Do not invest more money than you can afford to lose.
Nearly a year after the Cyprus Securities and Exchange Commission (CySEC) decided to withdraw the license of the forex broker CommexFX and less than a month after the regulator finally made it public, the regulator said it is starting the compensation payments process.
The CySEC does not provide any further details on the matter, except that the procedure will be handled by the Investor Compensation Fund for Clients of IFs (I.C.F).
CommexFX got in trouble with the regulator last winter, when it was fined €100 000 for dealing on own account in March and April 2015, without having the authorization to do so. Then, in March 2016 CySEC said it has fined CommexFX another €50 000 for submitting false documents.
CommexFX is a broker with headquarters in Limassol, offering trade in forex, CFDs and spot metals. The minimum required deposit is $5 and the leverage is up to 1:400. The available trading platforms are MetaTrader4 and Myfxbook Auto Trade.
It had a license from CySEC, dating from 2011.
