The Federal Financial Supervisory Authority in Germany. Also known as BaFin blacklisted yet another potentially scam company – the Estonian Euro Wealth OÜ, which has been targeting investors in Germany through its website – www.prestige.fm.
Euro Wealth OÜ, formerly know as Allpro Tech OÜ and before that as Nostro Technology OÜ, claims to be offering financial services, including CFDa on currencies, stocks, commodities, indices and even crypto coins.
Euro Wealth OÜ is not authorized by BaFin, or any other official financial regulator from another EU country for that matter, and was ordered by the German regulator to immediately stop all cross border proprietary trading.
In addition a similar warning against Euro Wealth OÜ has been issued by the financial regulatory authorities in Estonia as well. The Estonian Finantsinspektsioon has also warned against the broker, saying that it “does not hold an activity license for the provision of investment services in Estonia and therefore Euro Wealth OÜ is not authorized to provide investment services in Estonia.”
As a rule of thumb, trading with unregulated brokers is associated with a unreasonably high risk of loosing your money to scammers. As usual in such cases we will repeat our general advise – deal only with brokers, regulated by well respected institutions such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC)