a firm.

RoboMarkets integrates Acuity Trading’s AI tools


In an ambitious move to fortify its trading technology stack, RoboMarkets, a prominent Retail FX and CFD broker, has announced a strategic partnership with Acuity Trading, a leader in AI-driven trading technologies. This partnership marks a significant leap in RoboMarkets' commitment to empowering its retail and professional clientele with advanced tools for a more informed and effective trading experience.

RoboMarkets is set to integrate an array of Acuity’s cutting-edge AI tools, including the Economic Calendar, AnalysisIQ, and AssetIQ, into its trading platform. The move is anticipated to revolutionize the way traders strategize in the financial markets by providing them with enhanced data-driven insights.

  • Acuity’s AI-Powered Economic Calendar: RoboMarkets’ traders are to benefit from an economic calendar that does more than just list events. It’s engineered to deliver real-time insights, complete with AI-enhanced filters and indicators designed to convert market volatility and uncertainty into tangible trading opportunities.
  • AnalysisIQ: Originally developed by Signal Centre and later acquired by Acuity in 2021, this tool stands out with its FCA-regulated pedigree, promising professional and reliable market analysis and trading signals. This addition aims to reinforce the traders' strategy and decision-making processes, a crucial edge in today’s fast-paced trading environments.
  • AssetIQ: Providing a comprehensive, up-to-the-minute view of global market assets, this research tool is meant to be a game-changer for RoboMarkets’ traders. It ensures that the latest, most pertinent data is readily available, assisting in the execution of informed and timely trading decisions.

This collaboration is a testament to RoboMarkets’ dedication to innovation and excellence. By adopting these AI-driven tools, the Company not only enriches the decision-making capabilities of its traders but also affirms its resolve to maintain a comprehensive outlook on the financial markets.

As a CySEC-regulated broker, RoboMarkets continues to prioritize the evolving demands of its traders, offering an expansive suite of over 3,000 trading instruments, including coveted US Stocks and ETFs. With Acuity Trading's AI technologies in its arsenal, RoboMarkets is poised to set a new standard for what traders can expect from a leading brokerage firm.

The integration of these AI tools is expected to elevate the trading experience on RoboMarkets’ platform, allowing both retail and professional traders to navigate the complexities of the market with greater ease and confidence. It underscores a future where artificial intelligence is not just a buzzword but a fundamental component of trading strategies, driving the finance industry toward a smarter, more insightful future.

HFM Raises Maximum Gold Leverage to 1:2000

HFM, a prominent worldwide multi-asset broker, has just unveiled adjustments to margin prerequisites and maximum leverage for Gold symbols.

Investors interested in XAUUSD and XAUEUR will find advantage in the subsequent modifications, which are applicable to both fresh and preexisting positions across all account categories:

  • Margin requirements

Reduced from 0.5% to 0.05%

  • Maximum leverage

Increased to 1:2000

All other aspects will stay unaltered and can be reviewed by visiting the official HFM website or alternatively by checking the specifications in the trading terminal.


  1. Sign up
  2. Fund your account
  3. Start gold trading


HFM remains at the forefront of transforming the financial markets with the introduction of its latest trading account offerings. These accounts empower clients to trade across a wide variety of asset classes and benefit from exceptional trading conditions. Featuring enhancements such as boosted leverage of up to 1:2000, the availability of swap-free trading on specific accounts and instruments, straightforward deposit and withdrawal methods, and lightning-quick execution, HFM is redefining the manner in which traders participate in global markets.

HFM invites visitors to explore their website: www.hfm.com

European Central Bank Progresses with Digital Euro Project, Selects Private-Sector Partners

The European Central Bank (ECB) is diligently moving forward with a robust plan to develop a digital euro. Marking a pivotal moment in financial innovation, the ECB aims to forge a secure and freely accessible electronic payment option that will unify the twenty nations under a single currency.

As the bank embarks on a two-year preparation phase starting November 1, rules and regulations surrounding the digital euro will be meticulously refined and finalized. A crucial part of this phase will involve choosing private-sector partners and rigorously testing and experimenting with the payment prototypes. The Governing Council of the ECB will conclude this phase with a decision on whether to transition into the succeeding stages, setting the course for the potential unveiling of the digital euro.

Notably, the ECB's proactive strides have positioned it at the forefront, even ahead of other affluent central banks from the Group of Seven (G7). The bank's strategies could thereby illuminate the path for other global central banks, offering a foundational blueprint for their respective digital currency initiatives.

