Erscheinung:18.03.2024 | Topic Unauthorised business, Consumer protection protrade24.net: BaFin investigates the company ProTrade24
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the online trading platform ProTrade24. BaFin has information that the platform operators are conducting banking business and/or providing financial services on the website protrade24.net without the required authorisation. The company is not supervised by BaFin.
Financial services may only be offered in Germany if the company providing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the required authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
