The Financial Commission has announced the approval of Orfinex as its newest Member, marking the company's inclusion in the self-regulatory forum for resolving disputes in the FX industry. Orfinex's status as an Approved Broker Member took effect on April 17th, 2024, following the endorsement of its membership application.

Financial Commission Welcomes Orfinex as Newest Member

Membership in the Financial Commission grants Orfinex and its customers access to various services, including protection for up to €20,000 per submitted complaint through the Financial Commission's Compensation Fund. The Commission serves as an impartial third-party mediation platform, aiding in the resolution of complaints when direct agreement between parties is unattainable.

For Orfinex and other approved members and their clients engaged in CFDs, 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, and cryptocurrency markets, the Financial Commission offers a resolution process compared to traditional regulatory channels like arbitration or local courts.

Orfinex joins an array of brokerages and independent service providers utilizing the Financial Commission's services as part of their focus on clients while adhering to membership requirements.

Orfinex joins Financial Commission as approved broker member -
Multi-asset brokerage firm Orfinex has become a member of the Financial Commission, joining the ranks of the self-regulatory organization. This accreditation reassures traders that the firm meets the quality stan... pic.twitter.com/7AS9CHZwKL

— The Industry Spread (@industryspread) April 18, 2024

About Orfinex, the company is a regulated trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term under the Financial Sector Conduct Authority in Melbourne, Australia, operating since 2015. With a clientele spanning both retail and institutional sectors, Orfinex is noted for its provision of client support, utilization of advanced trading infrastructure, and experience in global trading.

Deceptive Tactics Uncovered by Financial Commission

The Financial Commission updated on its investigation of a scam involving fake representatives posing as its personnel, targeting traders for fraud, as reported by Finance Magnates. Previously cautioned on December 15, 2023, the Commission warned against deceptive practices by imposters offering funds recovery and chargeback services for a fee.

These fraudulent individuals used fake legal service companies to deceive victims. They also falsified contact details resembling legitimate digital asset wallet providers like Blockchain.com to extract fees for illegitimate services.