Despite skepticism and critiques from various sectors, including some regulators and bankers, the ECB has shown resilience in its pursuit. Critics argue that the digital currency could inadvertently encourage bank runs during periods of financial unrest, posing more risks than benefits. In response, the ECB has plans to impose a cap on the individual holdings of digital euros, possibly up to 3,000 euros, as a mitigation strategy.

The bank’s strategy also prioritizes competition, aiming to diversify a payments market presently dominated by U.S. credit card giants. The digital euro promises to be an inclusive currency, guaranteeing secure and free usage, endorsed by the ECB's credibility. Users will be enabled to execute minor offline transactions, ensuring data security as transaction-specific information will not be retained.

The advent of the digital euro is concurrent with a dramatic surge in electronic payments within the European Union, which has been further expedited due to the COVID-19 pandemic. This surge highlights a transformative shift in global financial landscapes, ushered by the burgeoning rise of stablecoins and other digital currencies, aiming for a seamless blend of tradition and innovation in monetary transactions.

Following the two-year preparation phase, the ECB's Governing Council decision will be a momentous one, potentially heralding a new era of digital currencies within the global economy.

Saxo Bank Removes SaxoTraderPRO Support for Old Windows Versions

Saxo Bank removes SaxoTraderPro from Windows

In a recent announcement, Saxo Bank, a renowned multi-asset investment specialist, has issued a warning to its white-label partners about the impending lack of support for its SaxoTraderPRO software on older Windows operating systems.

Starting from the upcoming update in November 2023, SaxoTraderPRO will not be compatible with Windows operating systems 8.1 and its predecessors. As a direct implication of this update, users operating on these versions will be rendered unable to use the SaxoTraderPRO software. For those affected, Saxo Bank suggests the use of their web-based platform as a viable alternative.

Additionally, users who choose not to make the transition to the new version of SaxoTraderPRO will encounter recurring notifications upon logging in, notifying them about the outdated version. It's essential to note that by Q2 2024, these older versions of the platform will be completely discontinued. Following this phase-out, logging in will be impossible without an update to the more recent version of the software.

Saxo Bank is taking proactive measures to ensure a smooth transition for its users. In the forthcoming weeks, account managers will be reaching out personally to those identified as SaxoTraderPRO users on non-supported operating systems.

The bank urges all its partners and users to take necessary actions timely to ensure uninterrupted access to their trading tools and services.

Swissquote Ventures into Digital Banking, Offering Multi-currency, Crypto-friendly Packages

Swissquote Ventures into Digital Banking

Swissquote, a leading Swiss financial services provider renowned for its trading services, has made its inaugural step into the digital banking world with the introduction of two daily banking packages, namely 'Bright' and 'Light'.

The foray into this new business avenue comes in response to the growing demand for comprehensive digital banking services that blend the conveniences of daily banking with a multi-currency and crypto-friendly debit card. These cards will be issued by Mastercard, further cementing broker's partnership with the card giant.

  • Detailing the company's newest offering, Jan De Schepper, Chief Sales and Marketing Officer at Swissquote, remarked, "Our novel banking and debit card packages have been meticulously crafted to cater to an evident demand that has resonated strongly with our client base – a desire for a multi-currency, crypto-accepting, wholly digital banking solution."

The 'Bright' package, dubbed by the broker as the "most complete banking package", encompasses both physical and digital debit cards. This offering, however, is subject to a monthly fee of CHF 6.9 post its initial six-month free service period. In contrast, the 'Light' package, free of any charges, extends only a virtual debit card, though it does not skimp on any of the banking services.

Further sweetening the 'Bright' package are perks like cost-free transactions across 13 currencies and up to five complimentary ATM withdrawals each month. Remarkably, its Mastercard debit card also accommodates payments made in popular cryptocurrencies, such as Bitcoin, Ethereum, and Ripple. The broker also alluded to their intentions to broaden this crypto repertoire in the foreseeable future.

Another unique incentive, the Trading Credit cashback program, is set to benefit Swissquote's banking clientele. Users earn Trading Credits upon their spending, which can subsequently be leveraged for trading activities at a discounted rate. The credit percentages vary, with 'Bright' users reaping 1 percent on regular card transactions, and 'Light' users gaining 0.5 percent on crypto-based payments.

This ambitious move into digital banking underscores Swissquote's vision to constantly evolve and cater to the dynamic demands of the contemporary financial landscape.

Spotware’s cTrader Platform Integrates Single Sign-On Feature with Skale CRM

cTrader platform

On Wednesday, trading technology solutions provider Spotware announced the integration of a Single Sign-On (SSO) feature in collaboration with Skale, a CRM and client portal specialist. This advanced functionality is aimed at enhancing the user experience with cTrader platform and improving broker retention rates.

