We took a look at the Forex broker USDTFX and it didn’t take much time to figure out where is the issue with this company. The broker claims to be regulated by the Australian Securities and Investment Commission (ASIC) and authorised and regulated by the Financial Conduct Authority (FCA), and even provides license and registration numbers as a proof. However, these details only provide false information. The FCA registration number belongs to another entity Union Standard International Group Limited that has nothing to do with USDTFX. As to the ASIC license, the broker has issued a warning against USDTFX and its actions.

This is a perfect example of a so-called clone firm. 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. Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details. Such companies should be avoided at all costs.

Unfortunately, there is a small chance of getting your money back and obviously it will also be impossible to withdraw your investments after depositing more or ‘paying an additional fee”. This broker is not overseen by any authority and it is really hard to prove anything in such cases. We recommend you to avoid investing more money with this broker and report about this issue to your local financial authority.