The Financial Conduct Authority (FCA) has warned people about a new clone firm. The clone firm’s name goes by First BTC FX. It is impersonating a legitimate company authorized by the FCA, First Global(UK) Limited.

People are on an alert as FCA has added this new warning to its list. The clone firm operates via the URL- https://firstbtcfx.com/. If one takes a look at the entity’s website, First BTC FX claims to be a provider of forex and commodity trading, alongside other assets such as cryptocurrencies, indices, and shares. In its about section, the company calls itself First Global (UK) Limited. Thus, the warning came from the British watchdog. The clone firm in its website claims that it is one of the most accessible ways to become richer. Also, it claims to have been created in 2013. It has mentioned its address at PARK LANE MAYFAIR London W1K 1QW UNITED KINGDOM.

The clone firms are fraud entities. They copy details of a legitimate firm, which includes their name, website, address, registration details, etc. Some of them even go to the lengths by completely copying a firm. They will copy from their website, to brand for tricking investors into thinking that they are the actual legitimate firm.

With scams being an increasing threat in the foreign exchange (forex) and cryptocurrency markets, people are on their toes. Recently, the Luxembourg financial markets’ regulator, Commission de Surveillance du Secteur Financier (CSSF), has warned its users about a fake BitPay website. The website is impersonating crypto payments provider BitPay in Europe as per the source.