Since their initial collaboration in 2020, Spotware and Skale have worked tirelessly to upgrade their integrated platforms, cTrader platform and Skale CRM. The newly introduced SSO feature facilitates a seamless user journey by enabling traders to register, perform KYC (Know Your Customer) verifications, and manage their funds without the need to switch between different platforms. This innovation is anticipated to elevate conversion and retention rates for brokers.

  • Speaking on the development, Spotware CEO, Ilia Iarovitcyn said, “We couldn't be happier about the upgraded integration of cTrader platform and Skale CRM with SSO from the box. For new broker clients, SSO will make the registration process far easier and swifter, while existing clients will benefit from improving their daily processes of authorization, deposit, and withdrawal."

Spotware’s cTrader platform is a renowned open trading platform, hosting over 4 million users globally, and offering expansive services for forex and CFDs across desktop, web, and mobile applications. Conversely, Skale, a prominent CRM software provider in the FX industry, offers solutions tailored to high-volume, multi-brand brokers, including advanced KYC procedures and an array of marketing tools.

  • David Nussbaum, the Founder & CEO of Skale, commented, “Our combined platform, cTrader x Skale, provides brokers with a complete solution for clients, whether trading on desktops, laptops, or mobiles. Converting mobile traffic is key for broker growth and we believe that the Skale client portal embedded in cTrader's native mobile trading app will open up significant opportunities for brokers looking to scale their business."

Available across cTrader Web, Desktop, and Mobile applications including Android and iOS, the SSO feature means traders can handle accounts and execute transactions directly from the app. This obviates the necessity for multiple logins and streamlines deposit and withdrawal processes, thereby enhancing user engagement and satisfaction.

The partnership of Spotware and Skale has continually evolved to meet the demands of the dynamic FX market. Recently, Skale partnered with CMC Markets Connect to leverage its CRM in providing clients with tools to enhance operational efficiency. Spotware has been no less dynamic, having introduced copy trading to its desktop platform, cTrader platform, and updating the mobile version with a ‘shared account’ feature, previously available on web and desktop versions.

Under the leadership of new CEO Ilia Iarovitcyn, who assumed the role in July after a six-year tenure in various capacities at the company, Spotware seeks to maintain its trajectory of innovation and growth in the coming years.

As the FX market landscape becomes increasingly competitive, the integration of SSO by Spotware and Skale stands as a testament to both companies’ commitment to leveraging technology in facilitating seamless trading experiences for users globally. The initiative underscores a broader industry trend toward streamlined, user-friendly solutions that prioritize client satisfaction and retention.

Orbex and HonorFX are Delighted to Announce Their Strategic Partnership Agreement, Marking an Expansion into the Asian Market.

[Dubai, September 2023] Orbex, a leading global forex broker, announced today that it has entered into a partnership agreement with HonorFX, a forex and CFD broker with offices in Dubai and Malaysia. As per the terms of the new agreement, Orbex will grant HonorFX access to its acclaimed suite of trading products and services.

The partnership will enable Orbex to cement its position as one of the leading brokers in the MENA region and expand its presence in Asia and beyond. This strategic move will not only enhance Orbex's already impressive growth trajectory but also expand the range of trading opportunities available to its growing client base. At the same time, HonorFX clients will be able to benefit from Orbex's multi-regulated and award-winning trading environment.

It’s also worth noting that HonorFX clients were duly notified of the decision and the migration process is now reportedly underway. The move will give HonorFX clients access to some of the most competitive terms in the industry such as low trading costs, exclusive analytical tools, expert education, and access to trade over 400 trading CFD instruments including forex pairs, stocks, indices, cryptocurrencies, energies, metals and more.

Orbex Chairman Abdallah Abbas expressed his enthusiasm for the partnership, stating, "We are thrilled to extend a warm welcome to HonorFX clients as they become part of our Orbex family. We are confident that this collaboration will further elevate our competitive position and empower us to provide an array of exclusive advantages to traders worldwide. We eagerly anticipate collaborating with HonorFX and assisting their clients in reaching their trading objectives! As we embark on this journey of integration with our esteemed partners at HonorFX, it is imperative to clarify that our valued Orbex clients can expect their trading experience to remain seamless and unaffected throughout this process.

About Orbex

Orbex Global Ltd is a leading global investment services firm that provides traders with award-winning forex and CFD trading services with some of the most competitive conditions. Since its inception in 2011, Orbex has committed to providing access to first-in-class trading and investing solutions that are backed by leading education, expert research tools and the 24/5 multi-lingual support.