Baxia joins ranks of Financial Commission: €20,000 protection per client complaint
The Financial Commission has approved Baxia Markets as its newest member.
The Financial Commission has approved Baxia Markets as its newest member, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
Baxia is a retail FX and CFD brokerage registered and regulated by the FSA of Seychelles and SCB of Bahamas with client funds held in segregated bank accounts ensuring regulatory protection to client assets.
Baxia offers FX liquidity 24/7, regulated in Seychelles and the Bahamas
The Metatrader ECN broker was founded in 2020 and is one of the first global brokers to extend coverage on FX liquidity during the weekend with a full range of support services offered 24/7.
Providing access to deep institutional liquidity from matching engines located in NY4 and LD4, Baxia Markets allows users to execute trades in Forex, Metals, Energy, Indices, Shares and Cryptocurrencies through its two account types: BX Standard and BX Zero.
With membership taking effect on January 18th, 2022, Baxia Markets became the latest online brokerage to join the ranks of the Financial Commission, a self-regulatory organization that addresses growing demand for independent external dispute resolution (EDR) services among FX industry participants.
FinaCom latest QoQ report: 10% more complaints, 57% more compensation sought
Also known as FinaCom, the SRO provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
The external dispute resolution (EDR) organization caters to companies and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets.
FinaCom facilitates a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
According to its latest quarterly report, the self-regulator made progress across some of its key business drivers. Specifically, the number of new complaints increased 10 percent quarter-over-quarter as compensation sought from broker members rose 57 percent to $3.35 million.
IdealFX on the way out
IdealFX was expelled from the Financial Commission effective December 28th, 2022, according to a FinaCom statement. As such, the commission noted that it will not be able to process any new complaints from IdealFX clients, following its expulsion from its roster as of the date of this announcement and moving forward, or until membership is approved again.
“IdealFX clients will not be eligible for reimbursement from the Financial Commission’s compensation fund as a non-member, since the compensation fund can only be used by clients of approved members, and is subject to the ruling by our Dispute Resolution Committee. The Financial Commission notes that it will not be able to process any new complaints from IdealFX clients’, following its expulsion from the Financial Commission as of the date of this announcement and moving forward,” the statement reads.
In cases when complaints are filed against a member firm, the Financial Commission uses a proven method to process complaints and a decision is delivered by the Dispute Resolution Committee (DRC). The Financial Commission cannot process complaints against non-members, and no further action is taken.