Xtrade fined by CYSEC 225000 euros.
Why? for a number of breaches including not looking after clients risks and giving bad advice
CySEC fines XTrade parent company €225,000 for bonus and investment advice failures
Xtrade it has been claimed has scammed many people and they will continue to do so unless you stand up to them and make them accountable. Xtrade will scam you and rob you if you are not experienced.
The Cyprus Securities and Exchange Commission (CySEC) has published a Board decision from end-September to fine XFR Financial, the parent company of the forex broker XTrade a total of €225 000 for a number of regulatory violations.
The largest portion of the fine, €70 000, is for providing investment advice without having the proper authorization to do so. Three fines, of €40 000 each, are imposed for failing to act fairly and honestly in accordance with its clients’ best interests in granting trading bonuses, misleading and unclear marketing communications and failing to ask clients for all necessary information on their trading competence and not warning them that some instruments are not suitable for them.
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