AmorFX, a retail forex broker from Turkey, now officially became a member of the Financial Commission. With the new membership, the broker got access to the new dispute resolution services. It will also be able to offer €20,000 of protection per submitted claim for its clients.

Financial regulators in Turkey have been rather strict when it comes to the retail FX sector of the country ever since 2017. The local forex regulations are currently extremely limiting, and many FX businesses did not manage to become regulatory compliant, including AmorFX.

The company attempted to reach benefits that come with regulatory compliance by other means, including a successful attempt to join the Financial Commission (FinaCom PLC).

AmorFX’s FinaCom membership application approved

According to FinaCom’s recent announcement, the group decided to officially approve AmorFX, and allow it to obtain the membership. This makes the retail forex broker the latest provider to join self-regulatory organization’s ranks.

AmorFX itself is a multi-asset broker that, apart from forex, also offers users to trade indices commodities, and CFDs.

One thing worth noting is that, despite not having a regulation status — AmorFX still focuses solely on the local, Turkish market.

Benefits of becoming a member

By obtaining the membership status, AmorFX can provide a number of highly desirable benefits for its traders, including sizable compensation. Apparently, the company can now offer up to 20,000 EUR in compensation per submitted claim. The ability comes thanks to the backing of the Financial Commission’s compensation fund.

In addition to this, AmorFX will be able to offer access to dispute resolution services that the commission has. This will be useful, as the services will certainly make the resolution process much faster and simpler.

FinaCom’s dispute service’s success keeps growing

The self-regulator’s latest annual report noted that it made progress regarding some of its more crucial business drivers. The number of complaints is now 7% higher on a year-over-year basis.

Back in 2019, traders sought around $7.4 million, which is a new record, and more than twice the amount from 2018, which was $3.184,932.

Of course, the number of complaints that were resolved in the favor of the clients was also significantly higher, increased by 17%. In 2018, the number of complaints solved in clients’ favor was 153, while in 2019 it was 179. Meanwhile, the number of cases ruled in favor of the brokers in 2018 was 373, while in 2019 it climbed to 451.