BrokerXP - German Financial Supervisory Authority BaFin warns
The supposed online broker BrokerXP sells itself as a trustworthy platform for online trading. However, there is increasing information that there are strikingly many inconsistencies at BrokerXP. Reports from traders about BrokerXP are piling up, talking about telephone terror, rip-offs and investment fraud. Many have lost their money invested with BrokerXP. Doubts are spreading. In the meantime, many BrokerXP investors fear that it is an investment fraud. All BrokerXP investors are wondering if they have fallen victim to an investment scam? And what can BrokerXP investors do if the suspicion of investment fraud is substantiated? How do BrokerXP investors get their money back? Does it make sense to file a criminal complaint against BrokerXP with the police? Where can I get help for investment fraud?
BrokerXP: Doubtful affirmations on the website
What do the astonished investors at www.Brokerxp.com need to receive? "Our vision is to democratise global markets and help our clients discover new opportunities...We set high standards - and have raised the standard...We are a technology-driven financial services company that delivers value to our clients by investing in cutting-edge technology solutions, putting the client first in everything we do, doing the right thing, and building a team of people who believe in our core values of integrity, excellence and continuous self-improvement." This is just a small sample of the questionable promises investors can find on BrokerXP's website. Not a single one of these given promises by BrokerXP has been kept. Unfortunately, the shady business conduct tends to make for disappointed investors and miserable experiences!
BrokerXP: Hide-and-seek game with the domain entry!
Remarkable for the business practices of the BrokerXP makers is that the website does not contain an imprint. Thus, the complete information about the legally responsible operators of the website is missing. If you take a look at the domain data of the BrokerXP website, you will not find any information about the operators. However, one learns that the domain was already registered on 22.02.2013 with 1API GmbH and anonymised by WHOIStrustee.com Limited.
BrokerXP: Who is behind it?
Answering this question will be rather difficult for many investors, as the BrokerXP makers do everything they can to conceal the true circumstances. However, this is nothing unusual. The perpetrators usually operate several of these websites with the same fraudulent business model. These are created in advance, quickly put on the net and just as quickly shut down. The top-level domain is often changed to deceive the financial supervisory and law enforcement authorities. But who is the operator? There is scant information about this on BrokerXP's website. The company M&A Mergers and Acquisitions Consultancy LP with the business addresses Friedrichstraße 95, 10117 Berlin, Germany and EDINBURGH, EH2 8JG, United Kingdom is listed, but the makers of BrokerXP cannot be found under these addresses. In addition, there is the obligatory support e-mail address but no telephone number.
BrokerXP: The customer acquisition of the investment scammers
The same approach can be found here again and again: In order to attract new customers, BrokerXP's offers are advertised in all conceivable media and channels. Again and again, the offers are false claims. In order to increase the effectiveness, they upload advertising films on Youtube or Vimeo, in which interested investors are convinced with fictitious references. Here, supposed celebrities report on their experiences with online trading and cryptocurrencies, often with a misleading reference to the TV show "Die Höhle der Löwen". An affiliate programme is usually started with the same goal in order to motivate others to intensively promote BrokerXP.
BrokerXP: Criminal business practices
As soon as the customer has registered on the trading platform, he receives calls from alleged financial brokers who like to refer to their many years of experience and their satisfied customer base. In many cases, however, the makers of this business model are fraudsters, against whom the Federal Criminal Police Office and the Federal Financial Supervisory Authority (BaFin) also warn. Investors usually start with a small amount of money. Beforehand, investors are often motivated to install remote maintenance software, such as "AnyDesk" or "TeamViewer", on their computers so that they can supposedly receive help with the first steps. In many cases, the computer is manipulated afterwards and unwanted transactions are carried out. In the process, the investment fraudsters often also gain access to their victims' online banking. What is particularly criminal, however, is when supposed profits are displayed on the trading platform in order to entice the customer to place further high stakes. Sometimes even small sums are paid back to lull investors into a sense of security. Who then does not want to increase the stakes further? But what happens next?
