October 19, 2018, The Financial Commission, a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), derivatives, and CFD markets, today announces FomiFX as its newest approved Member.
FomiFX status as an A-category Member of the Financial Commission took effect on October 16, 2018, following the approval of its membership application by the Financial Commission, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per submitted complaint, backed by the Financial Commission’s compensation fund
Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
For approved members and their clients participating in CFDs, foreign exchange (forex) and cryptocurrency markets, Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
FomiFX joins a diverse range of brokerages and independent services providers (ISPs) that utilize the services of the Financial Commission and as part of their commitment to their clients while upholding membership requirements.
About FomiFX
FomiFX is an international online forex trading platform dedicating to the simplification of investment and transactions. We focus on offering premium trading products like Forex, CFD, Shares and Indices, Metal, Oil and various Crypto Currencies.
Along with its long history, FomiFX has a professional IT team on forex, able to satisfy customer demands for all kinds of investment, analysis or customized tools and good at using big data engine to help users analyze investment preferences, sentiment data, user habits, and risky behaviors. The company filters qualified competitive products and sets multifarious product investment portfolio, gaining positive reputation and public praise in user investment and service.
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
June 21, 2018 Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry today announces that the membership status of CPFX has ceased following a breach of contractual obligations.
In order to maintain membership with the Financial Commission, member firms must strictly adhere to membership rules and all members agreed to comply with Financial Commission rules as one of the many prerequisites for initial membership approval and to maintain good standing.
CPFX Expelled
CPFX had not met its contractual obligations as a Financial Commission member and was expelled for non-payment of its dues, starting from June 7th, 2017 when company’s membership was ceased.
Financial Commission notes that it will not be able to process any new complaints from CPFX, following its expulsion from Financial Commission as of the date of this announcement and moving forward.
Furthermore, CPFX’s clients will not be eligible for reimbursement from Financial Commission’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and subject to ruling by our Dispute Resolution Committee. The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by Financial Commission from a portion of membership dues.
An updated list of current and prior members can be found on FinancialCommission.org, including members that have either been expelled or withdrawn voluntarily.
Financial Commission is a leading independent self-regulatory organization whose members include online brokerages and exchanges, across Forex, CFDs, derivative and cryptocurrency markets, as well as certified providers and developers of trading platform technology used by members and their end-clients who are retail traders and investors.