UK’s FCA warns of CT-Trade broker, clone of Citibank Europe plc
UK’s Financial Conduct Authority (FCA) has issued a warning against CT-Trade, a clone of the properly regulated Forex brokerage Citibank Europe plc.The regulator says the broker has been providing financial services and products targeting people in the UK without a license. According to the UK regulator, the clone firm is trying to convince its potential clients that they work for a genuine, authorized firm by giving out false details. In this case, CT-Trade uses the official address of the authorized firm, Citibank Europe plc. The broker CT-Trade operates through the website ct-trade.com, where claims to be under the regulation of Citibank Europe plc and provides the address (71-75 Shelton Street, London, WC2H 9JQ, UNITED KINGDOM) and the firm reference number of the Citibank Europe plc. The broker cannot be regulated by the Citibank Europe plc simply because it is not a regulatory institution. Although the Citibank Europe plc is authorized and regulated by the FCA in UK. It is clear that the CT-Trade tries to get investors trust by providing the details of the regulated entity, so it is highly recommended to avoid this broker and stay away from dealing with it. All firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by FCA and warns that some firms act without authorization and knowingly run investment scams. In addition to that, the FCA warns that if you are investing with unauthorized brokers you are not covered by the Financial Ombudsman Service and the Financial Services Compensation Scheme. You can read our review on this broker here.