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Germany’s BaFin orders unregulated broker XtraderFX to cease operations

 

The German Federal Financial Supervisory Authority (BaFin) has ordered XtraderFX operated by GPay Ltd. to immediately cease offering investment services and advice to German investors.

 

BaFin said that the above-mentioned company cold-calls German investors from German and UK phone numbers, offering them trading in CFDs on cryptocurrencies, currencies, commodities, indices and equities via its brokerage brand XTraderFx. The service is available on several websites: www.xtrader-fx.com, www.xtraderfx.com, and www.xtraderfx.net.

 

XTraderFx is a CFD broker, focused on the crypto currency market, which on first glance can be mistaken for a crypto exchange. Considering it was blacklisted by BaFin, Austrian FMA, and all the negative user feedback we got on the XTraderFx review, it is obvious that this broker is an outright scammer.

 

Furthermore, the German financial watchdog warned that a large number of potentially dubious forex brokers are entering the market, some of which are suspected of organized crime. BaFin regularly blacklists unauthorized brokers targeting German investors. Earlier this ear it ordered Prestige Financial Markets to cease its illegal operations, and in December last year it blacklisted FXC Markets – a clone of FXCM.

 

In order to avoid being scammed and to have proper protection, investors should deal only with regulated financial services providers.

 

 

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

 

 

TAGS: BaFin  XTraderFx  warning  scam  Germany 

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