Commission News

The Financial Commission, a leading independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum, warns the public regarding unknown individuals offering so-called “trading licenses” using fake Financial Commission certificates.

The Financial Commission was recently informed that unknown individuals operating the website https://milionaireflix.com/ and using the email address [email protected] are offering fake certificates purportedly issued by The Financial Commission as so-called “trade certificates” to legitimize possible fraudulent activity or seek monetary gain from unsuspecting victims. Such “certificates” contain a replica of the official trademarked logo of The Financial Commission and other insignia to pass as legitimate certificates issued to genuine approved members of our organization.

This information led The Financial Commission to immediately place the associated website on its Warning List and subsequently issue this notice.

The Financial Commission reminds traders and the public that it does not issue certificates of any kind to individuals and does not license individuals in any capacity. Interested parties can check the membership or certification status of participating members of the Financial Commission on the Members section of the official website. Furthermore, we recommend that anyone presented with a certificate purportedly from The Financial Commission immediately checks the validity of such certificate by emailing [email protected].

Traders and members of the public are also reminded that they can submit information regarding possible clones or fraudulent websites of brokers and purported dispute resolution services to [email protected] for further investigation by The Financial Commission to root out scams and protect the trading community.

The 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 who are members of the Financial Commission. The 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.

The Financial Commission, a leading independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum, announces increases in several key operational metrics, including amounts awarded to traders, and trade-related complaints as part of its quarterly Complaints Digest. The organization also recorded quicker dispute resolution times, with complaints being resolved on average in 7.1 days.

As part of its founding core principles to protect traders from possible scams, Ponzi schemes, and fraudulent activities online, The Financial Commission placed 38 websites on its Warning List and identified and issued public warnings regarding clone websites and fake representatives.

*Values impacted by several high-value complaints resolved during the previous quarter

The Financial Commission continued to experience a steady influx of complaints from traders amid a continued period of range-bound price volatility and high-interest rates. Specifically, the organization experienced virtually no material change in new complaints filed, as well as in the total number of complaints resolved in the quarter. Nonetheless, complaints amounts sought and awarded, as well as average complaint values changed significantly due to several high-value complaints resolved during the previous quarter. In this regard, the total amounts sought from traders equaled $4.4M for the quarter, 66% lower than 2Q 2023. At the same time, amounts awarded to traders experienced a significant jump to $331,809. Complaints with higher values also experienced significant increases, with complaints valued between $1K-10K jumping 141% QoQ and those valued at $10K+ rising 29%.

There was also a noticeable increase in the complaints topics for the period, with increases in trading-related (7% QoQ) and non-trading-related (4% QoQ) complaints, which indicate that traders are continuing to find trading opportunities, even in possible narrow price ranges in FX and CFD markets.

During the period, the Dispute Resolution Committee (DRC) managed to accumulate 17% fewer complaint investigations carrying over into 3Q, while experiencing an improvement in average resolution times.

September 29th, 2023: The Financial Commission today announces that the membership status of FXView has ceased following a voluntary withdrawal.

FXView had been a member of the Financial Commission up until September 28th, 2023, when its membership was effectively withdrawn.

The Financial Commission notes that it will not be able to process any new complaints from FXView, following its withdrawal of membership from the Financial Commission as of September 28th, 2023, and moving forward or until membership is approved again.

Furthermore, FXView clients will not be eligible for reimbursement from the Financial Commission’s compensation fund as a non-member. The compensation fund can only be used by clients of approved members and is subject to the ruling by our Dispute Resolution Committee. The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by the Financial Commission from a portion of membership dues.

An updated list of current and prior members can be found on our website, including members that have either been expelled or withdrawn voluntarily.

The Financial Commission is a leading independent self-regulatory organization whose members include online brokerages and exchanges, across Forex, CFDs, derivatives, and cryptocurrency markets, and certified providers and developers of trading platform technology used by members and their end clients who are retail traders and investors.

