Russia’s Commission for the regulation of relations in the financial market (KROUFR) today added Forex broker MXTrade to its “Black List”.
Clients of the broker have complained that they are unable to withdraw their profits generated from trading. Instead, the company allows them to withdraw only the initially invested money. The company does not respond to clients’ complaints.
This is not the first time that MXTrade’s activities spark concerns. Previously, the regulators of Cyprus and Italy have issued warnings against this FX firm, whereas in December last year, Turkey’s Capital Markets Board banned the Turkish version of MXTrade’s website.
The addition of MXTrade takes the number of companies in KROUFR’s “Black List” to 15. The organization has been keeping such a list of suspicious Forex firms since August 2015.
You can view the full “Black List” by clicking here.