Do not invest more money than you can afford to lose.
Russia’s KROUFR, the self-regulatory organization (SRO) of the forex brokers operating in the country has added the YouTradeFX forex broker to its blacklist.
According to the publication on the SRO’s website, it has many facts about dishonest activities of the forex broker. Furthermore, it claims to have a license № C110008678 FSC Mauritius from the Financial Services Commission of island of Mauritius. This, however, has been denied by a representative of the regulator. Furthermore, YouTradeFX mentions it has a license from the British FSA (Financial Services Authority). It, however, does not regulate forex brokers since 2013, when this function was taken over by the Financial Conduct Authority (FCA).
YouTradeFX, whose site is currently only in German, is not present in the rankings of the largest forex brokers operating in Russia in 2015, so there is no obvious connection.
According to media reports, however, the site previous had versions in several other languages, including Russian and perhaps the broker had some Russian clients.
The broker offers trading in forex and CFDs on the MetaTrader 4, Sirix Web Trader and MirrorTrader platforms.
Earlier this month KROUFR blacklisted the offshore forex broker Titanium Investment Company and reported that it did not receive any complaints in May.
