BoerseFX is an unregistered forex and CFD broker claiming to operate out of Frankfurt, Germany. Their services are available exclusively in German. Any broker in Germany must register with the German regulator, BaFin. The broker holds no such registration and also is not registered with any other regulator. The UK’s FCA has issued a specific warning against this broker, stating that they are claiming the details of a legitimate broker to trick investors into believing that they have a registration with the FCA.
Spurious Claims of Advanced Automatic Trading
Even if the FCA hadn’t revealed BoerseFX to be a clone firm, there are also other troubling signs. One of their big selling points is its automated trading system. They say that their users receive access to their bot system that will trade for them. These automated trading systems are a standard sales pitch from shady brokers, and they never work. They claim that their bot system gives an average return of 16 to 24 percent. It seems strange that the people behind such a marvel of financial computing would have to pretend to be another broker to get clients.
BoerseFX Operating as Clone Firm
On June 24th, 2020, the FCA issued a warning against doing business with BoerseFX. Their statement says that the broker is operating as a clone firm. Clone firms pretend to be other firms to appear to be registered. This often entails taking the same name as a legitimate broker but can also take the form of copying their firm reference number. This number will lead investors to believe that the broker has a current registration with a regulatory body.
In addition, the FCA says that BoerseFX is a clone of the legitimate FCA-registered broker Leucadia Investment Management Limited. The regulator states that this broker has no association with BoerseFX whatsoever. Leucadia Investment Management Limited is based in London, while BoerseFX claims to have headquarters in Frankfurt. The FCA strongly warns against investing with this broker. The Italian regulator, CONSOB, also issued a similar warning.
Let Us Help You Track Down This Unregistered Broker
In conclusion, we very strongly recommend you do not put a deposit down with BoerseFX. The warnings from the FCA and CONSOB are extremely clear; you should not do business with this broker. If it’s too late and you’ve already put your deposit down with a broker and can’t retrieve it, you can contact us today to start the refund process. Our team knows just how to deal with shady brokers, and our initial consultation is completely free.