The Financial Commission has been notified by concerned traders regarding the company Luna Tradeand 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 such, the Commission does not recommend doing business with this entity, either individuals purporting to represent this broker on social media and in private messages on popular messaging apps. Given this information, Luna Trade will be placed on the Financial Commission’s Warning List.
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The Financial Commission has been notified by concerned traders regarding the company Alfafondand 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 such, the Commission does not recommend doing business with this entity, either individuals purporting to represent this broker on social media and in private messages on popular messaging apps. Given this information, Alfafond will be placed on the Financial Commission’s Warning List.
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The Financial Commission has been notified by concerned traders regarding the company JustBroker (Just Broker 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 investors. As such, the Commission does not recommend doing business with this entity either individuals purporting to represent this broker on social media and in private messages on popular messaging apps. Given this information, JustBroker (Just Broker LTD) will be placed on the Financial Commission’s Warning List.
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The Financial Commission has been notified by concerned traders regarding the WFT Global (INVEST GROUP LLC) 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 such, the Commission does not recommend to do business with this entity neither individuals purporting to represent this broker on social media and in private messages on popular messaging apps. Given this information, WFT Global (INVEST GROUP LLC) will be placed on the Financial Commission’s Warning List.
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May 5th, 2020, The Financial Commission, today announces Garnettrade as its newest approved Member. The company becomes the 44th broker 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.
Garnettrade status as an Approved Broker Member of the Financial Commission took effect on May 5th, 2020, 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 the 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.
Garnettrade Limited joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission and as part of their commitment to their clients while upholding membership requirements.
About Garnettrade
Garnet Limited was founded by a group of asset managers based in Switzerland to share trading experiences in the interbank forex liquidity market. Over the last 12 years, it has grown internally to become one of the premier forex brokerage firms with over $30 million in equity capital. Garnet Limited conducts its broker business on over 50 market destinations worldwide. In its broker dealer agency business, Garnet Limited provides direct access (“on the line”) trade execution and clearing services to institutional and professional traders for a wide variety of electronically traded products including stocks, CFDs, energies, metals, and Forex worldwide.
For more information about Garnettrade, contact them at [email protected]
About Financial Commission
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 as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
A record fine from the U.S. Commodity Futures Trading Commission (CFTC) announced yesterday against proprietary trading firm Tower Research Capital LLC is a stark example of diligence and enforcement by one of the leading financial markets trading regulators in the country. The case shows that companies and brokerages are not off the hook with any kind of statute of limitation with respect to market misconduct in previous years.
The imposed fine of $67.4 million against Tower, comprised of $32,593,849 in restitution, $10,500,000 in disgorgement, and a $24,400,000 civil monetary penalty—the largest total monetary relief ever ordered in a spoofing case.
The traders implemented their manipulative and deceptive scheme by placing one or more orders that they wanted to get filled (genuine orders) on one side of the market, typically consisting of passive orders whose quantities are only partially visible to other market participants; and, on the opposite side of the market, placing one or more orders that the traders intended to cancel before execution (spoof orders), typically consisting of fully-visible passive orders for a larger total quantity. Generally, after receiving a full or partial fill on the genuine orders, the traders then cancelled the spoof orders. In placing the spoof orders, the traders often used an order splitter to enter several smaller, randomly-sized orders in an attempt to obscure their scheme from other market participants.
April 4th, 2019, The Financial Commission today announces the launch of a new PAMM Trading Platform Certification service to help ensure investors and authorized traders are operating in a fair and transparent environment with commonly accepted standards for operating PAMM accounts.
Percent allocation management modules, commonly known as PAMM have become increasingly popular with traders and investors over the last few years. Due to increased demand, as well as interest in evaluating such services from the public, the Financial Commission has developed a comprehensive certification to audit the key policies and procedures used on PAMM investing platforms.
PAMM certification
To obtain certification PAMM service providers must submit an application and complete a comprehensive questionnaire detailing the key policies and procedures used in the PAMM platform, including
Technical setup of investor’s PAMM accounts and their functionality
Funds allocation, calculations and trade results reporting procedures
Security and KYC policies, including any possible restrictions
Policies for rating authorized trader or investor account performance
Once the Commission is satisfied with the review of the requested information and any recommended changes are implemented by the PAMM service provider, a certification will be issued for one year and published on the Financial Commission website.
