The FinancialCommission News
Latest News
CySEC Publishes Broker Deficiencies in Regulatory Review
April 8, 2021
The Cyprus Securities and Exchange Commission (CySEC) has published a review of its Cyprus Investment Firms (CIF) and identified a number of deficiencies, as well as good practices among brokers it regulates. The regulator noted that most deficiencies are in risk assessment, monitoring activities and compliance and indicated that “the management...
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ASIC Bans Binary Options in Australia
April 5, 2021
The Australian Securities and Investments Commission (ASIC) announced last week that binary options trading in Australia will be banned starting on the 3rd of May 2021. The regulator indicated that its review of the binary options market in 2017 and 2019 showed that approximately 80% of traders lost money in binary options....
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US Man Pleads Guilty in Forex Scam
March 31, 2021
The U.S. Attorney’s Office for the Eastern District of New York yesterday announced the guilty plea of New York resident Tae Hung Kang, also known as “Kevin Kang,” in the securities fraud case related to a scheme involving foreign exchange trading that targeted members of the Korean-American community. The authorities indicated...
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Indian Police Bust Two Individuals in $1.7M Forex Scam
March 29, 2021
Police in India have reported that they have nabbed two suspects of an alleged Forex scam approximately worth up to $1.7M. Victims reported that they were contacted by unknown individuals and lured investors to “Deltin International Foreign Exchange in order to earn high profits.” The investigation and subsequent arrests were the...
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CySEC Issues New Warning Against Unauthorized Firms
March 25, 2021
The Cyprus Security and Exchange Commission (CySEC) has issued a new warning against unregistered firms operating under the guise of having a Cyprus Investment Firm (CIF) license. The websites in question are listed below: geverestfx.com cryptopros.ltd frankfurtfx.com bullishfxmarkets.com goeverups.com Investors are always advised to Check their broker before opening an...
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SEC Faults Bahamian Broker for Operating in US Illegally
March 24, 2021
The US Securities and Exchange Commission (SEC) has sued a Bahamian-based brokerage for illegally operating in the United States, according to a notice from March 22, 2021. The company MintBroker International Ltd., operating as SureTrader and headed by co-defendant Guy Gentile allegedly “operated an offshore broker-dealer that marketed its ability to help...
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Crackdown on Unauthorized Brokers Continues in Italy
March 22, 2021
Italy’s financial regulator - the Commissione Nazionale per le Società e la Borsa (CONSOB) has continued its efforts to protect its citizens from unregulated financial companies and possible online scams. The regulator announced on Friday that it has blocked five more websites of such firms and is advising all traders to take...
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Compensation for Failed UK Broker Clients Drags On
March 16, 2021
Administrators for failed UK brokerage SVS Securities have notified the public that compensation roll-out or payments may finally be coming this year. According to Finance Magnates, the administrator, Leonard Curtis, has scheduled a hearing to approve milestones in the administration process that may finally yield compensation payments to former clients of the...
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Italian Regulator CONSOB Continues Crackdown on Scams
March 15, 2021
Italy’s financial regulator - the Commissione Nazionale per le Società e la Borsa (CONSOB) has continued its efforts to protect its citizens from unregulated financial companies and possible online scams. The regulator announced on Friday that it has blocked several more websites of such firms and is advising all traders to take...
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US NFA Warns of Phishing Email Scam
March 4, 2021
The US National Futures Association (NFA) yesterday warned market participants and registered entities in an email notice of a campaign involving fraudulent emails being sent purportedly from NFA staff. The regulator indicated that unknown parties are imitating specific NFA staff in order to send an attachment in the email communications. The NFA...
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Axi Resolves ASIC Licensing Issue
March 1, 2021
AxiCorp, a multi-regulated financial broker operating under the Axi brand has announced today via press release that the Australian Securities and Investments Commission (ASIC) decided to withdraw the proposed suspension of Axi’s Australian Financial Services License (AFSL) last month. The broker indicated that “the suspension was never put into effect and Axi...
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IG Group Closes Access to 900 Small Cap Shares.
February 23, 2021
So-called penny stocks have recently attracted the attention of not only retail traders but also regulators. The unhealthy hype created by hobbyist investors around these securities on social media has put many brokers in a tough spot. In this course, IG Group has imposed limits on margin trading in small-cap stocks. The...
