FCA warns against clone of XTB
The UK Financial Conduct Authority (FCA) today issued a warning against a clone of online brokerage XTB.
Clones are fraudulent entities that abuse the details (address, license, logo, etc) of authorized firms in order to lure potential victims more easily. Clones have nothing to do with the genuine firms.
XTB Trading World is not authorised by the FCA but has been contacting people pretending to be an authorised firm.
Clone firm details
Fraudsters are using the following details to scam people:
Name: XTB Trading World (Clone of FCA Authorised Firm)
FCA authorised firm details
This is the genuine, authorised firm that the fraudsters are claiming to work for. It has no connection with the clone firm.
The correct details are:
Firm Name: XTB Limited
Firm Reference Number: 522157
Address: Level 9,
One Canada Square
London, E14 5AA, UNITED KINGDOM
If you deal with the clone, you won’t have access to the Financial Ombudsman Service if you have a complaint.
You also won’t be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. This means it’s unlikely you’d get your money back if the firm goes out of business.