About Financial Commission
Founded in 2013, the Financial Commission is 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.
Financial Commission provides efficient compliance solutions to its members, alongside its External Dispute Resolution (EDR) mechanism that serves as an effective channel for processing complaints from clients of member firms.
November 30, 2018, The Financial Commission today announces Etheralabs as its newest Blockchain Association approved member. The company joins a growing list of digital asset firms that are committed to upholding the highest standards of commercial honor and best business practices in the crypto and Blockchain space.
Member firms provide their current and future customers the opportunity to have any issues that arise from transacting in digital currencies to be examined and reviewed by the Blockchain Expert Committee. By doing so, association members contribute to a new self-regulatory process to resolve issues with their customers that have never previously been offered by regulators or other self-regulatory organizations.
Blockchain Association member firms also have the unique opportunity to consult with industry experts, legal and compliance professionals and fellow association members on how to solve common issues arising from the physical exchange of digital currencies by customers, storage of digital assets on the Blockchain, as well as questions about regional regulations and compliance in key global markets where digital currencies are in very high demand.
About Etheralabs
Etheralabs is a New York City based venture lab and ecosystem that invests in, builds, and deploys disruptive technologies across the Blockchain landscape. Our acceleration model lays the foundation for taking promising IP from both concept to company and from revenue to profitability. Our processing cycle culminates with a fully functioning portfolio venture that is ready to attract follow-on funding, an acquisition partner, or operate as a standalone company. We follow an intensive model, premised on a fundamentally different approach to IP development. Etheralabs fast-tracks ideas into solutions that help high-growth companies with a focus on capital appreciation and scale via early stage identification and accelerated resource deployment.
About Financial Commission
Founded in 2013, the Financial Commission is 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.
Financial Commission provides efficient compliance solutions to its members, alongside its External Dispute Resolution (EDR) mechanism that serves as an effective channel for processing complaints from clients of member firms.
To find out how the Commission is expanding efforts into self-regulation and transparency for the digital currencies and Blockchain markets, please visit the Blockchain Association page of our website.
July 25, 2017: Financial Commission, a leading External Dispute Resolution (EDR) organization, operated by FinaCom PLC, servicing online Forex and CFD brokerages and technology providers within the financial services industry, today announces the addition of Finance Trade Group to its Warning List.
About Warning List
The warning list is to inform the public of companies that we do not recommend to trade with, following numerous reports and complaints filed by customers regarding non-member firms concerning fraud or wrongdoing, which includes the conduct listed below:
Ponzi scheme, Pyramid Scheme, or a High-Yield Investment Program
Theft or misappropriation of funds
Fraudulent or unlicensed offering
False or misleading statements about a company
Other fraudulent conduct
June 7, 2017, leading external dispute resolution (EDR) organization, Financial Commission, catering to the financial services industry and operated by FinaCom PLC, today announces STForex as its newest approved Member.
STForex’s status as a A-category Member of the Financial Commission took effect on June 1, 2017, following the approval of its membership application by FinaCom PLC’s board, 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 claim, 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 and foreign exchange (forex) markets, Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
STForex joins a diverse range of brokerages and independent services providers (ISPs) that utilise the services of the Financial Commission and as part of their commitment to their clients while upholding membership requirements.
About STForex
STForex Ltd was incorporated in 2014. The company provides trading services on foreign exchange market, as well as powerful educational and analytical support. The company’s mission is to provide access to professional, high quality market analysis and thereby to increase the financial literacy of wide range of customers. One of the key figures of the company is Evgeny Filippov, Managing Director, has 8 years of experience in the financial markets, regularly participates live on TV channels including Russia 24 and RBC TV and has many publications on market analysis in such media resources as RBC, Investing.com, Prime, Finam, Invest Cafe and others.
