TradeToro ends up on BaFin’s watchlist

TradeToro ends up on BaFin’s watchlist

The Federal Financial Supervisory Authority (BaFin)  remains vigilant and has renewed its long blacklist of unregulated brokerages. It appears the well-known forex scammer TradeToro has been the latest addition to the list. The country’s main financial regulatory suspects them being involved in scam operations.

According to the website TradeToro is owned by Ivory Group Limited, which is a company with headquarters in Dominica. Previously, TradeToro claimed to be a trading name of Estonian based Bravos OU. Estonia is known for its liberal market-oriented economy, as well as integration of crypto exchange and often brokerages take advantage of misinformed traders by claiming to be operating out of the Baltic country. Furthermore, it appears that the Austrian authorities have also caught up with its shady activities and have issued a warning of their own. When multiple regulatory agencies have issued regulatory warnings for different brands of the same company it most definitely means it’s involved in a scam operation and usually begins spawning new websites to avoid being exposed, however, TradeToro’s website still remains the same.

BaFin has always advised traders to only do business with legitimate firms that hold the proper license. Traders may always check the regulatory status of a given company by going on the online registry of the  financial watchdog and typing out the name of the company. Another good idea is simply googling the name of the company and reading reviews from ex-clients of the brokerage, as well as from professional Forex bloggers.

 

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1 Comment

  1. Warnings and alerts!!!
    This criminal network and syndicate wise banc has change their name
    To Pcmtrades/ Poseidon tradings??? This is a criminal network!!!
    Pcmtrades/ poseidon tradings is a scam/ fraud/ money laundering
    Scheme!!! Organized Israeli/ UK/ American crime syndicate and
    Network!!! Pcmtrades/ Poseidon tradings a organized crime syndicate
    And network!!! Website: pcmtrades.com e-mail: [email protected] this
    Address and phone number on their website looks credible. Address:
    229 Shoreditch high street e1 6pj. Phonenr: +447426066948 but they are not
    Operating from there this is just one of the ways how they use to
    Tricking, lurking and fooling people to belive that this is a serious
    Trading company to invest funds!!! This is criminals!!! Why you think
    They change a name of the website every year???Same platform as
    Before but different names to escape from the authorities!!! Aka options
    Xo aka wm options aka Prime cfd’s aka Wise banc? And now Pcmtrades/
    Poseidon tradings!!!

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