BaFin Warns of WhatsApp Trading Groups Using AXELMax and AXELTrader Names in Identity Fraud Scheme

BaFin has issued a public warning about WhatsApp groups promoting trading through platforms using the names AXELMax and AXELTrader. These groups, including one calling itself 77 Wert und Vermögenserkundungsgruppe, falsely claim to be operated by Dirk Mueller of Finanzethos GmbH. BaFin confirms there is no link to Mueller, Finanzethos, or any affiliated employees, and the case involves clear identity fraud.

According to BaFin, unknown operators are directing consumers to websites such as axeltrader.com, axeltraders.com and pc.axelmax.cc, where they appear to offer banking, financial, or crypto services without required German authorisation.

The pattern closely resembles tactics seen in other fraud cases. Scammers start by placing social media ads promising free stock tips or trading lessons, often misusing the images of reputable experts or licensed institutions. Interested users are funneled into WhatsApp groups where a pretended market expert shares financial insights, supported by an assistant who manages the chat and communicates with members.

Over several weeks, these groups gradually build trust. They promote supposedly high return strategies, exclusive investment models, or early access to a proprietary token. Members are encouraged to join daily check ins, prize activities, or special community campaigns designed to maintain engagement.

Eventually, investors are pushed to register with external online trading platforms or custom trading apps promoted by the group operators. Scammers often claim access is limited to create urgency. Some users are given small trial funds and may even be allowed early withdrawals to build confidence.

Once users begin depositing their own money, the pressure to invest more increases quickly. Deposits are typically routed through foreign accounts or crypto payments. Soon after, withdrawals become restricted or entirely blocked. Websites connected to these schemes frequently disappear or reappear under new domains.

BrokersView reminds you

Any company offering financial, investment, or cryptoasset services in Germany must hold proper authorisation. Many of these operations do not.

Click to find more brokers regulated by the BaFin.