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Russia’s commission for the regulation of relations on financial markets KROUFR issued over the weekend another statement with listed forex and binary option brokers that are potential candidates for entering its black list of companies that could harm investors.
The commission intends to blacklist the following entities: Binary Slot, SevenWays, TouchTrades, Forman Solutions S.A.- PRO-FOREX, G.E.B. Global Equity Brokers Ltd., Trading View, GLB Market, and Alforex.
KROUFR also added to the list six other entities that it said in mid-September are on their way to make it to the black list. These are Trade12, Dragon Options, Allday Option, Daily Trades, TurboForex, and Binex.
The commission has received a number of complaints against these brokers. In the past quarter, investors filed 138 complaints with KROUFR, the majority of which concerned their inability to withdraw funds from their accounts. Brokers often ignore customer claims and do not respond to their requests, KROUFR said.
KROUFR’s black list currently consists of 27 entities, 12 of which have ceased operations.
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.