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Unregulated Financial Service Providers Added to BaFin's Warning List
According to updates from the German financial regulator BaFin in December 2024, the following brokers are not authorized under the KWG to conduct banking business or provide financial services.
These unauthorized operators offer financial and investment services on their websites without the necessary approval.
Some of the unlicensed brokers were even trying to convince the public that they were fully regulated by watchdogs by claiming or implying to be famous firms.
If you find your broker is on the list of warned brokers, please immediately stop paying and seek help from your local enforcement agencies and financial watchdogs.
SwissCap
Website: swiss-cap.com, efund-markets.com
The broker claims to be in London, the UK, but no specific address was provided.
The regulator also warned similar websites, swiss-cap.io and swiss-cap.pro.
Strategy Integrity
Website: strategyintegrity.com
The broker claims to be in Darlington, the UK.
ChartLogic
Website: chartlogic.de
Another warned website, gcmpro.org, has identical content with this broker.
LPL Financial LLC
Website: imperialfonds.org
The broker who claims to be in London illegally used BaFin’s name and logo in the advertisement and previously operated the warned website imperialfonds.com.
Nexus LLC
Website: spswcapital.net and spswcapital.com
The broker claims to be in Saint Vincent and the Grenadines and is operated by SPSW Capital GmbH. However, this is a case of identity fraud.
Nexus LLC has several unlicensed trading platforms.
Markets Trade Ltd
Website: marketstradeltd.com
This is a case of identity fraud.
The FCA-regulated CMC Markets UK plc and BaFin-regulated CMC Markets Germany GmbH have no connection with the warned broker.
Novapoint
Website: novapoint.ai
The broker claims to be in New York, USA without providing full company name or legal form.
NovaProfiting
Website: novaprofiting.com
Similar websites with he same opening sentence: “Upgrade Your Trading With…” were also warned by the BaFin.
Capitus
Website: capitus.net
Similar websites with he same opening sentence: “Upgrade Your Trading With…” were also warned by the BaFin.
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