Financial Commission Adds Georgian Broker FX Group to Category-A Roster

The Financial Commission, the leading self-regulatory association dedicated to ensuring sound practices across the financial services industry, today welcomed its newest member firm – Georgian 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 FX Group.

FinaCom’s member roster is made up of the international online brokerages that participate in global foreign exchange (forex), derivatives and cryptocurrency markets.

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FX Group is one of a few brokerages to offer forex products in the Georgian market, though it’s not licensed by the National Bank of Georgia which polices the industry in the Caucasian nation. The company operates as an offshore provider of financial services. It is not licensed by any financial regulator and it doesn’t claim any regulatory status in any jurisdiction.

Following the acceptance of its application by FinaCom PLC, FX Group has obtained A-category membership, which guarantees that clients are under the protection of an international organization and that the services provided to them are of high quality and comply with the standards of the watchdog.

All clients of member companies are protected by the Compensation Fund, which acts as an insurance policy. FX Group’s status as an A-category member means that its traders can be eligible for compensation of up to $20,000 per submitted claim and have access to all dispute resolution services offered by the Commission.