The German Federal Financial Supervisory Authority (BaFin) has issued a warning to consumers regarding the nltrade.io website. According to information held by BaFin, the website operator conducted banking business and provided financial and investment services on the website without obtaining the necessary authorization.
The website operator calls itself "NL Trade" or "NL Trading" without any information about its legal form. There is also no legal statement or information on the site regarding the operator's registered office or business address. Legal documents on the website refer to the laws of Estonia and the laws of Saint Vincent and the Grenadines.
It’s worth noting that all legal documents on the website list “Mainrow” as the operator, not “NL Trade” or “NL Trading”. According to information in BaFin’s possession, the now-defunct website mainrow.co has been fully copied and moved to nltrade.io.
Any company that conducts banking business or provides financial or investment services in Germany must be authorized by BaFin. However, some companies provide these services without obtaining the necessary authorization. Information on whether a specific company is authorized by BaFin can be found in BaFin’s company database.
