Switzerland’s Financial Market Supervisory Authority (FINMA) listed XMarkets on its public warning list on 31 January 2019. The entry concerns the website www.xmarkets.com and says the provider was not entered in the commercial register.
That wording matters. FINMA’s entry warned about a provider associated with possible unauthorised financial-market activity; it did not itself declare XMarkets a scam, publish a fraud conviction, or identify a corporate operator by name.
What FINMA’s XMarkets warning says
FINMA’s official warning-list entry contains only limited identifying information:
| Field | Information in the FINMA entry |
|---|---|
| Name | XMarkets |
| Date | 31 January 2019 |
| Website | www.xmarkets.com |
| Domicile | Not provided |
| Address | Not provided |
| Commercial register | Not entered in the commercial register |
| Remarks | None listed |
The entry does not name Celestial Trading Ltd., SG Innovation Ltd, or any other company. It identifies the provider by the XMarkets brand and website only.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errors#1 Best Overall
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
FINMA’s warning list covers companies and individuals suspected of carrying out financial-market activities without the required authorisation and who are not supervised by FINMA. The regulator also explains that inclusion on the list does not automatically prove that a provider’s activities are illegal. A warning-list entry is not the same as a final enforcement ruling under Article 34 of the Swiss Financial Market Supervision Act.
What the warning means for a potential customer
For a consumer, the practical message is straightforward: do not assume that XMarkets was authorised to provide investment or trading services in Switzerland. A provider appearing on FINMA’s warning list warrants additional caution before you send money, upload identity documents, or grant access to a bank account or payment card.
The entry also leaves important questions unanswered. FINMA did not state on that page:
- which legal entity operated the website;
- where the operator was based;
- how much money customers deposited;
- whether customers were defrauded;
- or whether a court had made a finding of fraud.
Those omissions do not turn the warning into a clean bill of health. They mean that the warning should be described accurately: FINMA associated XMarkets with possible unauthorised financial-market activity, rather than issuing a final finding that the brand was a scam.
Free tools Windows power users keep installed
One-click scans. No signup required.
Rank #2
- Proven security at scale: Over 9 years and millions of cards issued with no known remote hacks, while military‑grade EAL6+ security keeps your private keys locked inside the chip. Your cryptocurrencies stay strongly protected from online attackers.
- Tap once to manage your entire crypto wallet across 90 blockchains - no USB cables or Bluetooth, no batteries, no setup. Access 14,100+ coins & tokens, DeFi, NFTs, and staking instantly from your phone
- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
- Engineered to last up to 25 years: Waterproof (IP69K), shockproof and tested for extreme temperatures from −25°C to 50°C. A durable cold wallet with long‑term protection and independently audited security.
- Trusted by 6 million users worldwide (4.9 App Store, 4.8 Google Play) - buy, sell, swap, stake, and spend cryptocurrency directly. The secure offline storage wallet designed for how people actually use crypto wallets
Separate warnings from other regulators
Other regulators published records concerning the XMarkets website or entities associated with it. These records are relevant, but they are separate from FINMA’s entry and should not be presented as information that FINMA itself published.
| Regulator | Date | What the record said |
|---|---|---|
| UK Financial Conduct Authority (FCA) | 15 February 2018 | Warned about XMarkets.com, stating that the firm was not authorised by the FCA and appeared to be targeting people in the UK. |
| Austrian Financial Market Authority (FMA) | 6 April 2018 | Named SG Innovation Ltd (XMarkets.com), with an address in Majuro, Marshall Islands, and said it was not entitled to provide certain investment or banking services in Austria requiring a licence. |
| Germany’s BaFin | July 2018 BaFin Journal | Reported that Celestial Trading Ltd. operated the XMarkets platform and offered forex trading accounts through www.xmarkets.com without the required authorisation under section 32 of the German Banking Act. |
These regulatory records help explain why the website attracted attention in several countries. They do not, however, establish that the FINMA page identified Celestial Trading Ltd. as XMarkets’ operator. That attribution comes from BaFin’s material, while the Austrian warning referred to SG Innovation Ltd.
XMarkets was not Deutsche Bank’s x-markets
The XMarkets website was unrelated to Deutsche Bank’s “x-markets” brand. BaFin specifically distinguished the unauthorised XMarkets platform from Deutsche Bank AG’s separate service.
The similar names could cause confusion, particularly in search results or marketing material. A reference to x-markets in connection with Deutsche Bank should not be treated as evidence that Deutsche Bank operated or endorsed XMarkets.com.
Crashes, No Sound, or Screen Glitches?
Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minutePC Slower Than It Used to Be?
A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Rank #3
- Unparalleled Security: Protect your assets NDA-free EAL 6+ Secure Element, offering robust defense and complete transparency
- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Rest assured with Multi-share Backup, eliminating single points of failure for secure cold wallet recovery
Is the warning recent?
