CySEC Warns against OANDA TMS Clone Website

<p>The Cyprus
Securities and Exchange Commission (<a href="https://www.financemagnates.com/terms/c/cysec/">CySEC</a>) issued a new
warning today (Thursday) against nine unlicensed websites, which are offering retail traders
access to foreign exchange (FX), contracts for difference (CFDs), and
cryptocurrency trading. One of them is a clone of the popular Polish broker
OANDA TMS.</p><p>CySEC Warns against OANDA
TMS Clone and Others</p><p>Most of the
websites found on CySEC's latest warning list are currently inactive. However,
several of them are still operating and encouraging retail traders to open
accounts, falsely stating that they have the necessary regulations to do so.</p><p>On the list
of addresses including nylsinv.com, primusforex.net, tfimarkets24.com,
afexeu.com, protechfx.com, forextimeltd.com, jfdtrade.net, ltdexxovo.com and ico-assets.com,
special attention should be paid to primusforex.net. Its website resembles the
domain of OANDA TMS, a Polish brokerage house providing services to retail
traders.</p><p>"The
Cyprus Securities and Exchange Commission ('CySEC') wishes to inform investors
that the following websites do not belong to an entity which has been granted
an authorization for the provision of investment services and/or the
performance of investment activities," the regulator commented in the official
statement.</p><p>The
screenshot below shows the Primus Forex website:</p><p>On the
next one, we see the original OANDA TMS website:</p><p>The above
clearly indicates that, apart from the logo, the website has been entirely
copied. Scrolling through the domain of the unlicensed broker and OANDA TMS
confirms the suspicions that Primus Forex is a typical clone company. Clone uses
the website of another entity popular in the industry, trying to mislead retail
investors and encourage them to open accounts with it.</p><p>Fighting Clones and
Unregulated Brokers</p><p>This is
another warning issued by CySEC within the last month. <a href="https://www.financemagnates.com/forex/cysec-warns-against-impersonators-of-officials-representatives/" target="_blank" rel="follow">In the second half of
May</a>, the regulator warned against the rising impersonation of regulatory
officers and representatives.</p><p><a href="https://www.financemagnates.com/forex/cysec-warns-against-8-illegal-fxcfds-trading-platforms/" target="_blank" rel="follow">It added
eight more</a> illegally operating FX/CFD platforms to its warning list in April.
These included world-trade-center.io, financista.com, swiftpuprime.com,
ocdfinances.net, and ocdfinances.org. The other three are inverbid.net,
inverbid.com, and inverbid.co.</p><p>Also in
April, CySEC added <a href="https://www.financemagnates.com/forex/news-nuggets-13-april-cysecs-warning-new-features-on-fortexs-xforce/" target="_blank" rel="follow">Berkshire Hathaway TX</a>, a fraudulent platform offering crypto
services, to its warning list. The name of the fraudulent platform resembles
that of the American billionaire investor Warren Buffett's company.</p><p>Just yesterday
(Wednesday), <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a> reported that the UK’s FCA warned against
a <a href="https://www.financemagnates.com/terms/c/clone/">clone</a> of another <a href="https://www.financemagnates.com/forex/fca-warns-against-etoro-clone-misusing-license-number/" target="_blank" rel="follow">popular trading brand eToro</a>. The day after, its Cypriot
counterpart published a warning about the OANDA TMS clone. However, in eToro's
case, the impersonator did not copy the entire website but used the company's
license number instead.</p>

This article was written by Damian Chmiel at www.financemagnates.com.