Core Spreads Scam Warning: FCA Clone and Hidden Fees

Core Spreads looks like the UK Financial Conduct Authority (FCA) in its presentation, but is in fact described as an "FCA clone", a fraud platform that takes money from its clients through hidden fees. The company is said to have been set up to close accounts without authorisation, apply hidden fees and make withdrawals impossible. Core Spreads is not authorised in Türkiye by the Capital Markets Board (SPK).

🚩 How the Scheme Works

• FCA impersonation: Core Spreads uses a company name and presentation that resemble the FCA and misleads clients in this way. Clients believe that Core Spreads is a broker regulated by the FCA.
• Hidden fees: Charges that are not visible are deducted when investing and trading. They are applied without ever being shown to the client.
• Unauthorised account closure: Core Spreads closes accounts without the client's consent and gives no information about the remaining balance.
• Serious withdrawal difficulties: Withdrawal requests are left unprocessed for weeks. Meanwhile, the account value is manipulated.
• High withdrawal fees: When a withdrawal is requested, high and unexpected fees are applied. For example, a fee of 300 dollars can be charged on a withdrawal request of 1,000 dollars.

🔍 What Is Known About Core Spreads

• FCA clone allegation: Core Spreads misleads clients by imitating the FCA in name and style of presentation. This is described as an "FCA clone".
• No genuine FCA licence: When the FCA's official website is checked, no broker called Core Spreads, and no entity connected with the FCA under this name, is listed.
• Hidden fee system: The fee set-up of Core Spreads is built around "behind the scenes" transactions that are not disclosed to the client.
• Account closure documents: Clients receive no written explanation of why their accounts were closed.
• Client reports: Clients around the world have reported hidden fees and withdrawal problems with Core Spreads.
• Delayed withdrawals: Withdrawal requests are carried out, if at all, after an average wait of 3-4 weeks. During this time the account value may fall suddenly.

🛡️ Protection Guide

• FCA imitations: Where a broker's name resembles the FCA or it is presented as FCA-regulated, its status can be checked at once on the FCA's official website. Core Spreads and similar clone sites deceive in this way.
• Fee structure: A legitimate platform sets out all fees (trading, withdrawal, inactivity and so on) in writing before any investment is made.
• The FCA register: Any broker can be looked up on the FCA "Register" page. Core Spreads and its clones do not appear in this list.
• Confirmation of withdrawal requests: A platform is expected to send written confirmation of a withdrawal request. Receiving no reply at all is itself a warning sign.
• Account closure notice: Where an account has been closed, written information about the remaining balance can be requested. A platform that does not provide it shows a sign of fraud.
• High withdrawal fees: A withdrawal fee of more than 20% of the deposit is abnormal and a reason to look at other brokers.

For those who were charged hidden fees by Core Spreads and could not withdraw, the records usually relevant include the full fee statement, the withdrawal request documents and evidence that Core Spreads does not appear on the FCA register. The legal team assesses possible legal steps against FCA clone operations. For detailed information and legal support, you can contact Savun Law & Consultancy.

❓ Frequently Asked Questions