The Financial Commission (FinaCom PLC) today announced that it has approved a retail FX broker called AmorFX to obtain its membership, becoming the latest provider to join the ranks of the self-regulatory organization.
Following the acceptance of its application by FinaCom PLC, AmorFX has obtained membership status which 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.
AmorFX is a multi-asset brokerage firm that offers trading of FX, indices, CFDs and commodities. The brand is solely focused on the Turkish market though it apparently has no regulation status in the country.
Turkey’s regulators have been tough on retail FX business and since 2017 they had given no indication of their intention to revise the significant limitations on forex regulations. In 2018, the CBM introduced amendments in leveraged forex trading transactions. The board brought a minimum margin of TL 50,000 (USD6,840), and the leverage was rearranged as 10:1. Previously, before the amendment, it was 100:1.
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In addition to a more streamlined and swift resolution process, relative to traditional channels of arbitration, the status of AmorFX as an A-category member provides clients with up to €20,000 of protection per submitted claim, backed by Financial Commission’s compensation fund.
According to its latest annual report, the self-regulator made progress across some of its key business drivers. Specifically, the number of new complaints rose seven percent year-over-year as a record $7.4 million sought by traders in 2019, which is up from $3,184,932 in 2018.
Likewise, the number of resolved complaints in ‘clients favor’ increased 17 percent to 179, which is up from 153 the previous year. The commission also ruled in favor of its broker members in 451 cases it assessed, which is again up from 373 in 2018.