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 , 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.
About Orfinex, the company is a regulated trading platform 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.
