Russia’s commission for the regulation of relations on financial market, KROUFR, said it has included forex and binary options broker Rinkost, operating via the website www.rinkost.ru, to its black list, containing potentially harmful companies operating on the domestic market.
The commission said it does not recommend to Russian citizens to work with the forex broker, since it has received many complaints against the forex brokers from clients who were unable to withdraw funds from the accounts the broker has provided. Moreover, Rinkost has failed to respond to clients’ requests regarding the issue and has blocked some of their accounts when contacted by them.
The KROUFR noted that Rinkost has changed its owner just a month ago. The broker is able to carry out transactions through its website, although it seems unresponsice and unoperational at times, and its contact phones have been blocked.
After the addition of Rinkost, KROUFR’s black list consists of 13 companies:
- Falcon-Trade Company
- Prime FMS LTD
- Panteon-Finance LTD
- Forex Trend
- Protraders Ltd
- Delston Capital Group
- ShareInstock
- 22 GROUPS LTD
- UNIX TRADE
- Leveron Worldwide Finance Group Ltd
- TITANFLY GROUP LIMITED
- Alfareserve
- Rinkost
Last week, KROUFR also added investment company Alfareserve, operating via www.alfareserve.com, to its black list over improperly associating itself with a Russia-registered company and lacking a license to operate in the country.
The commission warned traders to be cautious as to what brokers they trust and to always check the credibility of their trading conditions.
KROUFR was set up in 2006 as a non-profit organization and since then has been working to develop services and regulate the relationship between Russian participants of global financial markets. KROUFR offers mediation in the forex market as well, as forex activities are regulated under local jurisdiction, whereas they run globally.
Source: KROUFR