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UK Compensation Scheme Awards £56.3 million to Victims
February 18, 2021
The United Kingdom’s Financial Services Compensation Scheme (FSCS) has issued a public notice that it has compensated victims of London Capital & Finance plc (LCF), which failed and went into administration in January 2019. The UK financial services compensation fund acknowledged that it had “now paid out just over £56.3m in compensation...
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More Brokers Flocking to Australia
February 16, 2021
A wave of recent industry news reports indicates both retail and institutional brokers are flocking to the regulated Australian FX and CFD market for business. The latest news comes from FBS, which announced via FinanceMagnates that it is obtaining an AFS license from the Australian Securities and Investments Commission (ASIC). Last week...
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TickMill Announces Impressive 2020 Results
February 8, 2021
In an exclusive share on FinanceMagnates popular regulated broker Tickmill has announced financial and trading results for 2020. The broker was able to book monthly trading volumes of $142 billion and over 134,000 new trading accounts last year. The broker’s daily trading volumes increased 14.7% from 2019 and, according to the broker,...
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Commission News
Financial Commission Reports Increase in New Filed Complaints and Awards to...
April 7, 2021
April 7th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as awards to traders and amounts sought from member brokers for March 2021 as part of its monthly Complaints Digest. The organization also experienced a rise in trading related complaints while maintaining a steady average...
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Financial Commission Announces MetaFXGlobal Membership Ceased
April 1, 2021
April 1st, 2021: The Financial Commission today announces that the membership status of MetaFXGlobal has ceased following a decision to expel by the Board of Directors of the organization. MetaFXGlobal had met its obligations as a Financial Commission member up until March 19th, 2021, when its membership status was changed to Under...
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Financial Commission Reports Increase in Amounts Sought and Awards to Traders...
March 9, 2021
March 9th 2021, The Financial Commission announces increased amounts sought and awarded to traders, as well as average complaints values for February 2021 as part of its monthly Complaints Digest. The organization recorded a decrease in new complaints filed, but maintained a steady rate of resolved complaints, percentage awarded and several other...
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Financial Commission Announces Execution Quality Certification of AmorFX
February 19, 2021
February 19, 2021, The Financial Commission today announces execution certification for AmorFX, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with Verify...
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Financial Commission Reports Doubling of Amounts Sought in Complaints and Other...
February 15, 2021
February 15th 2021, The Financial Commission announces continued monthly growth in submitted complaints, as well as compensation sought and awarded to traders for January 2021 as part of its monthly Complaints Digest. The organization recorded a significant increase in compensation sought, percentage of awarded compensation, complaints ruled in favour of traders and...
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Financial Commission Announces Execution Quality Certification of Lotas Capital
February 3, 2021
February 3d, 2021, The Financial Commission today announces execution certification for Lotas Capital, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with...
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Financial Commission Announces Eagle Global Markets as Latest Approved Member
February 2, 2021
The Financial Commission today announces Eagle Global Markets as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. Eagle Global Markets status as an Approved...
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Financial Commission Announces Execution Quality Certification of TitanFX
January 28, 2021
January 28, 2021, The Financial Commission today announces execution certification for TitanFX, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with Verify...
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Financial Commission Announces Lotas Capital as Latest Approved Member
January 20, 2021
January 20, 2021, The Financial Commission today announces Lotas Capital as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. Lotas Capital status as an Approved...
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SCAM ALERT: Updated Warning List
January 19, 2021
The Financial Commission has been notified by concerned traders regarding the companies and associated websites of EquitTrade, Fund-Max, Explicittradeworld, Forte Investment Company, Investflow (Seabreeze Partners Ltd.), DBFX LIMITED, Global FX Insurance, and Bitcoin Wealth Investment Upon reviewing the submitted information from potential customers of these brokers, the Financial Commission has...
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Financial Commission Publishes 2020 Annual Summary Highlighting 25% Membership Growth and...
January 13, 2021
January 14th, 2021, The Financial Commission today announces the results of its operations for the previous year with the publication of the 2020 Complaints Summary. The organization achieved record annual growth in key metrics, as well as significant membership expansion during a challenging year impacted by the Covid-19 pandemic while maintaining a...
