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 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.