BaFin Hits Illicit Broker Flawlesstradefx Ltd.

The German Federal Financial Supervisory Authority BaFin recently has issued a warning against an online trading brokerage Flawlesstradefx Ltd, for the broker has not been authorized by BaFin to conduct banking business or to provide financial services in the country.

According to the official press release, Flawlesstradefx Ltd. claims on its website (flawlesstradefx.com) that it is regulated by BaFin and other EU supervisory authorities. Whereas, the German watchdog stressed that it was not true. Moreover, the indicated company deceptively cites the BaFin ID assigned to NSFX Limited (131055), which has no connection with Flawlesstradefx Ltd. 

Pursuant to the German Banking Act, authorisation is required in order to conduct banking business or provide financial services in Germany.

As a result, BaFin reminds investors to exercise the utmost caution and do the necessary research beforehand so as to identify fraud attempts at an early stage.