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Germany’s BaFin did not issue its 2019 order against a company legally named XTraderFX. The regulator ordered GPay Ltd. to immediately stop its unauthorized cross-border investment-advice and proprietary-trading activities. XTraderFx was the trading brand and platform associated with that company.
The action followed warnings from the UK Financial Conduct Authority and came before GPay Ltd. was placed into compulsory liquidation and ultimately dissolved. Former customers who are trying to recover money should treat this as a historical unauthorized-firm case and act through their bank, card provider, insolvency records and law-enforcement channels—not by sending more money to anyone promising a guaranteed recovery.
What BaFin ordered
On February 26, 2019, BaFin ordered GPay Ltd., based in Slough, to immediately cease its cross-border investment-advice and proprietary-trading activities. The measure was published in the March 2019 BaFin Journal.
BaFin said the activities required authorization under Section 32(1) of the German Banking Act (KWG). According to the notice, the business involved commercial investment advice and proprietary trading without the required German authorization.
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The regulator identified the XTraderFx brand and listed these associated websites:
www.xtrader-fx.comwww.xtraderfx.comwww.xtraderfx.net
BaFin also said German customers were contacted by telephone using German and British numbers. The platform advertised contracts for difference, or CFDs, on cryptocurrencies, currencies, commodities, indices and equities.
XTraderFX and GPay Ltd. were not separate operators
The corporate identity matters when checking warnings, filing a complaint or tracing an insolvency process. The FCA identified the legal entity as Gpay Limited, also styled GPAY LTD, company number 10938332. Its address in the FCA warnings was 18 Stoke Road, Slough, SL2 5AG.
The company used more than one trading style, including Cryptopoint and XtraderFX. The FCA’s records therefore describe XtraderFX as “a trading style of Gpay Limited,” rather than as a separate incorporated broker.
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That distinction also prevents a common mistake: a BaFin notice against GPay Ltd. should not be rewritten as though BaFin had issued a standalone corporate ban against a company called XTraderFX. The brand was named in the notice, but the legal order was directed at GPay Ltd.
Regulatory timeline
| Date | Event |
|---|---|
| May 14, 2018 | The FCA warned against GPay Limited trading as Cryptopoint and listed XtraderFX among its trading styles. |
| July 6, 2018 | The FCA published a separate warning headed “Xtraderfx (a trading style of Gpay Limited),” stating that the firm was unauthorized and targeting UK consumers. |
| February 26, 2019 | BaFin ordered GPay Ltd. to stop its unauthorized cross-border investment advice and proprietary trading. |
| March 8, 2019 | BaFin’s measure appeared in the March issue of the BaFin Journal. |
| June 23, 2020 | The UK High Court commenced GPay Ltd.’s winding-up. |
| April 14, 2022 | Companies House recorded completion of the winding-up. |
| February 28, 2024 | GPay Ltd. was dissolved following liquidation. |
The company’s Companies House insolvency record and filing history document the later liquidation and dissolution.
How customers were reportedly approached
Financial Ombudsman Service decisions provide case-specific accounts of what some customers experienced. They do not establish that every customer had the same experience, but several decisions describe a similar progression: an online advertisement or form, a sales call, an initial deposit and later requests for substantially more money.
In decision DRN-3272166, a customer said he responded to a social-media advertisement that appeared to have a high-profile television endorsement. A representative then promoted the trading opportunity. The customer initially deposited a small amount and made some withdrawals before later being unable to withdraw funds or close the account. He eventually lost access to the trading account and could no longer contact XTraderFX.
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Another Ombudsman decision, DRN-4328476, records nine payments totaling approximately £33,000 between April and September 2018. The customer became concerned when the account balance fell to zero and the account manager stopped taking calls.
These cases illustrate why an early successful withdrawal does not prove that a platform is legitimate. Small withdrawals can occur before larger deposits are requested, while account displays and personal “account managers” may create the impression that funds remain under the customer’s control.
False endorsement claims
The UK Insolvency Service said, in court-related reporting summarized by MoneySavingExpert, that GPay marketed its platform using false claims of endorsement by high-profile entrepreneurs and Martin Lewis of MoneySavingExpert.
Customers should be especially wary of advertisements that use a familiar public figure, television program or news brand to promote a trading account. A recognizable name is not evidence that the person or organization reviewed, approved or received money from the broker. Check the regulator’s own website rather than clicking the advertisement’s links.
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What affected customers should do
GPay Ltd. has been dissolved, so contacting an old XTraderFX number or website is unlikely to resolve a claim. Former customers should preserve evidence and contact the relevant payment provider promptly.
- Stop all contact and payments. Do not pay “tax,” “release,” “verification,” “legal” or “recovery” fees to anyone claiming they can unlock the account.
