The Financial Commission has announced that GTCFX has been approved as its newest Member, effective January 7, 2025. This development follows the approval of GTCFX’s membership application, granting the company access to a range of services provided by the Financial Commission.

Financial Commission Approves GTCFX Membership Benefits

GTCFX is a global online brokerage offering products such as precious metals, spot forex , and indices. It serves over 985,000 clients across more than 100 countries. As an approved Member, GTCFX will benefit from services including compensation protection of up to €20,000 per complaint, supported by the Financial Commission’s Compensation Fund.

The Financial Commission offers an external dispute resolution platform to brokerages and their clients, providing a third-party mediation service when direct resolution between parties is not possible. This service is designed to offer a quicker and simpler resolution process compared to traditional methods such as arbitration or legal proceedings.

Brokerages Seek External Dispute Resolution

GTCFX joins other brokerages and independent service providers that utilize the Financial Commission’s platform to resolve disputes and meet regulatory requirements. The company’s decision to join the Financial Commission is part of a broader trend in the FX and fintech sectors, where increasing numbers of firms seek external dispute resolution options to address complaints from clients.

The Financial Commission has focused on improving dispute resolution in financial markets. “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 wrote in its press release.

Scammers Impersonate Financial Commission to Defraud Traders

Earlier, The Financial Commission updated its investigation into a scam involving individuals impersonating its representatives to defraud traders. These scammers target traders affected by fraudulent brokers, offering recovery services for a fee and using fake companies to issue guarantee letters, as reported by Finance Magnates.

The Financial Commission warns that it does not offer recovery services, initiate contact via cold emails, or issue letters of guarantee. Traders should verify communication by checking the list of member brokers and using the official Dispute Resolution Form. Any unsolicited claims should be verified directly with The Financial Commission before sharing personal information.