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Forex broker TouchTrades has made its way to the blacklist of Russia’s commission for the regulation of relations on financial markets KROUFR, the regulator said on Tuesday. The regulator has received a number of complaints from the broker’s clients regarding issues related to the withdrawal of funds.
The regulator provided no other details.
UK-based TouchTrades offers a full set of online forex services and trading in currencies, indices, commodities and share contracts for difference (CFDs) . Its clients can choose between three account types – Micro with a minimum deposit of $200, Standard with a minimum deposit of $2,500, or VIP with a deposit requirement of at least $10,000. The broker provides no information regarding regulation or licensing.
As a result of the new inclusion, the number of brokers that have been blacklisted by KROUFR reached 28 in total. KROUFR regularly expands its black list of companies that have or could potentially harm Russian investors. The regulator also published monthly statistics on the number and types of complaints it receives from investors.
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.