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 HDForex (Tbilisi Traders Club).
FinaCom’s member roster is made up of the international online brokerages that participate in global foreign exchange (forex), derivatives and cryptocurrency markets.
HDForex is one of a few brokerage firms that offer forex and binary options in the Georgian market, where it operates under the trading name Tbilisi Traders Club LLC. The company is licensed by the National Bank of Georgia and first launched its operations back in 2014.
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HDForex has in the past gained official status as a member of the Financial Commission for more than a year, from March 2015 through September 2016.
Following the acceptance of its application by FinaCom PLC, HDForex has obtained B-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. More specifically, traders of a company with B-Category membership can be eligible for compensation of up to $5,000 per complaint, as well as having access to all dispute resolution services offered by the Commission.
Commenting on the news, Financial Commission Chairman Peter Tatarnikov said: “We are pleased to see HDForex return to Financial Commission and reapply for membership. Over time, brokerages and technology providers see the long term value of being members with Financial Commission, to help demonstrate transparency, self-regulatory efforts, and provide their clients access to DRC-processed complaints and compensation fund eligibility. The door is open for firms that left on good terms and not from expulsion, just as we encourage new and existing market participants to consider the ancillary benefits of Financial Commission membership.”