BaFin Warns Consumers About Unauthorized Trading Platforms

BaFin News

Published October 30th, 2025

Detected March 13th, 2026

Summary

BaFin has issued a warning to consumers regarding a series of unauthorized trading 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.

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What changed

The German Federal Financial Supervisory Authority (BaFin) has issued a consumer warning concerning a group of nearly identical websites offering financial services. BaFin has identified several specific websites (migconsults(.)de, ito-consults(.)com, gmdfunds(.)com, nordgg(.)com, kronbergpartners(.)com) that are allegedly conducting banking business and/or providing financial services without the required authorization. These operators are not supervised by BaFin, and offering such services in Germany necessitates explicit authorization.

Consumers and potential investors are strongly advised to exercise extreme caution and verify any company's authorization status through BaFin's official database before engaging in financial transactions. This warning is issued under Section 37 (4) of the German Banking Act (KWG). While no specific compliance deadline is mentioned for regulated entities, the implication is that unauthorized operations must cease immediately. Failure to comply with authorization requirements can lead to supervisory actions by BaFin.

What to do next

Verify the authorization status of any financial service provider through BaFin's database before engaging.
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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