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

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

KROUFR complaints

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:

Broker

Type of complaint

Brokerway

Unable to withdraw funds

ForexTrend

Unable to withdraw funds

UK Markets Trader

Unable to withdraw funds

Stoxmarket

Asset management

Forex4you

Identity verification

ForenX

Unable to withdraw funds

Billionoptions

Unable to withdraw funds

Your Trade Choice

Unable to withdraw funds

MaximusFX

Unable to withdraw funds

Eqtrades

Unable to withdraw funds

STForex

Asset management

Titan Trade

Unable to withdraw funds

MFX Broker

Unable to withdraw funds

Trade12

Unable to withdraw funds

Forex Brand

Unable to withdraw funds

Vomma

Unable to withdraw funds

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.

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