Institutional FX liquidity and prime-of-prime service provider Advanced Markets has issued a Scam Alert regarding an offshore Retail FX broker called Cooper Markets.
The company said that it has received several enquiries regarding claims made by Cooper Markets, that they have a trading relationship with Advanced Markets – Advanced Markets said that the claims are categorically false and without merit.
Advanced Markets noted that it does not know or recognize Cooper Markets, nor does it receive any trade flow from, or provide liquidity services to, Cooper Markets either directly or via any third parties/intermediaries. On its website, Cooper Markets lists Advanced Markets as one of three Liquidity Providers, alongside Global Prime and LMAX.
The company added that through its own attorneys it has issued a cease and desist order to Cooper Markets, demanding that they refrain from making any and all representations regarding having any form of relationship with Advanced Markets. Advanced Markets said that any claims that Cooper Markets maintains any accounts, has any relationship or trades with, or receives any services from Advanced Markets are both baseless and fraudulent.
Cooper Markets does not appear to be licensed in any jurisdiction, but claims to be “registered” in St Vincent and The Grenadines. The broker targets mainly a Chinese language speaking client base.