The Russian Commission for the regulation of relations in the financial market, known as KROUFR, has today blacklisted forex broker MXTrade.
The move follows a series of complaints relating to the withdrawal of profits resulting from customer trading activities and MXTrade’s failure to comply with requests to withdraw money. MXTrade has previously raised concerns with Cyprus-based regulator CySEC, that has also issued warnings against them.
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KROUFR is a non-profit organization that seeks to identify unscrupulous companies operating in the financial markets and warn the trading community about the actions of these companies. With the addition of MXTrade to its blacklist, KROUFR’s total of suspicious forex companies totals 15.