Forex Industry
by Mariami on January 9, 2019

CySEC warns two BDSwiss clone firms

This Tuesday the Cyprus Security and Exchange Commission has marked two websites which belong to foreign exchange related firms as suspicious. The websites, which CySEC believes to be mistrustful belong to EXPERT FX TRADE and Capital Swiss FX.

According to the statement that was issued by CySEC these two websites do not belong to the authorized entities, thus they do not have an allowance to provide investment services in Cyprus. The websites under the question mark are expertfxtrade.com and capitalswissfx.com

Unauthorized websites

Although these websites are not authorized, as you could already guess, they do facilitate the trading of both – cryptocurrencies and forex and offer people different kind of financial investment services. It is important to note that the website of EXPERT FX TRADE is even blocked by Google.

As for the Capital Swiss FX, an unauthorized website is offering to trade currencies, cryptocurrencies, commodities and more. It facilitates this trading via the trading platform MetaTrader 4 and a mobile trading app.

As it is expected, the websites mentioned above have stolen not only the license number but the content and website design as well from the Cyprus Investment firm – BDSwiss  Holding Plc, which is a legal entity in Cyprus.  As the regulator has explained in their warning both websites have copied above-mentioned details and materials without the authorization of BDSwiss Holding Plc. The Capital Swiss FX website even has stolen the whole design of the holding. If you will visit both of the websites you can see that the resemblance is uncanny and you can surely say that the unauthorized website was stealing not only the information but the whole idea of the BDSwiss Holding Plc as well.

BDSwiss Holding Plc

Capital Swiss FX scam

The clone companies

Such behavior of the companies and the news alike is not a new thing nor for the CySEC as they have warned several companies for that already, nor for the readers. Above mentioned tactics are very usual for the clone companies who try to mislead the customers. As you could understand from the name itself, clone companies are firms that try to appear as another legitimate company. For the attributes of the brand of legitimate companies. Sometimes, it is very easy to see, as they have similar brand names, website design, information on it and etc. and an attentive trader can see the fraud after a little investigation. However, in other cases, clone firms stole the bits of the information that cannot be noticed so easily- such as address or license number.

It does not matter how much information does the clone company steals, their motivation is always the same. They are trying to appear legitimate to attract and trick customers to scam them. This again underlines the importance of choosing brokers very carefully. The regulator has also underlined the importance of checking the broker. CySEC urgest all the investors to consult its website before they decide to start trading with the broker in order to ascertain the entities that have a license to provide investment services and activities.

By Mariami

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