Do not invest more money than you can afford to lose.
Russia’s commission for the regulation of relations on financial markets KROUFR said on Thursday it received 21 complaints from customers of financial entities in Russia. This number is the second lowest in the commission’s history after September 2015, when it received 20 complaints.
Of the total received complaints, just 10 were against KROUFR members – eight against TeleTrade, and one each against ForexClub and FreshForex. The claims against TeleTrade were rejected and the other two were settled with the clients without the intervention of KROUFR’s Arbitration Commission.
The remaining 11 complaints, mainly in regard to non-payment, were addressed towards 10 non-members of the Russian commission. These were forex brokers bforex, Instaforex, Grand Capital, EU Broker Age, LiteForex, FOREX MMCIS group, and Your Trade Choice, in addition to binary options brokers TitanTrade, Binary Slot, Daily-Trades. These claims were not considered by the KROUFR, but forwarded to the entities, instead, since the brokers are not members of the commission.
A couple of weeks ago, KROUFT blacklisted EU Broker Age for acting suspicious and presenting a fake KROUFR certificate. Meanwhile, FOREX MMCIS group has posted on its website that it has gone out of business “due to the fact that the company ran out of resources for technical provision of its work.”
KROUFR members | |||
Broker | Number of complaints | Complaint concerning | Complaint status |
| TeleTrade | 3 | Trust management | Claims are rejected |
3 | A complaint | ||
2 | Bonus funds | ||
ForexClub | 1 | Execution of warrant | Claim is settled |
FreshForex | 1 | Canceled Trading | Claim is settled |
KROUFR non-members | |||
Broker | Number of complaints | Type of complaint | Complaint status |
TitanTrade | 1 | Problems with payments | Claim is not considered |
Bforex | 1 | Financial fraud | Claim is not considered |
Binary Slot | 1 | Problems with payments | Claim is not considered |
Your Trade Choice | 1 | Problems with payments | Claim is not considered |
Instaforex | 1 | Bonus funds | Claims are not considered |
1 | Canceled Trading | ||
Grand Capital | 1 | Third-parties access to account | Claim is not considered |
Daily-Trades | 1 | Problems with payments | Claim is not considered |
EU Broker Age | 1 | Problems with payments | Claim is not considered |
FOREX MMCIS group | 1 | Problems with payments | Claim is not considered |
LiteForex | 1 | Execution of warrant | Claim is not considered |
KROUFR, set up in 2006, is a non-profit organization that aims to develop services and regulate the relationship between Russian participants of global financial markets, forex included. It provides mediation services in case of dispute between its members and their clients. Its members include online brokers TeleTrade, FreshForex, Forex Club, and Larson&Holz.
Source: KROUFR