The Financial Commission requires that member firms strictly adhere to membership rules to maintain good standing on an ongoing basis. To learn more about our membership requirements and certification process, contact us or visit https://financialcommission.org

The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces its participation in the upcoming IFX EXPO International conference, taking place on September 19-22, 2023 in Limassol, Cyprus. Valued broker members and interested parties are invited to join Commission representatives to discuss The Financial Commission’s external dispute resolution services for online brokers.

This premier event, renowned for connecting top-level executives from international firms, promises a platform for networking, business growth, and a wealth of insightful content.

Financial Commission representatives will be ready to showcase the organization’s membership and certification options, as well as value-added services from companies such as YourBourse, FinWizard, and Broker Pilot. Attendees will also be able to get insights into The Financial Commission’s operating metrics and find out how its external dispute resolution service helps thousands of traders in various ways each year.

Financial Commission Chief Operating Officer, Nikolai Isayev said: “We are glad to be attending the IFX EXPO International, as the event has been successful for us in the past and brings together the most important industry leaders and innovative companies from the European region.”

The organization joins a list of more than 100 confirmed exhibitors and representatives from hundreds of financial services providers including retail brokers, fintech providers, prime brokers, and payment technology leaders expected to attend the exclusive industry gathering.

About The Financial Commission

The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who cannot resolve disputes directly with their financial services providers who are members of The Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise during trading electronic markets such as Foreign Exchange. Then, it expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.

The Financial Commission today announces JDR Securities 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.

JDR Securities status as an Approved Broker Members of the Financial Commission took effect on August 21, 2023, following the approval of its membership application by the Financial Commission, thus allowing the companies 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.

The 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, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.

JDR joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.

JDR Securities is a collaborative team of industry leaders at the top of the trading field who came together to provide the financial services industry a premium product in the online trading of forex and CFDs.

Combining years of experience, the broker handcrafted a premium grade product to fill a gap in the market offering the highest level of technology and service to its clients. The company aim is to ensure its clients receive the ultimate uptime, security, depth of liquidity and execution speed along with specific knowledge for its partners by industry leading professionals with a proven track record around how to continue growing their networks of Introducing Brokers, Fund Managers and Trading educators.

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. The 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.

The Financial Commission today announces EBC Financial Group 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.

EBC status as an Approved Broker Members of the Financial Commission took effect on August 9th, 2023, following the approval of its membership application by the Financial Commission, thus allowing the companies 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.

EBC Financial Group joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.

EBC Financial Group stands as a leading global financial institution, proudly rooted in London and renowned for its exceptional trading platform. The broker boasts lightning-fast order execution, cutting-edge analysis tools, and unwavering asset protection, making it a preferred choice for traders worldwide.

EBC is regulated and authorized by the Financial Conduct Authority in the United Kingdom (Ref. 927552) and the Australian Securities and Investments Commission (ASFL: 500991). The company adheres to the stringent standards of management and regulation. To demonstrate its commitment, customer’s funds are held in segregated bank accounts. EBC also provides an added layer of insurance to its customers based on terms and conditions.

EBC global presence spans across major financial hubs, including London, Tokyo, Sydney, Singapore, Hong Kong, Kuala Lumpur, and Bangkok. These operational offices enable broker to offer seamless financial services to clients worldwide, catering to diverse needs and time zones.

Guided by industry veterans with over three decades of experience in financial market operations, company’s management team steers EBC Financial Group with expertise and vision, ensuring unparalleled services for its esteemed clientele.

The Financial Commission, a leading independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum, today warns the public of a website (https://cryptoexchangeassociation.com/) that was reported to The Financial Commission to be using illegally the trademarks of The Financial Commission’s members in an attempt, which we suspect is aimed to defraud the public.

The Financial Commission was recently contacted with information indicating that the aforementioned website is purporting to offer fictitious services in what appears to be an attempt to deceive and defraud the public.

Specifically, the website has copied certain parts of The Financial Commission’s official website, including the details of some of its members, without their consent, in an effort to legitimize the services of other, possibly scam brokers listed on the website’s Members page.

Furthermore, the aforementioned website falsely lists The Financial Commission’s partners on its Partners page, information about which was also directly copied from The Financial Commission’s website. Likewise, the membership certificates listed on the aforementioned website bear a striking resemblance to official certificates issued by The Financial Commission.

