Green Blacklist: Three Cannabis CFD brokers banned in Germany

The Forex industry is no stranger to scammers and fraudulent schemes that target users from around the world. The preposterous means by which they achieve their goals are all colors of a very vibrant rainbow that seems unceasing to grow. The next big thing for three German shady broker- Cannabis Software, Cannabis Millionaire and Weed Millionaire- is, as the names suggest, cannabis.

Users have been warned about the activities of these three illicit brokers which are now blacklisted by Germany’s Federal Financial Supervisory Authority (BaFin).

Cannabis Software offers users a proprietary app that allows for automated and manual trading in stocks of companies that use cannabis as their number one commodity. The aptly named Cannabis Stock Official App offers lucrative investing possibilities, and insists that a profit of $7 000 can be made each day. This is textbook scammer broker tactics: promises that are too good to be true. As of writing this article the Cannabis Software website is not functioning.

Cannabis Millionaire, on the other hand, uses another very common tactic to retain victims. It redirects users to a fake affiliate website relishing in cannabis, and declaring that the commodity will be the start of a new revolution. Essentially all of this acts as a portal to brokers that offer CFD and Forex trading opportunities, all of which are undisclosed and, without a doubt, unauthorized.

This scheme is rehashed with Weed Millionaire. Again, users are redirected to a portal website promising irrational profits, with the only difference that Weed Millionaire mainly advertises brokers that offer shares trading.

As the plant is pushed to be legalized in many western countries for recreational use, the opportunity to invest in cannabis related companies arises. This prospect is alluring to many traders since cannabis has always been a controversial topic, and as we know controversy breeds interest.