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The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website softwaretrading.net. According to information available to BaFin, the operator is providing financial and investment services on this website without the required authorisation.
When conducting these activities on the website, the operator uses the name ST-Management, and there is no information regarding its legal form. The operator names the companies RoboForex and Mag Markets as its partners. According to the legal notice on the website softwaretrading.net, Mag Markets is a brand of the company MAGMARKETS LLC, St. Vincent and the Grenadines.
BaFin would like to clarify that there is no business relationship between the Cypriot investment firm Robomarkets Ltd., which is registered with BaFin, and the company RoboForex or the operator of the website softwaretrading.net.
The operators use the corporate logo of Robomarkets Ltd., leading investors to believe that there is a business relationship between the aforementioned companies. This is a case of identity theft committed against the investment firm Robomarkets Ltd.
Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
