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.

IC Markets Broadens Offering with Launch of IC Shares for Cash Equity Investing

IC Markets

IC Markets, a leading online trading service provider with over 15 years of experience, has announced the launch of IC Shares, marking a significant expansion in their range of services to include physical equity investment. This new venture enables clients to invest in cash equity of companies listed on the Australian Securities Exchange (ASX) and Cboe, further cementing IC Markets' commitment to providing diverse investment options tailored for their Australian customer base.

In collaboration with FinClear, IC Shares offers a secure and user-friendly platform for investing in mid-cap and blue-chip companies within the Australian share market. Clients have the opportunity to invest using their own Holder Identification Number (HIN), benefiting from one of the lowest brokerage fees in the industry. This initiative makes investing in over two thousand Australian listed companies more accessible to a wider range of investors.

Dedicated to delivering a seamless and reliable trading experience, IC Markets aims to enhance their client offerings with the integration of IC Shares into their product portfolio. This move is aligned with their mission to provide a comprehensive and varied range of trading options for both retail and institutional clients.

About IC Markets

Founded with the vision of catering to both retail and institutional traders, IC Markets stands as one of the world's preeminent online trading brokers. Since its inception in 2007, the company has strived to bridge the gap between retail and institutional clients by offering trading solutions once reserved for investment banks and high-net-worth individuals. IC Markets' commitment to creating an optimal trading environment has made it a preferred choice for active traders globally, providing intuitive platforms, valuable tools, and comprehensive support.

Shares Trading Risk Warning

Investors are cautioned that all investments carry risks, including the potential for capital loss. The value of shares can fluctuate, resulting in returns that may be lower than the original investment. It's essential for investors to fully understand these risks before engaging in share trading.

IC Markets advises consulting their Share Trading Account Terms, Financial Services Guide, and other legal documents available on their website. Prospective investors should seek independent advice to ensure that any investment decision aligns with their personal objectives, financial situation, and needs. Past performance does not guarantee future results, and tax laws are subject to change.

Vantage Markets Collaborates with Bloomberg Media Studios to Unveil “The Vantage View” Video Series

Vantage

In a groundbreaking partnership, multi-asset broker Vantage Markets has joined forces with Bloomberg Media Studios to launch an insightful new video series named "The Vantage View". This initiative promises to merge Vantage Markets' financial acumen with Bloomberg’s globally acclaimed journalistic prowess, aiming to produce a series that stands as a beacon of in-depth analysis and insights into the evolving economic arena.

"The Vantage View" is set to captivate audiences with quarterly episodes, each embellished with profound insights from a myriad of influential voices and industry connoisseurs. The series aims to be a repository of comprehensive knowledge, delving deeply into a spectrum of crucial political-economic topics and trends that are pivotal in sculpting the global economic vista.

Audiences can look forward to episodes rich in content, covering various subjects such as the geopolitical ramifications of climate change policies, and the transformative impact of technological juggernauts like Artificial Intelligence on the world’s financial markets. The initiative is poised to be an invaluable resource for those eager to stay abreast of substantial developments that play a monumental role in directing global economic trajectories.

Marc Despallieres, the Chief Strategy & Trading Officer at Vantage, expressed his enthusiasm about the partnership, stating, "This partnership exemplifies our shared commitment to delivering high-quality content and fostering thought-provoking discussions on critical topics."

He further elucidated that by leveraging Vantage Markets’ profound expertise in financial services, in conjunction with Bloomberg’s unparalleled journalism and extensive global reach, "The Vantage View" aspires to burgeon into a trusted reservoir of analytical insights and commentary. It is tailored to satiate the curiosity of a diverse audience, encompassing investors, professionals, and financial enthusiasts, providing them with a nuanced understanding of the economic landscape's vital aspects.

This collaboration between Vantage Markets and Bloomberg Media Studios signifies a monumental stride towards fostering a culture of enriched knowledge sharing and intellectual exploration within the financial community, thereby facilitating more informed and strategic decision-making processes among investors and industry professionals worldwide.

UK FCA Warns Against Plus500 Clone Scam

FCA

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

RoboMarkets

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.

TO TRADE GOLD IN JUST 3 STEPS

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

OPEN AN ACCOUNT WITH HFM

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.

CONSOB Orders Blocking of Five Illegal Investment Websites

CONSOB

In a continued effort to protect investors and regulate financial activities, Italy’s Companies and Exchange Commission (CONSOB) has instructed internet service providers to block five unauthorized investment websites.

The targeted sites are:

  • Ether Arena Ltd (website www.orionusdeal.com and related page www.clientzone.orionusdeal.com);
  • “ImpresaMarkets” (website www.impresamarkets.com);
  • “Fx-vita” (website www.fx-vita.com, and related pages www.panel.fx-vita.com and www.trading.fx-vita.com);
  • “Keysreim” (website www.keysreim.io, and related pages www.client.keysreim.io and www.webtrader.keysreim.io);
  • “Bitbinx.ltd” (website www.bitbinx.ltd and related page www.trade.bitbinx.ltd).

These actions stem from the powers vested upon CONSOB by the “Decreto crescita” (Growth Decree; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). This law empowers CONSOB to direct service providers to block access from Italy to platforms operating without the requisite financial authorizations.

Since the provision took effect in July 2019, CONSOB has sanctioned the blackout of 935 such fraudulent financial intermediary sites.

However, it's worth noting that the actual process of blocking access to these websites is currently underway. Due to technical complexities, the complete blackout could take several days to be effective.

In light of these measures, CONSOB has taken the opportunity to emphasize the significance of due diligence among investors. It urges individuals to exercise caution and make well-informed investment decisions. A pivotal part of this precaution involves verifying the authorization status of financial service providers and ensuring the publication of a prospectus for financial product offerings.

For added investor safety, CONSOB offers a "Watch for Scams!" section on their official website, www.consob.it. This resource aims to educate investors and help them identify potentially harmful financial schemes.