- Collect the records. Save account statements, emails, chat logs, phone numbers, website addresses, payment confirmations, card statements, bank transfers, screenshots and identity documents that were submitted. Keep the originals where possible.
- Contact the bank or card issuer. Ask whether a card dispute, chargeback, bank-transfer recall or other payment investigation is available. Give the exact dates, amounts and merchant names. A chargeback is not automatic and deadlines and scheme rules vary.
- Explain the real issue. State whether the problem was unauthorized trading, misrepresentation, inability to withdraw, a card transaction dispute or a bank-transfer scam. Do not describe a transaction as unauthorized if you personally approved it; explain instead what was represented and what happened afterward.
- Ask for a written decision. If the bank refuses the claim, request its reasons and the applicable deadline for making a formal complaint. In the UK, an eligible complaint may be taken to the Financial Ombudsman Service after the firm’s final response or the relevant waiting period, although that process is against the payment provider—not a guarantee of compensation from XTraderFX.
- Report the conduct. Report the matter to the relevant national regulator, police or fraud-reporting service. Reports may help identify related websites and recovery scams even when they do not produce an immediate refund.
- Secure your accounts. Change passwords reused on the platform, enable two-factor authentication, monitor bank and card accounts, and contact the bank immediately if identity documents or remote-access software were provided.
One Financial Ombudsman decision, DRN-3077317, records a customer whose bank attempted chargebacks after withdrawals stopped. The claims were defended by XTraderFX’s bank and the bank concluded it could not pursue them further. The decision also discusses limitations relevant to certain 2018 debit-card transactions and binary-options scheme rules. That result was specific to the transactions and payment method; it does not establish that every customer has no possible recovery route.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Important limits on the FCA warning
The FCA warned that customers dealing with the unauthorized firm would not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme in relation to that unauthorized firm, and that recovery was unlikely if things went wrong. That does not mean a customer can never complain about a separate bank or payment provider.
A complaint against a bank concerns the bank’s own handling of a payment, fraud report or chargeback request. It is legally and practically different from compensation paid by the broker. The outcome depends on the payment method, authorization, timing, evidence and the provider’s obligations.
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Claims that should be stated accurately
- Accurate: BaFin ordered GPay Ltd., associated with the XTraderFx brand, to stop unauthorized cross-border investment advice and proprietary trading in Germany.
- Too broad: “BaFin banned XTraderFX from all operations.” The published measure concerned specified activities, not every possible operation.
- Incorrect identity: Setonix Holding LTD was not the operator identified in BaFin’s XTraderFx entry. The same BaFin Journal separately discussed Setonix Holding LTD in connection with Obsbit.
- Outdated: “XTraderFX is still an active UK company.” The relevant legal entity, GPay Ltd., was dissolved on February 28, 2024.
- Misleading: “The FCA warning guarantees victims compensation.” It did not. Customers may have separate avenues involving their banks or payment providers, but no guaranteed refund follows from the warning.
FAQ
Did BaFin ban XTraderFX?
BaFin’s order was against GPay Ltd., the legal company associated with the XTraderFx brand. On February 26, 2019, BaFin ordered GPay Ltd. to immediately stop unauthorized cross-border investment advice and proprietary trading. Calling this a ban on a separately incorporated company named XTraderFX is imprecise.
Was XTraderFX regulated in Germany?
BaFin said GPay Ltd. lacked the authorization required under Section 32(1) of the German Banking Act for the activities it was conducting. The platform advertised CFDs on cryptocurrencies, currencies, commodities, indices and equities.
Is GPay Ltd. still operating?
No. Companies House records show that GPay Ltd., company number 10938332, entered compulsory liquidation, completed its winding-up and was dissolved on February 28, 2024.
Can former XTraderFX customers get their money back?
There is no general guarantee. Customers should contact their bank or card issuer, ask about chargeback or payment-recall options, preserve evidence and make a formal complaint if necessary. Any route depends on the payment method, transaction dates, evidence and applicable rules.
Should I pay a company that promises to recover my XTraderFX funds?
Be very cautious. Requests for upfront tax, release, legal or verification fees are common recovery-scam warning signs. Do not send additional money or provide remote access unless you have independently verified the provider and obtained regulated legal or financial advice.
The Bottom Line
BaFin’s verified action was against GPay Ltd., the company behind the XTraderFx trading brand—not against a separate company incorporated as XTraderFX. On February 26, 2019, BaFin ordered GPay Ltd. to stop unauthorized cross-border investment advice and proprietary trading. The platform had marketed CFDs on several asset classes to customers including Germans. GPay Ltd. was later liquidated and dissolved in the UK. Anyone affected should preserve every record, contact the payment provider promptly and avoid recovery offers that demand more money.
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