Financial and Business News

Orfinex Adds Financial Commission's Membership for Dispute Resolution

Thursday, 18/04/2024 | 12:36 GMT by Tareq Sikder
  • The firm can now leverage mediation and reinforce regulatory compliance and client support.
  • The company is regulated by the Financial Sector Conduct Authority in Australia.
Financial Commission
Financial Commission

The Financial Commission has announced the approval of Orfinex as its newest Member, marking the company's inclusion in the self-regulatory forum for resolving disputes in the FX industry. Orfinex's status as an Approved Broker Member took effect on April 17th, 2024, following the endorsement of its membership application.

Financial Commission Welcomes Orfinex as Newest Member

Membership in the Financial Commission grants Orfinex and its customers access to various services, including protection for up to €20,000 per submitted complaint through the Financial Commission's Compensation Fund. The Commission serves as an impartial third-party mediation platform, aiding in the resolution of complaints when direct agreement between parties is unattainable.

For Orfinex and other approved members and their clients engaged in CFDs, forex , and cryptocurrency markets, the Financial Commission offers a resolution process compared to traditional regulatory channels like arbitration or local courts.

Orfinex joins an array of brokerages and independent service providers utilizing the Financial Commission's services as part of their focus on clients while adhering to membership requirements.

About Orfinex, the company is a regulated trading platform under the Financial Sector Conduct Authority in Melbourne, Australia, operating since 2015. With a clientele spanning both retail and institutional sectors, Orfinex is noted for its provision of client support, utilization of advanced trading infrastructure, and experience in global trading.

Deceptive Tactics Uncovered by Financial Commission

The Financial Commission updated on its investigation of a scam involving fake representatives posing as its personnel, targeting traders for fraud, as reported by Finance Magnates. Previously cautioned on December 15, 2023, the Commission warned against deceptive practices by imposters offering funds recovery and chargeback services for a fee.

These fraudulent individuals used fake legal service companies to deceive victims. They also falsified contact details resembling legitimate digital asset wallet providers like Blockchain.com to extract fees for illegitimate services.

The Financial Commission has announced the approval of Orfinex as its newest Member, marking the company's inclusion in the self-regulatory forum for resolving disputes in the FX industry. Orfinex's status as an Approved Broker Member took effect on April 17th, 2024, following the endorsement of its membership application.

Financial Commission Welcomes Orfinex as Newest Member

Membership in the Financial Commission grants Orfinex and its customers access to various services, including protection for up to €20,000 per submitted complaint through the Financial Commission's Compensation Fund. The Commission serves as an impartial third-party mediation platform, aiding in the resolution of complaints when direct agreement between parties is unattainable.

For Orfinex and other approved members and their clients engaged in CFDs, forex , and cryptocurrency markets, the Financial Commission offers a resolution process compared to traditional regulatory channels like arbitration or local courts.

Orfinex joins an array of brokerages and independent service providers utilizing the Financial Commission's services as part of their focus on clients while adhering to membership requirements.

About Orfinex, the company is a regulated trading platform under the Financial Sector Conduct Authority in Melbourne, Australia, operating since 2015. With a clientele spanning both retail and institutional sectors, Orfinex is noted for its provision of client support, utilization of advanced trading infrastructure, and experience in global trading.

Deceptive Tactics Uncovered by Financial Commission

The Financial Commission updated on its investigation of a scam involving fake representatives posing as its personnel, targeting traders for fraud, as reported by Finance Magnates. Previously cautioned on December 15, 2023, the Commission warned against deceptive practices by imposters offering funds recovery and chargeback services for a fee.

These fraudulent individuals used fake legal service companies to deceive victims. They also falsified contact details resembling legitimate digital asset wallet providers like Blockchain.com to extract fees for illegitimate services.

Topics
Orfinex
retail
retail forex
retail FX
financial commission
About the Author: Tareq Sikder
Tareq Sikder
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Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023. At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London. Education: Honours degree Information Technology, Anfell College, London

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