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Russia’s commission for the regulation of relations on financial markets KROUFR said on Wednesday it received 29 complaints in June 2016, of which only three were against broker-members. All three cases were closed in favor of clients.
The number of complaints against non-KROUFR members was 26 in June and those that were solved in favor of clients were seven. The commission noted that it received fast response and full cooperation from forex brokers InstaForex, Larson&Holz, FXFinance-pro, and ForenX, although they are not its members. In general, KROUFR does not consider claims against non-members, but instead it forwards them to the involved entities.
In comparison, a month earlier the commission received 29 complaints against brokers, all of which were against non-members of KROUFR.
As usual, among the main reasons why investors decided to contact the KROUFR were in relation to the inability to withdraw their funds, false trading recommendations, bonuses or lost funds.
June brought many changes, including regulatory amendments in Russia and the UK’s decision to exit the EU. This all, coupled with brokers’ aggressive marketing approaches, presented many high-risk opportunities that resulted in losses for many investors, according to the commission.
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 and binary options included. It provides mediation services in case of disputes between its members and their clients. Its members are online brokers TeleTrade, FreshForex, Forex Club, and Vertical Markets, as well as trading platform UTIP.