The Financial Commission (FinaCom PLC) today announced that it has approved Georgian forex broker HDForex (Tbilisi Traders Club) to upgrade its membership status to Category A effective December 21st, 2017, according to a FinaCom statement.
HDForex re-joined Financial Commission’s roster of existing online brokerages and independent services providers as a category B member back in September 2017. HDForex has in the past gained official status as a member of the Financial Commission for more than a year, from March 2015 through September 2016.
HDForex is one of a few brokerage firms that offer forex and binary options in the Georgian market, where it operates under the trading name Tbilisi Traders Club LLC. The company is licensed by the National Bank of Georgia and first launched its operations back in 2014.
Following the acceptance of its application by FinaCom PLC, HDForex obtained A-Category Membership which guarantees that clients are offered services of high quality and comply with the standards of the commission.
All clients of a company that is a member of the Financial Commission are protected by the compensation fund which acts as an insurance policy. More specifically, traders of a company with the A-Category membership can be eligible for compensation of up to $20,000 per complaint, as well as having access to all dispute resolution services offered by the Commission.
Financial Commission is an external dispute resolution organisation which is supported by the Dispute Resolution Committee (DRC), which in turn is comprised of recognized industry professionals. FinaCom is an independent international service that guarantees honest and timely resolution of any disputes with the aim of resolving trader-broker conflicts.
According to Financial Commission Chairman Peter Tatarnikov in a recent statement on the membership upgrade: “As a larger number clients utilize the services of Financial Commission, upgrading from Category B often happens either in parallel to an increase in the broker’s own client base and/or within the first year of joining as the firm and its clients start to see the benefits of Financial Commission membership.”
He added:“We are pleased to report that HDForex upgraded its membership with the Financial Commission from Category B to Category A status, which will in turn provide a wider range of benefits for its clients as a category A member.”