BrokerXP: Repayment of the money is subject to conditions
Once in, it is usually impossible to get out. Rather, the administrators of the investment scams tie a repayment of the money to further deposits. This is where employees come into play who claim alleged tax debts and commission payments. If these are settled, the alleged profits are paid out. The perpetrators send investors self-made tax and commission statements, often decorated with fake coats of arms. These would have to be paid urgently. It is never possible to offset them against the alleged profits. If an investor refuses to make further deposits, supposed profits are turned into losses through senseless transactions and the client is damaged to the maximum. The horror does not end there, but investors are permanently confronted with calls from other dubious providers. This indicates that the investors' contact details are traded on among the investment fraudsters. In the end, a "saviour" regularly calls claiming to have uncovered the whole scam. He impresses with his insider knowledge. No wonder, since he is part of the fraud gang. The next rip-off! And of course the "rescuer" also wants a small fee - in advance!
BrokerXP: Scheme of investment fraud?
A legitimisation of the online broker BrokerXP is not available. BrokerXP lacks the regulation of a recognised European supervisory authority, such as the English Financial Conduct Authority (FCA)or the Cyprus Securities and Exchange Commission (CySec), which is frequently used by brokers. Similarly, there is no authorization from the Swiss Federal Financial Supervisory Authority (finma) or the Financial Market Authority (FMA) of Austria, which is responsible for Switzerland. It is hard to miss that BrokerXP is a scheme of capital investment fraud. All victims of BrokerXP are advised to immediately contact an investment fraud lawyer.
BrokerXP: Where are the scammers active?
Unfortunately, BrokerXP's illegal activities are not limited to the English-speaking world. Because BrokerXP addresses German-speaking investors as well, it is only a matter of time until the defrauded investors of this speaker group also come forward. Going through the list of regulators is recommended before any financial commitment in order to reduce the risk of becoming a victim of investment fraud.
BrokerXP: Investors want their money back!
The situation is much more promising than it seems. The victims can take action against the investment fraud and demand the return of the money invested. At present, it is not expected that the BrokerXP investment fraudsters will be caught any time soon, but there is nevertheless reason for hope. The reason for this is the fact that the money transactions took place via accounts that were actually provided by reputable financial institutions. These obviously failed to check the partly high and therefore controllable deposits of the investors and their forwarding for illegality. Such delays enabled the investment fraudsters to carry out their criminal activities in the first place.
BrokerXP: You want your money back! How does that work?
With this knowledge, the investors would never have entered into transactions with BrokerXP. Now the only alternative left for the defrauded is to seek compensation for the loss. Many investors cannot even imagine that there is a real chance of ever seeing their money again. Clearly yes! There are numerous legal bases to fall back on. The generic term is "money laundering". When investment fraudsters collect money, the offence of money laundering has been committed. Financial institutions are obliged to take action against money laundering. This is where one starts with good chances of success. Relevant questions have to be answered first. Where have the funds embezzled by BrokerXP been taken to? Is there a possibility that the aggrieved investors get back their money invested with BrokerXP? What steps are required now? You can get the answers to these questions from a lawyer who specialises in investment fraud.
BrokerXP: Who can help?
What to do in case of investment fraud? What kind of investment fraud help can BrokerXP victims hope for? BrokerXP victims will ideally find the help they need from an experienced investment fraud attorney. He or she will be able to take care of your BrokerXP case both in terms of the criminal aspects of investment fraud, as well as the recovery of funds and possible claims for damages. A trading lawyer is also an option because he is also familiar with the methods of fraudulent brokers such as BrokerXP.
BrokerXP: Follow the money trail!
This kind of malpractice on the grey capital market has been pursued by the internationally active investor protection law firm Resch Rechtsanwälte for more than three decades. Accordingly, the BrokerXP way is nothing really new. In the course of time, Resch Rechtsanwälte have developed an effective equipment for tracking down the money that has been withdrawn and tracing the money flows. In times of the Internet, it is becoming increasingly difficult to make funds really disappear. The more swiftly investors follow the money trail, the greater the chances that they will get back the capital they have invested. It is important now that those harmed by BrokerXP take action immediately.
RESCH Rechtsanwälte - Experience in investor protection since 1986
If you have been a victim of BrokerXP and want to know if and how you can get your money back, call +49 30 885 9770 or fill out the questionnaire. You will receive a free assessment of your case.
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