FCA alerts investors of 4XPremium/Index Limited clone firm
The UK Financial Conduct Authority (FCA) has warned that 4XPremium (Index Limited) is a clone of the renown forex brokerage Global Market Index Limited, which holds a license from FCA, among others. According to FCA, 4XPremium is not authorized to carry out regulated financial services in the UK.
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.
4XPremium operates through the website www.4xpremium.com and provides Forex and CFD trading. The company is owned and managed by the Index Limited. They don’t give much information about trading conditions as well as the contact details. The only way to contact the broker is via email or live chat. There is no information about firm’s location, but judging from the languages supported on the website (English, Italian, and German), they have been trying to provide their services to the European residents without being regulated in those particular companies.
In addition, as we have already mentioned, the owner-company Index Limited is a clone of the FCA-regulated Global Market Index Limited. Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them.
The UK is a strong forex market with tight regulation. The FCA is renowned for its strict standards and tight supervision. The regulator keeps a register of unauthorized forex brokers that target local citizens and regularly issues alerts against entities that could potentially hurt local investors. Be aware of such companies before dealing with any brokerage company.