Unregulated Firm MainTrade.Co Investigated By BaFin From Offering Financial Service To Germany

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.

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