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 15, 2017: Financial Commission, a leading External Dispute Resolution (EDR) organization, operated by FinaCom PLC, servicing online brokerages and technology providers within the financial services industry, today announces the appointment of Brian Phillips to its Dispute Resolution Committee (DRC).
Enhancing the DRC structure
Brian Phillips is the latest industry expert to join the Financial Commission’s DRC – which consists of a diverse panel of industry professionals, who follow a non-bias protocol in order to process and resolve complaints from our members’ clients.
Brian began his career at Goldman Sachs within the Fixed Income, Currencies and Commodities (FICC) Division. He was instrumental in expanding the business into new markets and helped build out the liquidity, API, algo and platform offerings for hedge funds, banks, asset managers and retail broker clients. After extensive work within the institutional space at Goldman Sachs, Brian founded Argosy Global Advisors.
As Brian Phillips commented: “The Financial Commission is a much needed entity within our market and has proven to be very valuable to its members and to the trading community it protects. I appreciate the opportunity to serve among other industry leaders and continue to help grow and protect our global marketplace.”
Peter Tatarnikov, Financial Commission, Chairman, said: “Brian is a senior industry veteran who understands the technology needs of multi-asset brokers and their clients, and in key areas such as liquidity, execution, and risk-management. We are pleased to welcome him as the latest DRC appointee at Financial Commission.”
About Argosy Global Advisors
Argosy specializes in risk management, liquidity optimization and technology implementation. Their chief mission is to partner with retail brokers to increase profitability and drive growth for their clients. The company provides multiple solutions for clients to manage and visualize risk that lead to higher yields and increased volumes across multiple asset classes. Brian and his team have a proven track record of creating risk/reward profiles for each broker to optimize profitability. Argosy’s clients benefit from their global network of technology and liquidity partners whether they are start-ups or Tier 1 providers.
About Financial Commission
The Financial Commission is an external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes with financial services providers that are members of the Financial Commission. To learn more about our requirements or to apply for membership, please contact us.
June 6, 2017: Financial Commission, a leading external dispute resolution (EDR) organization, operated by FinaCom PLC, and serving the online forex and CFD brokerage industry, is pleased to announce a successful participation as an exhibitor at the 2017 iFX Expo International that just concluded last week in Cyprus.
As one of the largest industry conferences attended by the online brokerage industry, the iFX Expo International event in Cyprus saw over 3500 attendees and industry delegates including regulators, legal and compliance experts and financial technology and brokerage companies.
Located again this year at the Spyrou Kypriannou stadium, Financial Commission’s booth was located near the iFX Expo entrance enabling our staff to exhibit and interact directly with attendees. Financial Commission Chairman, Peter Tatarnikov was interviewed by local media agencies, sharing insights about industry developments and Financial Commissions’ expansion.
Artem Karpichenko – Senior Operation Oficer
Michael Greenberg – FinaCom Board Member, CEO Finance Magnates
Peter Tatarnikov – FinaCom Chairman
Alexey Pavlenko – FinaCom Board Member
Michael Greenberg – FinaCom Board Member, CEO Finance Magnates
Peter Tatarnikov – FinaCom Chairman
Alexey Pavlenko – FinaCom Board Member
On day 1 of the event, May 24th, Mr. Tatarnikov participated as a guest speaker on the Regulation panel that was part of the event agenda. Mr. Tatarnikov joined a diverse panel of industry experts and talked about common regulatory challenges faced by the global forex and CFD brokerage community.
Mr. Tatarnikov commented: “iFX Expo International 2017 proved to reconfirm many of our views on the direction of global regulatory changes. Whether a company is unregulated or licensed in several jurisdictions, we have demonstrated that membership with Financial Commission can help improve client experiences in the inevitable cases when dispute resolution is needed and while enhancing broker’s own compliance protocols.”
Mr. Tatarnikov added: “Our proven approach to remedying complaints and commitment to education and best practices are some of the reasons that significant interest continues to be shown from both brokerages and platform technology developers who see the benefits of joining Financial Commission to enhance their own self-regulatory efforts. We are very pleased to have participated at this important industry event and extend our thanks to the organizers, media and our members and supporters.”
