The Financial Commission, the leading self-regulatory association dedicated to ensuring sound practices across the financial services industry, today welcomed its newest member firm, TorrentFX.
FinaCom’s member roster is made up of the international online brokerages that participate in global foreign exchange, derivatives and cryptocurrency markets.
TorrentFX is a multi-asset brokerage firm that offers trading of currencies, indices, CFDs and commodities. The company operates as an offshore provider of financial services and maintains a presence in Marshall Islands, which offers a more flexible, looser regulatory regime. TorrentFX is not licensed by any financial regulator and it doesn’t claim any regulatory status in any jurisdiction.
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Following the acceptance of its application by FinaCom PLC, TorrentFX 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. TorrentFX’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.
Financial Commission was in the news last week when it warned investors against companies or associations that approach victims of forex traders claiming that, for a fee, they can help them recover the sums invested or the losses incurred on unlawfully FX trading platforms.
The self-regulatory body cautions investors that “a group of individuals” are trying to usurp the identity of FinaCom itself by using a similar logo in order to give the appearance of trustworthiness and legitimacy.