Earlier today, June 10th 2019, the Financial Conduct Authority (FCA) issued a statement warning the public against AGM Invest. They believe that AGM Invest is a clone firm for AGM Financial Services Ltd.
FCA, the British watchdog, warned the people to beware of the clone firms as they can mix correct details with the false ones. Clone firms copy legitimate firms’ details, from the name, website, and other details intending to trick investors into believing they are the legitimate firms.
Beware, AGM Invest is not AGM Financial Services Ltd
In the warning report, FCA stated that AGM Invest is a clone firm for AGM Financial Services Ltd but with different details. AGM Financial Services Ltd is an FCA certified firm based in the UK offering insurance services whereas its clone firm, AGM Invest, claims to be an FX broker, a trading provider for cryptocurrency regulated by the international financial services commission in Belize.
Comparison of their Details
| AGM Invest / AGM Group (the clone) | AGM Financial Services Ltd
Firm Reference Number: 790622 |
| Address: Swaffham, Norfolk | Address: 1 Marschal Court, Stirling, Stirlingshire, FK7 7UY |
| Telephone: 0121 623 7892 | Telephone: 07724 749 150 |
| Email: info@agm-invest.com; support@agm-invest.com | Email: alex@agmfs.co.uk |
| Website: http://agm-invest.com | Website: www.agmfs.co.uk |
According to their website, they state that AGM Group is created to offer low-cost trading solutions to retail foreign exchange traders, incorporating new technology to provide high-quality services, transparency, and efficiency. That is all false; it is a scam firm that has no connections to the actual firm, AGM Financial Services Ltd.
How to Protect Yourself from Such Scams
Before exchanging personal information or transacting with any firm online, the FCA urges people to check if that particular company is listed in their Registry. Also, most importantly make sure you double-check the URL and the company’s details very keenly without no exception – whether its a bank or a seemingly genuine-looking investment firm, you may never know which firm is pretending to be the real one.
Bottomline
These copycat firms have become a menace in the cryptocurrency, especially in the crypto exchange sectors. For instance, big players like Binance and Bittrex have had security breaches in the past. It is important to note that anyone can fall a victim of these scammers, thus proceed with caution by choosing a reliable exchange to avoid falling for the trap.