German supervisory authority warns for the Forex provider XMarkets
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has issued a warning to inform investors and public that the operator of “XMarkets” (Celestial Trading Ltd.) has no authorisation pursuant to section 32 of the German Banking Act. BaFin further warns that “XMarkets” services are not to be confused with those provided by Deutsche Bank AG (“X-markets”).
According to the warning, Celestial Trading Ltd., which operates the platform “XMarkets” is not supervised by BaFin as of yet.
On the website www.xmarkets.com, Celestial Trading Ltd. offers customers the opportunity to open a forex trading account. BaFin cannot rule out that the company is providing financial services which require authorisation pursuant to section 32 (1) of the German Banking Act.
BaFin also informs that the company is not associated with “X-markets”, which involves services provided by Deutsche Bank AG at www.xmarkets.db.com.