Swissquote hit by German clone website
UK financial regulator The FCA has issued a warning regarding a clone website of Swiss-based online trading firm Swissquote, which has been targeting retail traders in the UK.
The website, at swissquotes.de, is actually for a firm calling itself “Swissquotes” (i.e., with an added “s” at the end). The site claims to be owned and operated by a company called MIG Capital Ltd., listing offices in London, Zurich and Frankfurt. Interestingly, Swissquote had acquired a company called MIG Bank back in 2013, consolidating the Swiss regulated retail FX business.
The company lists a UK telephone number.
The clone “swissquotes” appears to be an offshore broker and does not have any license, nor does it disclose where it really is based.
The real Swissquote (with no “s” at the end) is a Gland, Switzerland based leader in the online trading space, with licenses in its home market as well as an FCA license in the UK which it passports throughout Europe using the swissquote.eu website family. Swissquote MEA Ltd holds a category 4 licence from the Dubai Financial Services Authority (DFSA). Swissquote Asia Ltd is a licensed corporation under the supervision of the Hong Kong Securities and Futures Commission (SFC).