FCA Issues Alert Over Online Brokerage XTB Clone

The Financial Conduct Authority (FCA) of the United Kingdom has today issued a critical warning to investors and the public regarding a fraudulent XTB clone firm impersonating the well-known online brokerage, XTB. This clone, operating under the name 'XTB Trading World,' is not authorized by the FCA and has been actively engaging in deceptive practices.

Clone firms are illegitimate entities that mimic the identity of authorized firms, utilizing their addresses, licenses, logos, and other identifying details. Their primary aim is to deceive potential victims more easily, capitalizing on the reputation and trust associated with the genuine firms. However, it is crucial to note that these clones have no affiliation with the legitimate businesses they impersonate.

The fraudsters behind this specific clone have been contacting individuals, falsely representing themselves as an authorized entity. The FCA has released the following details of the clone firm to alert the public:

• Name: XTB Trading World (Clone of FCA Authorised Firm)
• Telephone: +447424912789
• Email: tradewithxtb@outlook.com

To provide clarity and prevent any confusion, the FCA has also provided information about the legitimate, authorized firm, XTB Limited, which has no connection whatsoever with the clone firm:

• Firm Name: XTB Limited
• Firm Reference Number: 522157
• Address: Level 9, Office 9.12, One Canada Square, Canary Wharf, London, E14 5AA, UNITED KINGDOM
• Telephone: +442036953085
• Email: compliance@xtb.co.uk
• Website: https://www.xtb.com/en

The FCA warns that interactions with clone firms like 'XTB Trading World' carry significant risks. Those who transact with such entities will not have access to the Financial Ombudsman Service for complaints nor be protected by the Financial Services Compensation Scheme (FSCS). Consequently, in cases of financial loss or firm insolvency, it is unlikely that victims would recover their funds.

The FCA strongly advises individuals to verify the authenticity of any financial service provider before engaging in any form of transaction or investment. This warning serves as a reminder of the persistent threat posed by clone firms in the financial sector and the importance of vigilance among investors and the public.