Beware of a clone of the LMAX broker - FCA warns

British institution supervising the financial market there, Financial Conduct Authority (FCA), issued a warning message against Efforex. This brand is impersonating the LMAX Exchange broker, a company operating on the Forex / CFD market since 2010, which has the status of the British stock exchange (MTF).

Beware of the attack of clones

Efforex, operating under the website www.efforex.com, in the promotion of its services uses the address as well as the registration number of the LMAX broker in Great Britain. Entering the fraudsters' website, we see an almost identical appearance to that of an authorized entity. The differences are marginal - the LMAX logo has been replaced with the EFX logo, and only the name of the company has been replaced in the text descriptions. The contact number is also different.

Impersonating another institution, popularly known as "cloning", is an increasingly common phenomenon. Over the last year, clones have appeared, incl. companies such as Tickmill, Dukascopy, or Admiral Markets. Usually, the intervention of the relevant authorities is very quick, but it happens that the "extinction" of the fraudsters' websites is prolonged.

Before creating an investment account with any Forex / CFD broker, even in the case of well-known companies, it is always worth making an independent verification of its status. On the regulators' websites we can find the most important information such as the full name of the company, address, license number and the website address.

Official FCA message