de | cn | ru

Market News

Germany’s BaFin orders unregulated broker XtraderFX to cease operations

Mar 08 2019
By
Jonathan Smith ,

 

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 

More news about Xtrade

Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA 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, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Market News

CySEC suspends the license of AFX Capital Markets

Jul 19 2019 16:33:06

  The Cyprus Securities and Exchange Commission (CySEC) announced that the license of AFX Capital Markets is temporarily suspended due to suspicions of non-compliance regarding the safeguard of clients’ funds. Read more

Belgium’s FSMA warned against binary options brokers Vipwayzone and Go Capital FX

Jul 18 2019 15:41:16

  Belgium’s financial regulator, the Financial Services and Markets Authority (FSMA) warned the public against Vipwayzone and Go Capital FX previous week. According to the FSMA, the two companies offer binary options without complying with Belgian financial legislation. Read more

Could Trump’s hostile view of Bitcoin & Libra affect the crypto market?

Jul 17 2019 16:34:56

In a series of tweets, the US President Donald Trump said he's not a fan of digital currencies like Bitcoin and Libra previous week. A couple of days later, Bitcoin plunged nearly 13% after US lawmakers grilled the Facebook executive in charge of Libra. Read more

Hong Kong’s SFC also blacklists GCG Asia

Jul 16 2019 15:08:47

  The Hong Kong Securities and Futures Commission (SFC) recently blacklisted unregulated brokerage Guardian Capital Asia (GCG Asia). Read more

German and Austrian police goes after several online financial scammers

Jul 15 2019 14:50:02

  Option888, XMarkets, TradeInvest90, ZoomTrader and TradoVest are being investigated by German and Austrian police for investment fraud and money laundering, the German public television reported, as quoted by the Times of Israel. Read more

ESMA warns forex brokerages not to circumvent its product intervention measures

Jul 12 2019 17:22:23

  The European Securities and Markets Authority (ESMA) has identified certain undesirable practices among CFDs providers, which raise concerns of non-compliance with the product intervention measures introduced a year ago. Read more

Spain’s CNMV blacklists Grand Capital, BinaryMate, FXTPremium, and more

Jul 11 2019 16:56:42

  Spain’s financial regulator, the CNMV, updated its warning list with a number of unregulated brokers on Monday: Grand Capital, BinaryMate, FXTPremium, VideForex, HQ BROKER, WellingtonInv, GlobalBCM. BitcoinTrader, and Smart Capital Advisor. Read more

Bitmarket closes up shop, hack suspected

Jul 10 2019 19:58:47

  Poland’s second-largest crypto exchange Bitmarket closed up shop on Tuesday, without any prior warning. According to a message posted a day earlier on the Bitmarket’s website, the exchange was forced to cease operations due to loss of liquidity. Read more

Austrian FMA flags unregulated brokerage Universe Markets

Jul 09 2019 15:31:55

    The Austrian Financial Market Authority (FMA) warns investors against dealing with Universe Markets and its parent WhiteSquare Trading Ltd. Read more

Capital FMI ends up on FCA’s warning list as a clone

Jul 08 2019 11:40:05

  Unregulated broker Capital FMI ended up on the warning list of UK’s Financial Conduct Authority (FCA) as a clone firm previous week. According to the regulator, the broker has been providing financial services or products in the UK, falsely claiming to be an authorised firm. Read more

de | cn | ru