KROUFR, a Russian self-regulatory commission for financial markets, has blacklisted forex broker Forex Brand, data published on the regulator’s website indicated on Tuesday. The broker’s website, forexbrand.ru, is no longer operational, the watchdog noted.
No more data was provided.
KROUFR has said it received complaints from Forex Brand clients, stating they were unable to withdraw funds from their trading account with the broker. When and for what reason the broke’s website ceased operations is not clear.
With the addition of Forex Brand, KROUFR’s black list has grown to include 30 entities in total. Most of their websites are still working, but there are other, like the newly-added Forex Brand, which have closed for one reason or another.
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, and Forex Club, 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.