The Financial Commission has announced the certification of trading technology provider iTech Software. The certification confirms that the company’s technology meets standards intended to ensure brokers and traders operate under commonly accepted trading technology requirements.

iTech Software provides technology solutions for Forex, CFD, crypto, and NFT brokerages. The company develops and maintains its core systems in-house, including web trader platforms and back-office infrastructure. It also offers live support, monitoring, and risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term services.

Commission Certifies Technology for Online Brokers

The Commission reviewed iTech Software’s systems to confirm they met the technical requirements of its certification evaluation process. The assessment included system security, system capacity, business disaster recovery and continuity plans, reporting, record keeping, and other areas considered important for certification.

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Founded in 2013, the Financial Commission is an independent, member-driven external dispute resolution organization for online brokerages operating in global 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, derivatives, and CFD markets. The Commission also provides a technology certification process for developers seeking membership.

Commission Warns Traders About Scam Activity

In a separate update, the Financial Commission announced RA Prime as its member. The brokerage offers foreign exchange and CFD products globally. Previous additions to the organization include FP Markets, OneRoyal, FXON, and GTCFX. Neex, an online brokerage providing access to Forex, indices, and commodities, has also joined the Commission.

The Commission further updated its investigation into a scam involving individuals falsely claiming to represent the organization. These imposters targeted traders who reported losses or blocked withdrawals from brokers such as Umarkets and TPG Deals.

They offered supposed funds recovery or chargeback services in exchange for fees and issued counterfeit guarantee letters through entities claiming to be legal firms, including Orbital Limited and AK Law. The scammers also used fake contact information resembling legitimate digital wallet providers to mislead victims.

The Financial Commission stated it does not provide funds recovery or chargeback services, does not contact traders unsolicited, never uses social media or messaging apps for official communication, and does not issue guarantee letters. Its services remain free for clients of member brokers.