LordFX has been expelled from the Financial Commission due to a breach of contract. The broker has violated the membership rules and guidelines.
As a result, LordFX clients will no longer be eligible for compensation from the Financial Commission. New complaints from LordFX clients will no longer be processed.
The following statement was issued on the Financial Commission website:
'As Financial Commission is an industry-supported self-regulatory organization (SRO) our enforcement of member compliance is reflected entirely within our membership standings where a firm’s integrity and adherence to rules must be strictly upheld in order for membership to be maintained.'
The Financial Commission is not a regulatory body. Instead, it offers a dispute resolution between the broker and the clients. Well-known forex brokers, such as IC Markets, IG Markets and RoboForex are members of the Financial Commission.
Fullerton Markets is one of the newest members of the Financial Commission. Additionally, Fullerton is among several brokers that offer deposits and withdrawals in cryptocurrencies.
Withdrawal-Related Complaints Have Increased
According to the most recent quarterly report of the Financial Commission, the number of new complaints against brokers rose by 10% quarter over quarter.
Disputes regarding withdrawals have increased by 40%. The most valuable category (complaints over $10,000) spiked by 70% in the first quarter of 2022.
The number of successfully resolved complaints increased by 3% compared to the previous quarter.
