Russia’s commission for the regulation of relations on financial markets KROUFR said on Thursday it has received an increased number of complaints related to binary option trading in July 2016. The number of complaints against forex and binaries brokers the commission received in July slightly increased over the month to 27 in total, two of which were against KROUFR members.
The most common cause of complain that Russian traders have continues to be the inability to withdraw funds from their accounts. The commission also received in July complaints regarding incorrect handling of orders, incorrect trading recommendations, and loss of funds under trust management.
From those against brokers that are not members of KROUFR, five of the claims, or 20%, were resolved in favor of the client. In general, KROUFR does not consider claims against non-members, but instead it forwards them to the involved entities.
The list of brokers that are non-KRUFR members and against which the commission received complaints include four against EU Broker Age, two against GrandCapital, and one each against Trade12, Broker Way, KSF Trade, TouchTrades, Your Trade Choice, NAS Broker, Golia-R, MXTrade, XTrade, ForenX, ForexStart, Interactive Option, Fenix-Option, Binary Slot, Binary Uno, Binarium, Protraders.ltd, UK Markets Trader, SevenWays. Some of these have already been blacklisted by the commission -Protraders, MXTrade, EU Broker Age, Interactive Option, Golia-R, Your Trade Choice, KSF Trade, and the last one added was Broker Way.
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.