Russia’s KROUFR handles near record-low complaints in Mar 2016

Russia’s KROUFR handles near record-low complaints in Mar 2016

KROUFR complaints

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

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