DeltaFX Loses Access To Financial Commission’s Dispute Resolution Services
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The Financial Commission announced that DeltaFX has been formally removed from its list of approved companies for not meeting certain standards or rules. This means that DeltaFX will no longer be part of the group that helps solve problems in the financial services area.
According to the update, DeltaFX clients cannot get money from the Compensation Fund anymore. This fund depends on decisions made by the Dispute Resolution Committee and it helps clients only if their financial service provider is an approved member of the Financial Commission.
The Financial Commission Aims To Protect Traders And Ensure Fair Practices
The Financial Commission works as a self-regulatory organization supported by the industry. It checks that all member firms follow the rules and keep high standards of trust.
The organization said it aims to help traders and brokers fix problems when trading in electronic markets, like Foreign Exchange. It has also expanded to include Contracts for Difference (CFDs) and other similar products.
Recently, the Financial Commission revealed an update about a scam where people pretend to be its representatives. This scam tries to trick traders and take their money.
The investigation showed that these fake representatives target traders who have lost money or cannot get their funds back from bad brokers like Umarkets and TPG Deals. These impostors say they can help recover lost money for a fee, asking for payments and sending fake guarantee letters from made-up legal entities.
DeltaFX’s Presence In The Forex Market Amid Regulatory Challenges
The Financial Commission stated that it does not offer money recovery or chargeback services. It also does not reach out through cold calls or emails.
Traders are advised to check the list of members on the organization’s website. The Financial Commission added that they should also use the official Dispute Resolution Form for questions and be careful with any unsolicited messages before giving out personal information.
DeltaFX is a forex and CFD broker registered in Saint Vincent and the Grenadines. It is an offshore broker offering high leverage, though it is not regulated by any government bodies.
The broker, which started in 2009, now has its main office in London, while its technical support is based in Istanbul, Turkey, and a marketing office in Geneva, Switzerland.
According to reports, DeltaFX accepts clients from most countries, including the United States. This is unique, as many forex brokers do not allow US-based traders, so it may be of interest to them.
DeltaFX’s trading options include forex, metals, energy commodities, stock indices, shares, and cryptocurrency CFDs. However, the broker does not provide bonds, interest rates, or exchange-traded funds (ETFs), which some other brokers offer.
