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Germany’s BaFin ordered UB4Trade to cease trading operations

 

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has ordered UB4Trade to cease offering cross-border proprietary trading services to German investors.

 

UB4Trade is a binary options broker, operated by Finatex Ltd. – a company registered in the UK. Actually, BaFin has already ordered the other brand of the company, Crypto Capitals, to cease to cease operations and stop offering its services in Germany earlier this month.

 

This is not the first time UB4Trade is blacklisted by a financial regulator. This binary options broker is present in the alert lists of the Danish regulator, the Financial Supervisory Authority, as well as the New Zealand’s Financial Market Authority (FMA). The FMA stated that it has received alerts that UB4Trade acts outside clients’ instructions and withholds client funds without a valid reason.

 

As most of you probably know, ESMA banned binary options altogether (as of July 2, 2018), so the operations of all binary options brokers in the EU are illegal. In order to avoid being scammed and to have proper protection, investors should deal only with regulated financial services providers.

 

>> A list of forex brokers operating legally in Germany <<

 

 

TAGS: BaFin  UB4Trade  warning  Binary options  scam  Germany 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, South Africa CySec, FSCA, FSC MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website

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