July 3, 2018 Broker-status, a leading external dispute resolution (EDR) organization catering to the financial services industry today announces that the membership status of HDForex has ceased following a breach of contractual obligations.
In order to maintain membership with Broker-status, member firms must strictly adhere to membership rules and all members agreed to comply with Broker-status rules as one of the many prerequisites for initial membership approval and to maintain good standing.
HDForex had not met its contractual obligations as a Broker-status member and was expelled for non-payment of its dues, starting from June 21, 2018, when company’s membership was ceased.
Broker-status notes that it will not be able to process any new complaints from HDForex, following its expulsion from Broker-status as of the date of this announcement and moving forward.
Furthermore, HDForex’s clients will not be eligible for reimbursement from Broker-status’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and subject to the ruling by our Dispute Resolution Committee. The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by Broker-status from a portion of membership dues.
An updated list of current and prior members can be found on broker-status.com, including members that have either been expelled or withdrawn voluntarily.
Broker-status is a leading independent self-regulatory organization whose members include online brokerages and exchanges, across Forex, CFDs, derivative and cryptocurrency markets, as well as certified providers and developers of trading platform technology used by members and their end-clients who are retail traders and investors.
For more information about Broker-status membership requirements, please contact us or visit www.broker-status.com.