BaFin has warned consumers about several online platforms that present themselves as authorised global brokers for Forex and CFDs but, according to the regulator, do not hold a license in Germany.

The authority said the flagged operators provide banking and financial services without its approval and remain outside its supervision.

BaFin Flags Websites and Missing Licenses

The Federal Financial Supervisory Authority (BaFin) said it has identified a series of similarly designed websites that claim: “The [platform name] label holds authorization in multiple global jurisdictions and stands as a reputable online brokerage for Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs.”

• BaFin Puts Brokers on Notice as Report Links Finfluencers to Risky Crypto Trading
• N26 Appoints UBS Executive Mike Dargan as CEO amid Fresh BaFin Restrictions
• BaFin Warns of “Smarter Trading with Zero Spreads” Pitch That Could Cost You Everything

BaFin stated that information available to it shows the operators provide banking business and/or financial services on these sites without the required authorization. The regulator added that it does not supervise these operators.

Related: BaFin Warns of “Smarter Trading with Zero Spreads” Pitch That Could Cost You Everything

BaFin said it has so far become aware of the following websites in this context: hashxcapital(.)com, axstera(.)com, upwardstrend(.)com, finstera1(.)com and finstera2(.)com. The authority noted that the sites share similar designs.

Regulator Reminds Firms and Clients of Authorisation Rules

BaFin stressed that companies may only offer banking business, financial services and crypto asset services in Germany if they hold its authorization. It said some providers still offer such services without a license, which means they operate outside its oversight.

Meanwhile, the watchdog sees social media and finfluencers as major market risks in 2026 because they push retail investors toward highly speculative crypto assets. This warning was recently fired as German banks prepare to roll out crypto trading services, and the regulator stresses that the main way to win new crypto clients has itself become a top supervisory concern.

A recent BaFin survey of 18- to 45-year-olds shows a clear link between social media use and crypto investing. Investors who follow finfluencers are almost four times more likely to buy crypto (48% versus 13%), and in private chat groups, about half of participants said they had purchased crypto assets.