The website is also strikingly similar to another, now defunct website: https://cryptoconductauthority.com/, which had also purported to offer fictitious services and was previously shut down due to the efforts of The Financial Commission.

Cleck to enarge

This information led The Financial Commission to immediately notify all relevant parties that the perpetrator is an illegitimate website that is not associated with The Financial Commission in any way and is falsely indicating that several broker members of The Financial Commission are members of such website as well.

Moreover, The Financial Commission takes all necessary actions, including reporting to law enforcement authorities and initiation of legal proceedings against “catfish”, in order to protect against and prevent all fraudulent activities against its clients in the future.

The Financial Commission reminds traders and the public that it does not accept or process complaints related to trading or storing digital assets, such as cryptocurrencies and tokens, and does not accept cryptocurrency brokers or exchanges as its members.

Furthermore, The Financial Commission does not service customers of brokers who are not members. We advise customers to first review our official Members page to see if their broker is an approved member of The Financial Commission before trading or investing any funds.

The Financial Commission reminds traders and the public that they can submit information regarding possible clones or fraudulent websites of brokers and purported dispute resolution services to [email protected] for further investigation by The Financial Commission to root out scams and protect the trading community.

The Financial Commission has conducted dispute resolution services specifically for FX and CFD traders and broker member firms since 2013 as an independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum. The Financial Commission strives to swiftly notify the public of any possible scams related to its operations and the greater Forex & CFD industry. For more information, click here or email us at [email protected].

July 31st, 2023, The Financial Commission, a leading independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum, today warns the public regarding pseudo representatives mimicking The Financial Commission and its official broker member in an attempt to defraud customers of FXTM.

The Financial Commission has recently received information from the public regarding a group of individuals who were impersonating The Financial Commission’s brand and services by offering fictitious services via email and telephone calls in what appears to be an attempt to scam the public. In addition, the forum identified fake representatives of an approved broker member, conducting an illegal solicitation of clients online.

The identified pseudo-representatives are using the following contact details to communicate with potential victims:

These pseudo-representatives of The Financial Commission offered the public a paid service to retrieve funds lost during trading on their trading accounts, some of which the victims actually never opened or had knowledge of. For such a service the alleged representatives demanded a fee. Likewise, some of the representatives attempted to solicit victims in the United States to open trading accounts at an unknown entity purporting to be an affiliate of approved broker member FTXM.

The Financial Commission has taken measures to notify parties that the perpetrators are a pseudo-clone not associated with The Financial Commission in any way and may be seeking to defraud customers. The great lengths that criminals may go to help perpetrate a fraud can be difficult for even the most cautious investors to detect.

In an effort to protect the customers, The Financial Commission recommends the public to note the following:

The Financial Commission will continue to work with the public in order to identify and weed out potential fraudulent activity and will take proactive steps to ensure the security of communication with broker member customers. We encourage all traders to notify us of any individuals or entities that purport to represent The Financial Commission.

The Financial Commission, a leading independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum, announces the launch of a new, free education portal for retail FX and CFD traders on its official website as part of its ongoing efforts to educate traders on a variety of topics related to trading financial markets, including managing trading risks, thus contributing to their overall knowledge about Forex trading.

The new portal, launched in partnership with Traders-Education, features video tutorials and e-books covering popular financial markets, including Forex, CFDs, commodities, and stocks. Traders can also access a robust glossary of market and trading industry terms, analyze market prices and news from different regions, and review crucial upcoming economic news releases via the calendar.

Likewise, traders can learn the important basics of how to conduct technical and fundamental market analysis, trading psychology, and how to formulate trading strategies using technical indicators.

Traders can also get familiar with popular trading platforms offered by FX and CFD brokers, such as MetaTrader 4, MetaTrader 5, and cTrader, without having to open a trading account.

Everyone can use the new education portal for free simply by submitting their name and email address on the Financial Commission website. Upon registration, users will be able to start using the ebooks, video tutorials, and analysis tools right away.

