Russia’s commission for the regulation of relations on financial markets KROUFR has expanded its blacklist to 28 entities with the addition of forex broker StoxMarket, the commission said over the weekend in a notice published on its website.
The regulator has received a number of complaints from existing customers of the broker over the past years. Claims mainly concern the fact that the broker’s technical support refuses to answer their questions and requests regarding fund withdrawal and closed orders.
The blacklisting of StoxMarket comes just a few days after the KROUFR published monthly statistics about the number of complaints it received in September. The data included StoxMarket, against which the commission had received customer complaints regarding asset management. It did not elaborate at the time.
The KROUFR urges investors to select brokers with a long-established history in the forex market.
StoxMarket continues to recruit new clients. It offers trading in forex pairs and contracts for difference (CFDs) on currencies, commodities, stocks and indices. It provides several trading account types – Silver, Gold, VIP, ECN and Islamic, with different minimum deposit requirement, starting from $1,000.
On its website, www.stoxmarket.com, the broker says it commenced operations in 2013 and on its LinkedIn profile it says it was founded in 2014, while the KROUFRD said, citing the company, StoxMarket began operations in 2009. Moreover, on its website the broker provides an address in the Dominican Republic and a phone number in Switzerland, while stating on LinkedIn that it is headquartered in the UK.
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.
When engaging with unauthorized and non-regulated brokers, especially blacklisted ones, traders are putting their investments at higher risk. We strongly advise you to only deal with regulated forex brokers, authorized by reputable regulatory bodies like CySec, FCA, and CFTC/NFA, among others.