An unregulated broker is a provider offering banking business or financial services in Germany without the authorisation required under § 32 KWG. Operating without that licence is unlawful regardless of how professional the platform appears or which foreign registration it cites.
Beware of clone firms in particular: fraudsters copy the name and registration number of a genuinely licensed company and change only the domain and contact details, so the register entry they point to is real but belongs to someone else.
Why it matters to you
The missing licence is both a warning sign and a legal lever. Because the licensing requirement exists to protect investors, its breach can found claims for damages under § 823(2) BGB — potentially against the people acting behind the company. Our broker fraud page explains how that works in practice.
Pig butchering
A scam combining weeks of trust-building with fake crypto investments. Definition, typical sequence and help for victims.
Ponzi scheme
An arrangement funding payouts from the deposits of new investors, which collapses inevitably — features and legal position.
Recovery scam
A follow-up fraud in which supposed recovery services promise defrauded victims their money back against advance payment.