Russia’s KROUFR says 80% of Sept claims against forex and binary option brokers concerned fund withdrawal

Do not invest more money than you can afford to lose.

Russia’s arbritary commission for the regulation of relations on financial markets KROUFR said on Wednesday it received in September 18 trader complaints against forex and binary options brokers, of which two concerned KROUFR members. Three of the claimes against non-members were resolved in favor of the client.

Full 80% of the received claims were associated with the withdrawal of funds. The rest of the problems that traders faced involved incorrect handling of orders and asset management, and questions about verification of personal data.

Following is a table with the claims the KROUFR received in September:

The regulator published several actual requests it received from traders. The data showed that some traders are blocked from their funds, contact their brokers in this matter, but brokers stop communication with clients once they receive a deposit from them. In one instance, a trader complained he was lured into opening an account and trading with a certain broker, but once he funded his account he was told there were problems with the trading server and he lost his investment.

The KROUFR adviced investors to be more attentive when choosing a broker and engaging in forex or binary option trading.

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.