Abstract:In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that Forbschain, domiciled in Luxembourg, has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin.
The information provided on the website operated by Forbschain, forbschain.com, and the information and documents available to BaFin give reasonable grounds to suspect that the company is conducting banking business/providing financial services in the Federal Republic of Germany without the required authorisation.
Under the KWG, authorisation is required in order to conduct banking business or provide financial services in Germany. However, some companies operate without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFins database of companies.
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.

XTB, a United Kingdom-based forex broker, has drawn significant traction on broker review platforms such as WikIFX. Users keep sharing their unfortunate stories concerning the loss of funds as the broker allegedly denied their withdrawal claims. The latest scam allegation surfaced as early as a day before writing this XTB review article. It shares users’ perspectives of the problems encountered due to this alleged trading activity. But before that, we will go through a summary of its trading products and other details. Let’s investigate the brokerage entity comprehensively with us.

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