Warnings From Regulator: BaFin Investigates These Unregulated FX Brokers in July

According to the updates on the German regulator, BaFin would like to make clear that the following brokers do not have authorization under the KWG to conduct banking business or provide financial services.

1. GFE Management Ltd

Without necessary authorization, this company is providing financial and investment services on its website gfemarket.com.

2. FCU Investments LTD

Without necessary authorization, this company is providing financial and investment services on its website commerzwelt.com.

3. Wealth Kasse

Without necessary authorization, this company is providing financial and/or investment services on its website wealthkasse.com.

4.GStyx Group / STYXTrade Group

The individual(s) who operate(s) the website styx-trade.com is(are) not authorized to provide financial and investment services.

BaFin identified this as a case of identity theft, since the staff of the company allegedly located in the UK and provided a CySEC license in the name of  "StockstechInvestments Limited (STYX LTD)", while it has nothing to do with the company Stockstech Investments Limited, regulated in Cyprus.

5. Prolific Trades Limited

The individual(s) who operate(s) the website prolifictrades.com is(are) not authorized to provide financial and investment services, though it claims to be regulated by BaFin. The operator is allegedly domiciled in Malta.