No. The FINMA entry is dated 31 January 2019. A warning page remaining available on FINMA’s website does not make it a new warning issued in 2026 or another later year.
News reports and review pages should therefore avoid describing this as a “recent” FINMA action unless they clearly explain that they are referring to an older entry. The date is particularly important for anyone assessing the historical record of the website or trying to determine what happened to a past investment.
What to do if you paid XMarkets
If you deposited money with XMarkets or provided personal information to someone claiming to represent it, take practical steps rather than relying on the warning page alone:
- Stop sending money. Do not pay a supposed withdrawal fee, tax, verification charge, or account-unlocking fee without independently verifying the recipient and legal basis.
- Contact your bank or card issuer. Ask whether a card payment can be disputed or whether a transfer recall, fraud report, or payment freeze is possible. Speed matters, especially for card and bank-transfer disputes.
- Secure your accounts. Change passwords that were shared with the platform or reused elsewhere. Turn on multi-factor authentication and check for new payees, unfamiliar devices, and unauthorised transactions.
- Preserve evidence. Save account statements, payment confirmations, emails, chat logs, phone numbers, wallet addresses, website screenshots, contracts, and withdrawal requests. Keep the original files where possible.
- Report the matter locally. Contact your national financial regulator and police or cybercrime reporting service. A regulator’s warning does not replace an individual complaint or guarantee recovery of funds.
- Be wary of recovery scams. Fraudsters sometimes contact previous victims while claiming to be lawyers, regulators, investigators, or asset-recovery firms. Never pay an upfront fee merely because someone promises to recover the money.
How to check a financial provider
Before opening an account with an online broker, forex platform, or investment service, check the regulator for the country where the provider claims to operate. Search both the warning list and the regulator’s register of authorised firms.
Recommended Free Tools
Rank #4
- Unparalleled Security: Protect your assets with EAL 6+ Secure Element, offering robust defense and complete transparency
- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Multi-share Backup eliminates single points of failure for secure cold wallet recovery
Do not treat the absence of a warning as proof of authorisation. FINMA says its warning list is not exhaustive and is not updated daily. The more relevant question is whether the exact legal entity, trading name, domain, and contact details appear in the regulator’s register with permission for the specific service being offered.
Be particularly cautious when a website:
- does not clearly identify its legal entity and physical address;
- promises unusually high or guaranteed returns;
- pressures you to deposit immediately;
- requests payment to a personal account or unrelated company;
- makes withdrawals conditional on extra deposits;
- uses a brand name similar to a well-known financial institution; or
- claims that regulation in one country automatically permits it to serve customers everywhere.
Bottom line
FINMA placed XMarkets on its warning list on 31 January 2019. The entry named the brand and www.xmarkets.com, provided no domicile or address, and stated that the provider was not entered in the commercial register.
The accurate conclusion is that FINMA warned about possible unauthorised financial-market activity. Its entry was not, by itself, a final ruling that XMarkets committed fraud or was legally established to be a scam. Separate warnings from the FCA, Austria’s FMA, and Germany’s BaFin associated the website with entities including SG Innovation Ltd and Celestial Trading Ltd. BaFin also made clear that the platform had no connection with Deutsche Bank’s separate x-markets brand.
FAQ
Did FINMA declare XMarkets a scam?
No. FINMA listed XMarkets as a provider associated with possible unauthorised financial-market activity. The entry did not itself make a final finding of fraud or call the provider a scam.
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Best Value
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
- Protect your signer: keep it in mint condition at all times with a bespoke Pod or Case to avoid scratches and everyday wear and tear.
When did FINMA warn about XMarkets?
The official FINMA warning-list entry is dated 31 January 2019. Its continued availability does not make it a newly issued warning.
Did FINMA identify Celestial Trading Ltd. as XMarkets’ operator?
No. The FINMA entry names only XMarkets and www.xmarkets.com. BaFin’s separate material identified Celestial Trading Ltd. as the operator of the platform.
Was XMarkets connected to Deutsche Bank?
No. BaFin expressly stated that the XMarkets platform was unrelated to Deutsche Bank AG’s separate “x-markets” brand.
Does being absent from FINMA’s warning list prove that a broker is authorised?
No. FINMA says its warning list is not exhaustive and is not updated daily. Check the regulator’s separate register of supervised or authorised institutions.
What should I do if I lost money with XMarkets?
Stop sending funds, contact your bank or card issuer promptly about possible recovery or disputes, secure reused passwords, preserve all evidence, and report the matter to the relevant regulator and law-enforcement agency. Be cautious of people offering recovery services for an upfront fee.
The Bottom Line
Bottom line: FINMA’s 31 January 2019 listing is a serious authorisation warning, not a published fraud conviction. XMarkets was not identified as Deutsche Bank’s x-markets service, and the FINMA entry itself did not name Celestial Trading Ltd. as the operator.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