July 10th 2023, The Financial Commission, a leading an independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum, announces increases in several key operational metrics, including amount sought and awarded to traders, trade related complaints and average complaint values, as part of its quarterly Complaints Digest. The organization also recorded slower dispute resolution times, with complaints being resolved on average in 8 days.

As part of its founding core principles to protect traders from possible scams, ponzi schemes and fraudulent activities online, The Financial Commission placed over 45 websites on its Warning List, identified and issued public warnings regarding clone websites and fake representatives.

*Average complaint values impacted by several high-value complaints resolved during the quarter

The continued subduction of market volatility, attributed to the slowing pace and in some cases pauses of interest rate hikes, and inflation globally possibly curtailed retail trading among investors in the second quarter of 2023 and led to changes in several key metrics of The Financial Commission. Specifically, the organization experienced a 3% slowdown QoQ in new complaints filed, as well as a 7% drop in the total number of complaints resolved in the quarter. Nonetheless, complaints amounts sought and awarded, as well average complaint values soared to significantly high levels. While some of the statistics were impacted by several large HNW complaints, the overall increases indicate that complaints submitted to The Financial Commission forum continue to grow in value this year and, evidently, so does the need for unbiased, independent and thorough investigation of such disputes.

There was also a noticeable increase in the complaints topics for the period, with increases in trading-related (6% QoQ) and financial-related (4%) complaints, which indicate that traders are continuing to find trading opportunities, even in possible narrow price ranges in FX and CFD markets.

During the quarter, the Dispute Resolution Committee (DRC) managed to accumulate less complaint investigations carrying over into 2Q, although experiencing an uptick in average resolution times due to the complexity and duration of trading-related complaint investigations during this time.

May 19th, 2023, The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces a public warning against a clone website (https://insecreg.com/) that mimics The Financial Commission in an attempt to defraud Forex traders.

The Financial Commission took immediate steps to block the clone website and filed a claim with the domain registrar to take ownership of the all-too-similar domain address to ensure that traders are always accessing official materials of The Financial Commission. Moreover, The Financial Commission takes all necessary actions, including reporting to law-enforcement authorities and initiation of legal proceedings against “catfish”, in order to protect and prevent all fraudulent activities against its clients in the future.

We remind the trading community that the Financial Commission services for traders are 100% free and our representatives will contact broker clients by phone or email only in response to an inbound inquiry received on our website and social media pages. The Financial Commission absolutely does not solicit payments or fees for its services from traders.

The great lengths that companies may go to help perpetrate a fraud can be difficult for even the most cautious investors to detect. Be sure that the .org suffix is at the end of the URL when searching for our website, or clicking on related links when attempting to visit https://financialcommission.org and contact us to verify any email you receive from anyone claiming to be affiliated with the Financial Commission.

The Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who cannot resolve disputes directly with their financial services providers that are members of The Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise during trading electronic markets such as Foreign Exchange. Then it expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.

April 17 2023, The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces the appointment of Eitan Klein, Founder and CEO of E1K CONSULTING SERVICES LTD to its Dispute Resolution Committee (DRC).

Mr. Klein is the 35th industry expert to join the Financial Commission’s DRC since its inception in 2013. The DRC consists of a diverse panel of industry professionals, who follow a non-bias protocol to process and resolve complaints from our members’ clients.

Financial Commission Chief Operating Officer, Nikolai Isayev commented on the appointment: “I am pleased to welcome Eitan to our dispute resolution committee. Given his extensive experience in the industry, particularly in international licensing and regulations, as well as dispute resolutions, he will be a valuable asset to the Dispute Resolution Committee in helping us continue our commitment to providing thorough investigations of non-trading related disputes and sound dispute resolutions.”

With over 24 years of proven track record of excellency, Mr. Klein founded E1K CONSULTING SERVICES LTD, a new age boutique firm which specializes (among other areas) in international licensing and regulations, corporate and commercial, legal and business advice, litigation and dispute resolutions, providing its clients added value, fine-tuned and tailored solutions.

