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XTrade fined by CySEC with 225 000 EUR

XTrade fined by CySEC with 225 000 EUR

created Paweł MosionekSEPTEMBER 25, 2016

Cypriot company XFR Financial Ltd., to which the well-known XTrade brand belongs, was punished by the local institution that supervises the financial market in the amount of 225 000 EUR. The penalty was imposed primarily because of:

  1. Conducting investment advice without the required permit,
  2. Not allocating fairly and fairly turnover bonuses and bonuses intended for traders,
  3. In contact with clients, the potential customers were deliberately not expressed clearly and misled.

The company received a reminder this year from Canadian financial supervision for the illegal acquisition of retail customers. Australian supervision (ASIC) also had reservations, this time regarding the handling and storage of its clients' money through the Australian branch of the company.

The XTrade brand is the official sponsor of Cristiano Ronaldo.

The official CySEC message (PDF)

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About the Author
Paweł Mosionek
An active trader on the Forex market since 2006. Editor of the Forex Nawigator portal and editor-in-chief and co-creator of the ForexClub.pl website. Speaker at the "Focus on Forex" conference at the Warsaw School of Economics, "NetVision" at the Gdańsk University of Technology and "Financial Intelligence" at the University of Gdańsk. Twice winner of "Junior Trader" - investment game for students organized by DM XTB. Addicted to travel, motorbikes and parachuting.

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