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German BaFin investigates Trade Center broker scam

BaFin warns against Trade Center broker scam
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The German regulator BaFin recently issued a warning against the illegally operating broker Trade Center a/k/a TradeCenter (www.tradecenter.fm) and announced investigations against the Estonian operator Promfix OÜ. Well, better late than never, right? Trade Center is an old scam; in February 2020, the Spanish CNMV issued an investor warning against it. But it is still active! As payment processors, we have found GCG Cashier as well as Netpay International via merchant Vekolle Limited.

Our review found that deposits are possible only via GCG Cashier (https://cashier.gcg.technology) and Netpay International via credit or debit card. Payment via crypto (BTC) was not possible. According to the Scam Broker Investigator, the Trade Center scam has been operating through Vekolle Limited, registered in the Marshall Islands, since April 2019. That is a long time in the fast-moving scammer scene.

Both the CNMV and BaFin have named Estonian Promfix OÜ as the operator of the scam. We suspect that the scam received deposits from victims via this company. The company was registered in March 2019, and Peter Nagy is its sole director.

On Trustpilot, Trade Center has a 1.9-star rating with a “Poor” trust level. The reviews of the customers or victims show that it is obviously a scam. However, people are still likely to fall for it. Stay far away from Trade Center and save yourself from losses, frustration, and misuse of your data.

If you have any information about Dsdaq and/or its operators please share it with our research team. You can use our whistleblower system for this purpose.

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