26 October, 2016 | AtoZ Forex – Russia’s Commission Regulation of Financial Markets Relations (KROUFR), the Russian self-regulatory organization, has again cautioned the public against dealing with a company, exposed to be suspicious in its affairs. The addition to Russian watchdog’s blacklist comes with the name of another Forex broker, Trade12.
Russian regulator KROUFR red flagged Trade12
Trade12 is an international brokerage owned and administered by Exo Capital Markets Ltd., and it is operating online via www.trade12.com. The firm claims to be registered in the Marshall Islands, where its processing services are provided by Global Fin Services Ltd. at the address Langley House, Park Rd, London N2 8EY, UK.
The firm is further claiming that it is administered by the team of the experienced individuals, who are striving for the high standards for financial stability standards. It also claims that Trade12 guarantees the security of clients’ funds.
However, such statements have been founded somewhat debatable, as the Russian watchdog has noted that the clients’ of Trade12 have been complaining about the procedure of funds withdrawal from their accounts.
Moreover, this has served as a reason for KROUFR to red flag the Forex broker. Currently, the Russian regulatory body’s blacklist comprises 30 firms, which are mainly Forex and Binary Options brokers.
KROUFR activities
Russian regulator KROUFR is a non-profit association that is intended to identify dishonest firms operating in the financial markets and caution the public about the activities of such firms.
Trade12 is appearing to be the latest addition to the warning list of KROUFR, where the previous warning has brought attention to TouchTrades. The Russian regulator’s decision to ban the TouchTrades follows a number of complaints received from customers of the broker. Mainly, the complaints were related to dishonest actions by the TouchTrades’ employees. In addition, the broker support was blacklisted for disregarding a number of issues related to withdrawal of customer’s funds.
Think we missed something? Let us know in the comments section below.