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Financial Commission Reports Increased Awards to Traders and Other Key Metrics...
January 12, 2021
January 12th, 2021, The Financial Commission announces continued growth in submitted and resolved complaints, as well as compensation awarded to traders for December 2020 as part of its monthly Complaints Digest. The organization recorded a significant increase in resolved complaints, percentage of awarded compensation, and several other key metrics while achieving an...
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SCAM ALERT: Updated Warning List
January 5, 2021
The Financial Commission has been notified by concerned traders regarding the companies and associated websites of Antarigroup, EliteFx Trader Inc., 24tradeway, Wide Horizon Global Investment, ALU TRADER, Option Trade Investment, BlancoFX, GoldCoinXM, and NobleCoinInvestment, Upon reviewing the submitted information from potential customers of these brokers, the Financial Commission has determined...
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Financial Commission Announces AmorFX as Latest Approved Member
December 24, 2020
December 24, 2020, The Financial Commission today announces AmorFX as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. AmorFX status as an Approved Broker...
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SCAM ALERT: Updated Warning List
December 16, 2020
The Financial Commission has been notified by concerned traders regarding the companies and associated websites of United-Asset Finance, Cryptoberg, Fin888group, FX-Trade.com, Zenithwealth.net, Bfxtrading, Imarketstock, FXswith, Universe-Trade, and Finantiko Upon reviewing the submitted information from potential customers of these brokers, the Financial Commission has determined that the indicated companies and associated websites may...
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Regulatory Actions
Scam ALERT: Bitcoin Cloudminers Added to Warning List
April 9, 2021
The Financial Commission has been notified by concerned traders regarding the company Bitcoin Cloudminers and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: FXBTC Trade Expert Added to Warning List
April 8, 2021
The Financial Commission has been notified by concerned traders regarding the company FXBTC Trade Expert and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: TraderTrustOption Added to Warning List
April 7, 2021
The Financial Commission has been notified by concerned traders regarding the company TraderTrustOption and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and investors. As...
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Scam ALERT: Sincere Systems Group Added to Warning List
April 6, 2021
The Financial Commission has been notified by concerned traders regarding the company Sincere Systems Group (Sincere Systems Group Ltd) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam...
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Scam ALERT: Qubit Trader Added to Warning List
April 5, 2021
The Financial Commission has been notified by concerned traders regarding the company Qubit Trader (Qubit Trader LTD) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud...
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Scam ALERT: EvenTrade Added to Warning List
April 2, 2021
The Financial Commission has been notified by concerned traders regarding the company EvenTrade (EvenTrade Limited) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: Limited Market Added to Warning List
April 1, 2021
The Financial Commission has been notified by concerned traders regarding the company Limited Market and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and investors....
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Scam ALERT: Financial Corporation Added to Warning List
March 31, 2021
The Financial Commission has been notified by concerned traders regarding the company Financial Corporation and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: Fx-Blind Added to Warning List
March 30, 2021
The Financial Commission has been notified by concerned traders regarding the company Fx-Blind and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and investors. As...
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Scam ALERT: TrytonPro Added to Warning List
March 29, 2021
The Financial Commission has been notified by concerned traders regarding the company TrytonPro (JERMINUS LTD) and its associated website Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and...
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Scam ALERT: Rosinvest Added to Warning List
March 26, 2021
The Financial Commission has been notified by concerned traders regarding the company Rosinvest and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and investors. As...
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Scam ALERT: TradeGenicsFX Added to Warning List
March 25, 2021
The Financial Commission has been notified by concerned traders regarding the company TradeGenicsFX and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and investors. As...
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Scam ALERT: Imperia Time Added to Warning List
March 24, 2021
The Financial Commission has been notified by concerned traders regarding the company Imperia Time and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and investors....
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Scam ALERT: Investments Markets Added to Warning List
March 23, 2021
The Financial Commission has been notified by concerned traders regarding the company Investments Markets (GFI Markets Investments). Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and investors....
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Scam ALERT: Stallion Wings Added to Warning List
March 22, 2021
The Financial Commission has been notified by concerned traders regarding the company Stallion Wings (StallionWings INC) and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders...
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