CySEC issued warning against OANDA's Clone firm

CySEC issued warning against OANDA's Clone firm. A new clone scam imitating FX brokerage firm OANDA. Primusforex.net is the platform that runs the clone website. The copied broker chooses to use the name “PrimusForex” and it mimics the website of TMS Brokers. In 2020, OANDA acquired the Polish broker to its business grow across the Baltic countries. Established in 1997, TMS was the oldest and second-largest local Polish brokerage and is regulated under the KNF, giving the business access to markets in the European Union.

CySEC stated that these firms are not licensed to operate a brokerage business in Cyprus, nor are they affiliated with a regulated entity. It also warns consumers that they aren't protected by the Investor Compensation Fund (ICF) if they lose money on unlicensed sites. In the instance that a member is unable to pay its debts, this helps protect the claims of covered clients and compensate them.

Investors have received many signals from CySEC and other international regulators alerting them of clone schemes. These warnings advise investors to carefully verify the website address and contact details of any financial institution or regulator they connect with online and to be aware of unsolicited emails or social media posts that seem to be from a reliable financial institution or regulator.

However, the regulator emphasised that before making an investment with any broker, investors should conduct their own research and due diligence. This include checking the broker's regulatory standing and reviewing reviews and investor comments.

About OANDA

OANDA is a multi-regulated broker with offices in Toronto, Europe, and Asia. The company offers an FX trading platform that is used by both individual and institutional investors. It offers currency information to individuals, major organizations, and portfolio managers.

About CySEC‎

The Cyprus Securities and Exchange Commission (CySEC) is the regulatory authority responsible for overseeing and supervising the financial markets in Cyprus. Established in 2001. Its main objective is to ensure the integrity, transparency, and efficiency of the financial sector in Cyprus. CySEC is responsible for granting licenses to investment firms, collective investment schemes, and other entities operating in the financial markets. It also monitors and enforces compliance with the applicable laws and regulations.

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