The Federal Financial Supervisory Authority, more commonly referred to as BaFin, has today flagged yet another suspected scam. This time, the German regulator has flagged the company “The Trader” and the face of the company, Christian Vogel.
Vogel is a charismatic and energetic figure who can be found via the website http://robotrader-app.co/. Through this website, Vogel advertises a product called RoboTrader.
As the website claims, RoboTrader is: “your solution for intelligent, fast and secure online trading in financial markets.” Other claims such as “Our signals are 100% accurate and verified as we confirm each one manually” also features on the site.
“See for yourself how ordinary people can start making thousands of dollars a month,” the website also claims.
According to the warning from BaFin, “The Trader” and Vogel are not authorized to provide banking or financial services within Germany. Furthermore, neither the company nor Vogel are under the supervision of the German regulator.
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In addition, BaFin highlights the following statements as problematic: “for an intelligent, fast and secure online trading on financial markets.” Trade signals delivered via the app are “100% accurate and verified”. The app is “100% GERMAN QUALITY”. Allowing “ordinary people begin,” to “earn thousands of euros per month.”
As the old saying goes “if it’s too good to be true, it probably is.” This is exactly what BaFin is warning investors about. As a result, it’s a good idea to avoid Vogel and his charms altogether – no matter how good his pitch seems.
BaFin publishes a document on online scams
Last week, BaFin also released a three-page document titled “Warning About Rip-Off Investments on the Internet,” which is effectively a guide on how to avoid getting scammed by brokers.
As Finance Magnates reported, the report highlighted the problematic areas for consumers – cryptocurrencies, contracts for difference (CFDs) and binary options. Furthermore, the document relayed common tactics used by scammers, such as cold calling and promising high returns.
Another common tactic that has grown in popularity recently is for scammers to act as ‘recovery experts,’ who ‘help’ to get back stolen funds for clients, as Finance Magnates also reported several months ago.