FXT Brokers, 365 Road Avenue, London NW8 6LS
Warning from the Financial Market Authority in Austria regarding FXT Brokers
The Austrian Financial Market Authority (FMA) can inform the public in accordance with Section 4 (7) of the Banking Act that a named natural or legal person is not authorized to carry out certain banking transactions (Section 1 (1) BWG), provided that this person has given cause and information the public is necessary and proportionate to possible disadvantages for the person concerned.
With an announcement in the official gazette of the Wiener Zeitung on January 21, 2021, the FMA therefore notifies that
FXT Brokers (Investor warning in Austria)
Address: (alleged Headquarters): 365 Road Avenue, London NW8 6LS, England ; Bahnhofstrasse 100, Zurich 8001, Switzerland
Telephone: +442038856546, +41445514196, +34951820079
Email: support[@]fxtbrokers.com; compliance[@]fxtbrokers.com; vip[@]fxtbrokers.com
Website: https://www.fxtbrokers.com
is not authorized to conduct banking business in Austria that requires a license. The provider is therefore not permitted to conduct commercial trade on his own account or on behalf of a third party (Section 1 (1) no.7 BWG).
Method of the FXT Brokers, various consultants involved
FXT Brokers trading platform for cryptocurrencies, CDF system
The FXT Brokers is said to be a new trading platform for cryptocurrencies, which is to be based on the CDF system (Contracts for Difference). Mainly „trading newbies“ are addressed by the FXT Brokers. A free account is offered as well as a demo mode where you can apparently test everything before you start „trading“. The first contact is made via e-mail or telephone. If you want to close your account due to a high loss of money, for example, the responsible analyst will try and change your mind with seemingly reputable informations and arguments. For English speakers, the most frequent contact is often with „Simon Cole“ and „Daniel Alford“.
According to the information provided by FXT Broker, the website is owned and operated by FXT Brokers with the registered address Bahnhofstrasse 100, Zürich 8001, Switzerland. However, as is often the case, the registrars of the website are hidden via „privacy providers“ such as WhoisGuard:
Domain name: fxtbrokers.com
Registry Domain ID: 2549873027_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.namecheap.com
Updated Date: 0001-01-01T00:00:00.00Z
Creation Date: 2020-07-31T11:47:24.00Z
Registrar Registration Expiration Date: 2021-07-31T11:47:24.00Z
Registrar: NAMECHEAP INC
Registrar IANA ID: 1068
Registrar Abuse Contact Email:
Registrar Abuse Contact Phone: +1.6613102107
Reseller: NAMECHEAP INC
Registry Registrant ID:
Registrant Name: WhoisGuard Protected
Registrant Organization: WhoisGuard, Inc.
Registrant Street: P.O. Box 0823-03411
Registrant City: Panama
Registrant State/Province: Panama
Registrant Postal Code:
Registrant Country: PA
Registrant Phone: +507.8365503
Registrant Phone Ext:
Registrant Fax: +51.17057182
Financial products offered by the company include Contracts for Difference (CFDs) and other complex financial products. Trading CDFs carries a risk as leverage can be both beneficial and disadvantageous. As a result, FXT Brokers CFDs may not be suitable for all investors as all of the capital invested may be lost.
It has also already been reported that FXT Brokers call people, which then refused to use the platform and FXT Brokers then harassed them for months with calls from over 20 different telephone numbers. In addition to that, other clients wanted to delete the account they had created themselves, whereupon their own password was no longer accepted.
In the course of the transactions, a relationship of trust is established through various measures and various „trading offers“ are proposed and discussed in detail and the customer is „advised“ by apparent specialists. Corresponding profits are then apparently booked in the deposit. After the first transaction, the account balance is often doubled in order to convince the client of their trading platform and to direct them to further, higher transactions.
Cryptically formulated risk information and loss information on the website and the terms and conditions as a typical approach
Typical for these as well as many other so-called „brokers“ is the website of an apparently extremely successful company, which on the one hand stands for massive profits and on the other hand is combined with cryptic references to risk and loss of capital. Unfortuantely, this method of the providers often has the consequence that initiated criminal proceedings are often incorrectly terminated with the reference to this risk information and thus the apparent lack of fraudulent intent. Such companies also make it a rule in extrajudicial negotiations to make references to these mostly illegal informations and terms of conditions, which, however, are usually always in extreme contradiction to European and Austrian consumer protection regulations and other provisions of, among other things, securities trading etc.
Recommended procedure before concluding a contract
If you are not 100% sure about the seriousness of such providers, you should conduct intensive research before contacting such trading platforms and take specialist advice from consumer protection organizations or sepcialized lawyers in advance. Potential customers should keep in mind that much of the information that is easily accessible and available on the internet has not been checked or verifide and therefore it cannot be ensured that experience reports or information actually come from reputable sources and correspond to the truth.
Procedure after the conclusion of the contract and after a transfer / after losses
Our law firm regularly handles national and international criminal and fraud cases and has already succesfully supported a large number of clients in civil and criminal law. When it comes to securing assets and freezing accounts, it is recommended that you seek help as soon as possible.
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