Caution Investors Seidel Finance – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Seidel Finance purports to be a reputable online investment company, offering a diverse array of financial products and services, including portfolio management, stocks, bonds, commodities, cryptocurrencies, and more. They claim to maintain offices in London and New York while touting regulatory oversight from multiple authorities. However, in this comprehensive review, we’ll delve into the truth behind Seidel Finance’s operations and assess whether it stands as a trustworthy broker or a potential scam.
Regulation and Compliance: BaFin Raises a Red Flag
A critical aspect when considering an online broker is its regulatory status, ensuring your investments are safeguarded. Seidel Finance asserts it falls under the purview of the Financial Conduct Authority (FCA) in the UK, the Securities and Exchange Commission (SEC) in the US, and the Cyprus Securities and Exchange Commission (CySEC) in the EU. Nevertheless, none of these regulatory bodies have any record of Seidel Finance or its owners. Additionally, the German Federal Financial Supervisory Authority (BaFin) has issued a warning against Seidel Finance for breaching the prospectus requirement and making unauthorized public offerings of Ecological Technologies Ltd. shares. BaFin has further prohibited Seidel Finance from offering any securities or financial services in Germany.
To ascertain the reliability of an online broker, it’s crucial to explore customer reviews and feedback. These insights can shed light on the quality of their services, platforms, customer support, and overall experiences. Unfortunately, Seidel Finance has garnered sparse online reviews, the majority of which are unfavorable. Numerous customers have reported being victims of scams, losing their hard-earned money, and facing difficulties in withdrawing funds or establishing contact with Seidel Finance representatives. There have also been accounts of customers receiving persistent phone calls and emails from Seidel Finance agents, pressuring them to invest more capital or pay additional fees.
Products and Services
Seidel Finance boasts an extensive portfolio of financial products and services catering to investors of all levels and preferences. This includes portfolio management, stocks, bonds, commodities, cryptocurrencies, indices, futures, options, and more. However, there’s a conspicuous absence of evidence supporting the provision of these offerings. The company’s website lacks essential information concerning trading platforms, fees, spreads, leverage, margin requirements, or execution policies. Moreover, it fails to provide customers with educational resources, market analysis, or essential trading tools.
While Seidel Finance asserts the existence of offices in London and New York, it is revealed that these are virtual offices available for rent to anyone. The company lacks a physical presence and the necessary licensing to operate in these locations. Furthermore, Seidel Finance refrains from disclosing its actual base of operations and the whereabouts of customers’ funds.
Seidel Finance claims to provide professional and responsive customer support, with round-the-clock availability through phone and email. Unfortunately, the phone numbers and email addresses supplied by the company remain unanswered, with no replies from any Seidel Finance representatives. Numerous customers have shared their frustration at being unable to reach the company after making deposits or requesting withdrawals.
After thorough research and analysis, it is our unequivocal conclusion that Seidel Finance does not pass muster as a legitimate broker but rather presents itself as a potential scam. The company lacks any form of regulation, transparency, reputation, products, services, a verifiable location, and effective customer support. With a warning and ban from BaFin for unauthorized securities offerings, we strongly advise steering clear of Seidel Finance and reporting any negative experiences to your local authorities if you have fallen victim to their practices. Your financial security and peace of mind are paramount, and Seidel Finance appears to fall short on both fronts.