KROUFR Blacklists Northern-Cyprus Based TouchTrades

KROUFR, the Russian self-regulatory organisation aiming to regulate relationships between clients and retail brokerages, has blacklisted another Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker, TouchTrades.

Finance Magnates last reported on a KROUFR warning in April after adding binary options broker, Interactive Option, to its warning list.

Today's move follows numerous complaints received from clients of TouchTrades relating to unscrupulous actions by the firm’s employees. Broker support was also red-flagged for ignoring a variety of issues related to the withdrawal of clients’ funds.

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Unrecognised Jurisdiction

TouchTrades, which operates online via the url www.touchtrades.com, offers a full suite of online brokerage, investing and related banking solutions. The firm claims to be regulated and a copy of its so-called licence can be seen on the website.

However, investors should be aware that TouchTrades is based in Northern Cyprus (TRNC) and that due to the Cyprus dispute, the country is recognised only by the EU candidate state Turkey. Hence, the validity of this licence is highly questionable.

The Republic of Cyprus, an EU member state, is regarded as the only legitimate government for the whole island therefore any legally-registered brokerages operating from the island should possess a CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term licence.

KROUFR Background

KROUFR is a non-profit organisation that seeks to identify unscrupulous companies operating in the financial markets and warn the trading community about the actions of these companies.

TouchTrades is the latest broker to have made it onto KROUFR’s blacklist of companies that exhibit characteristics of investment scams. The watchdog has advised investors to choose proven brokers with industry-recognised regulation and certification.