BaFin Warns Consumers About Unauthorized 'Smarter trading' Platforms

BaFin News & Warnings

Published October 30th, 2025

Detected March 16th, 2026

Summary

BaFin has issued a warning to consumers regarding a series of unauthorized online platforms operating under the slogan 'Smarter trading with zero spreads.' These platforms are suspected of conducting banking business and/or providing financial services without the necessary authorization from BaFin, posing a risk to consumers.

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What changed

The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning concerning multiple websites, including migconsults(.)de, ito-consults(.)com, gmdfunds(.)com, nordgg(.)com, and kronbergpartners(.)com. BaFin has identified these platforms as potentially conducting banking business and/or providing financial services without the required authorization, meaning they are not supervised by BaFin. This action is taken under Section 37 (4) of the German Banking Act (KWG).

Consumers are advised to be cautious of these platforms, as they are operating without regulatory oversight in Germany. BaFin provides a database of authorized companies for consumers to verify legitimacy. This warning serves to alert the public to potential financial fraud and unauthorized financial activities, emphasizing the importance of dealing only with authorized and supervised entities to protect investments.

What to do next

Consumers should verify company authorization via BaFin's database before engaging in financial transactions.
Report any suspected unauthorized financial activities to BaFin's whistleblower contact point.

Source document (simplified)

Erscheinung: 13.03.2026 | Topic Unauthorised business, Consumer protection BaFin warns consumers about the series of platforms with the slogan “Smarter trading with zero spreads”

The Federal Financial Supervisory Authority (BaFin) warns consumers about a series of almost identical websites. According to information available to BaFin, the operators use these websites to conduct banking business and/or provide financial services without the required authorisation. The operators of the websites are not supervised by BaFin.

To date, BaFin has become aware of the following websites in this regard:

migconsults(.)de
ito-consults(.)com
gmdfunds(.)com
nordgg(.)com
kronbergpartners(.)com Banking business, financial services and cryptoasset services may only be offered in Germany with authorisation from BaFin. 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.

BaFin is issuing this warning on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

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