Financial Commission Adds TorrentFX to Category-A Roster

The Financial Commission, the leading self-regulatory association dedicated to ensuring sound practices across the financial services industry, today welcomed its newest member firm, TorrentFX.

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FinaCom’s member roster is made up of the international online brokerages that participate in global foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, derivatives and cryptocurrency markets.

TorrentFX 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 and maintains a presence in Marshall Islands, which offers a more flexible, looser regulatory regime. TorrentFX 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, TorrentFX 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. TorrentFX’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 last week when it warned ‎investors against companies or associations that approach victims of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term ‎traders claiming that, for a fee, they can help them recover the sums invested ‎or the losses incurred on unlawfully FX trading platforms.‎

The self-regulatory body cautions investors that “a group of individuals” are ‎trying to usurp the identity of FinaCom itself by using a similar logo ‎in order to give the appearance of trustworthiness and legitimacy.‎