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Abstract:MainTrade.Co has been warned by BaFin due to suspected financial services provided without any authorization from the agency.
In line with section 37 (4) of the German Banking Act (Kreditwesengesetz - KWG), BaFin wishes to state unequivocally that MainTrade is not authorized to conduct banking business or offer financial services under the KWG. BaFin does not oversee the firm. The material on the company's website, maintrade.co, suggests that MainTrade is doing banking operations and offering financial services in Germany without the necessary permission.
Companies that do banking activity or provide financial services in Germany must be licensed under the KWG. However, some businesses operate without the proper permits. BaFin's business database contains information on whether a certain firm has been given authorisation.
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt - BKA), and the German state criminal police offices (Landeskriminalämter) advise consumers seeking to invest money online to exercise extreme caution and conduct extensive research ahead of time in order to detect fraud attempts early on.
However, a check of the alleged business on the FCA registration yielded the response “not registered.”
Overview of MainTrade
MainTrade, according to its official website, is an international online broker that offers consumers and institutional investors access to over 600 trading products across six asset classes. We operate all over the world and put a high value on offering professional and dependable services to all of our customers.
WikiFX, a medium platform of 30 global financial authorities, got bad comments from its traders.
Download and install the WikiFX App on your mobile phones from the download link below. You can also download the app from the App Store or Google Play Store.
Download link: https://www.wikifx.com/en/download.html
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Market sentiment refers to the overall attitude of investors toward a particular security or financial market. It plays a crucial role in shaping market trends and influencing trading decisions. Understanding market sentiment can help traders anticipate price movements and make more informed choices.
Recently, a forex broker named MidasFX has come to our attention. This broker is registered in Saint Vincent and the Grenadines and started its business in 2020. In this article, we will dig into this broker deeply and provide some information about it if you are interested.
Malaysian authorities have arrested six individuals in connection with the "Kakaue" cryptocurrency investment scam, which defrauded victims of an estimated RM18 million. The suspects, aged between 19 and 41, were apprehended during a series of nationwide raids conducted by the Bukit Aman Commercial Crime Bureau between 7-11th October 2024.
Walder Wyss, the Swiss law firm overseeing the liquidation of bankrupt neobank FlowBank, has encouraged former clients to sell their securities held in accounts to expedite the refund process. Clients are able to log in to the FlowBank platform and complete the sale of their securities until 15th November 2024, after which the platform will no longer facilitate such transactions