Mr. Klein possesses a global, international infrastructure of professional networks and collaborations such as with international law firms, financial institutions, banks and EMIs, international tax advisors as well as corporate agents and regulatory bodies. His cross-border practice is divided between different industries such as online gambling, capital markets and financial institutions, blockchain technologies and crypto currencies.

Mr. Klein holds a Bachelor of Law from University of Northumbria in Newcastle and a Master’s in Business Management from Derby University.

Founded in 2013, the Financial Commission is a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages, exchanges, and Blockchain firms that participate in global foreign exchange (forex), derivatives, CFD, and digital asset 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.

April 6, 2023, The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, warns the public regarding fake representatives mimicking the Financial Commission to defraud customers of forex brokers and provide illegal services.

The Financial Commission was recently contacted with information from the public regarding a group of individuals who were impersonating the Financial Commission’s brand and services by using a lookalike logo and email addresses, such as [email protected], [email protected],[email protected] and others while purporting to offer fictitious services in what appears to be an attempt to scam customers.

These fake representatives of The Financial Commission offered forex brokers’ customers a paid service to retrieve funds lost during trading on their trading accounts. For such a service, the alleged representatives demanded a fee and, in some cases, provided letters of guarantee to the victims.

The Financial Commission has taken measures to notify parties that the perpetrators are pseudo-clones not associated with The Financial Commission in any way and may be seeking to defraud customers. The great lengths that fraudsters may go to defraud people can be difficult for even the most risk-averse investors to detect.

In an effort to protect our customers, The Financial Commission recommends the public and forex brokers’ clients to note the following:

The Financial Commission will continue to work with the public in order to identify and weed out potentially fraudulent activity and will take proactive steps to ensure the security of communication with traders. We encourage all traders to notify us of any individuals or entities that purport to represent The Financial Commission.

The 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. The 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.

April 4th 2023, The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces increases in several key metrics, including new and resolved complaints, amounts sought from non-members and those awarded to traders, as well as rise in financial-related complaints, as part of its quarterly Complaints Digest. The organization also recorded improved resolution times, with complaints being resolved on average in 5.6 days.

The return of market volatility, as well as sustained macro trends, including rising interest rates, inflation and geopolitical concerns boosted retail trading among investors in the first quarter of 2023 and impacted several key metrics of the Financial Commission. There was also noticeable change in the complaints topics for the period, with increases in trading-related and financial-related complaints, which indicate that traders are back to finding opportunities in the markets. In 1Q 2023 the organization also experienced an increase in amounts sought from non-member firms, indicating the significant number of investors, who do not have access to external dispute resolution (EDR) services today. Complaints filed and resolved in the first quarter of 2023 were also more valuable, with those in the $500-999 and $1,000-9,999 categories increasing 48% and 54%, respectively – highlighting the continued importance of the organization to investigate complaints with higher monetary values. During the quarter, the Dispute Resolution Committee (DRC) managed to accumulate less complaint investigations carrying over into 2Q, while experiencing an improvement in already exceptional average resolution times, which still continue to outpace alternative EDR services.

March 29th, 2023, The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces a public warning against a clone website (https://thefinancialcommission.io/) that mimics The Financial Commission in an attempt to defraud Forex traders.

Recently, The Financial Commission came in possession of information indicating that the aforementioned clone website copied information and membership details from official The Financial Commission’s website purporting to offer fictitious services in what appears to be an attempt to deceive traders by falsely claiming the status of several Forex brokers, including GANNMarkets and Lotas Capital, as active members in The Financial Commission.

The Financial Commission took immediate steps to block the clone website and filed a claim with the domain registrar to take ownership of the all-too-similar domain address to ensure that traders are always accessing official materials of The Financial Commission. The Financial Commission anticipates taking further actions against GANNMArkets and Lotas Capital, including reporting to law-enforcement authorities and initiation of legal proceedings against them and the clone website owners, in order to protect against and prevent all future fraudulent activities against its the traders.

The Financial Commission reminds traders and the public that they can submit information regarding possible clone or fraudulent websites of brokers and purported dispute resolution services to [email protected] for further investigation by The Financial Commission to root out scams and protect the trading community.