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Russia’s commission for the regulation of relations on financial markets KROUFR included on Tuesday local forex brokerage house Broker Way for fraudulent activities. The regulator said it has reliable information to consider the company ill-intentioned.
For one thing, the company has not provided clients access to their deposited funds, despite numerous requests on their part. Moreover, on its website (brokerway.ru) it has posted a fake KROUFR certificate, which, according to the commission is not an authentic one. Indeed, the company is not included in the regulator’s members list, where all certified entities are entered. The broker partners with introducing brokers (IBs), affiliates, and franchising representatives to offer its services.
Broker Way services novice and experienced traders alike via the trading platforms Trading Station, Mirror Trader, and its proprietary BW Trader. It offers four types of trading accounts with different minimum deposit – Standard ($500), Professional ($5,000), VIP Trader ($25,000), and Prime ($100,000).
KROUFR regularly expands its black list of companies that have or could potentially harm Russian investors. The list has grown to a total of 26 blacklisted companies. The regulator also published monthly statistics on the number and types of complaints it receives from investors. Following is the updated KROUFR balck list:
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.
We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.
Source: KROUFR