XTrade fined by CySEC with 225 000 EUR

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)