Peter Tatarnikov – FinaCom Chairman
Peter Tatarnikov – FinaCom Chairman
Maor Lahav – FinaCom DRC Member, COO and co-founder of Panda Trading Systems
The event concluded on day two with a speech by the, Dimitra Kalogerou, Chairman of the Cyprus Securities and Exchange Commission (CySEC), where the theme of MiFID II was emphasized as radically changing European markets as it goes into effect in January 2018.
In addition to MiFID II changes – which was a major theme throughout the event – other global topics related to best execution in Forex and off-exchange markets were also on the forefront of many discussions.
Financial Commission observed that while more regulations are coming to different jurisdictions, there is also an increased need for self-regulatory efforts in both established and evolving regulatory hubs as companies strive to demonstrate and maintain high standards of compliance.
Following a successful event at the iFX Expo in Hong Kong earlier this year, Financial Commission is pleased to report the same momentum carrying into iFX Expo in Cyprus based on the feedback from market participants who showed interest in our membership-based organization. For more information about our membership requirements, please contact us.
June 7, 2017, leading external dispute resolution (EDR) organization, Financial Commission, catering to the financial services industry and operated by FinaCom PLC, today announces STForex as its newest approved Member.
STForex’s status as a A-category Member of the Financial Commission took effect on June 1, 2017, following the approval of its membership application by FinaCom PLC’s board, 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 claim, 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 and foreign exchange (forex) markets, Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
STForex joins a diverse range of brokerages and independent services providers (ISPs) that utilise the services of the Financial Commission and as part of their commitment to their clients while upholding membership requirements.
About STForex
STForex Ltd was incorporated in 2014. The company provides trading services on foreign exchange market, as well as powerful educational and analytical support. The company’s mission is to provide access to professional, high quality market analysis and thereby to increase the financial literacy of wide range of customers. One of the key figures of the company is Evgeny Filippov, Managing Director, has 8 years of experience in the financial markets, regularly participates live on TV channels including Russia 24 and RBC TV and has many publications on market analysis in such media resources as RBC, Investing.com, Prime, Finam, Invest Cafe and others.
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.
March 23th, 2017, Financial Commission, a leading External Dispute Resolution (EDR) organization, operated by FinaCom PLC, catering to the online brokerage industry, today announces the launch of Trader Education as part of our mission to educate clients while providing fair and efficient dispute resolution to members.
As part of a collaboration with Traders Education, a series of educational resources including video tutorials and eBooks are now available to Financial Commission members and their clients. This was made possible following the recent appointment of Dispute Resolution Committee (DRC) member Ran Cohen, CEO of Traders Education.
The new educational material includes videos and eBooks about Forex and CFD trading, and is provided at no charge to Financial Commission’s members and their clients and can be found on our website at FinancialCommission.org.
The educational videos cover the following categories starting with basic classes then progressing to more advanced topics, making it easy for novices to begin and for intermediate traders to jump to a specific class:
Forex Trading
Market Analysis
Psychology
Forex Strategies
Trading Central
Social Trading
MetaTrader 4 (MT4)
Stocks
Contract For Difference (CFDs)
Managed Accounts
Technical Indicators
Financial Commission Chairman, Peter Tatarnikov commented: “As part of our ethos to help educate traders while delivering fair and efficient dispute resolution tools, Financial Commission is delighted to collaborate with Traders Education in order to provide our members and their clients with even more value when it comes to educational content.”
Mr. Tatarnikov added: “We expect to further broaden this offering in the near future, as part of our goal to educate consumers about financial products such as trading forex and CFDs.”
About Traders Education
Traders Education is a pioneer in online financial education and continues to support traders around the world with a wide range of educational resources available in 30 languages and while helping brokerages to improve their most important business metrics.
About Financial Commission
Financial Commission was founded to provide traders and brokerages a new approach for resolving issues that arise in the course of trading electronic markets such Foreign Exchange (forex), CFDs, and related derivatives’ markets, in addition to certifying technology platforms used for trading. For more information on our services and membership requirements, please contact us or visit www.FinancialCommission.org for more information.