The Financial Commission, the leading self-regulatory association dedicated to ensuring sound practices across the financial services industry, today welcomed its newest member firm, Fort FX.
FinaCom’s member roster is made up of the international online brokerages that participate in global foreign exchange, derivatives and cryptocurrency markets.
Fort FX is a multi-asset brokerage firm that offers trading of currencies, indices, CFDs and commodities. The company operates as an offshore provider of financial services. It is not licensed by any financial regulator and it doesn’t claim any regulatory status in any jurisdiction.
Following the acceptance of its application by FinaCom PLC, Fort FX has obtained A-category membership, which guarantees that clients are under the protection of an international organization and that the services provided to them are of high quality and comply with the standards of the watchdog.
All clients of member companies are protected by the Compensation Fund, which acts as an insurance policy. Fort FX’s status as an A-category member means that its traders can be eligible for compensation of up to $20,000 per submitted claim and have access to all dispute resolution services offered by the Commission.
Financial Commission was in the news this month when it turned to a former Gain Capital executive to take on the role of Chief Operating Officer (COO). The commission picked Nikolai Isayev to assume a role that involves overseeing the regulator’s new divisions, which were recently established to cater to the emerging needs of its existing and new members.
Commenting on the news, Financial Commission said in its statement: “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. Fort FX 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.”