Financial Commission adds FX broker Bold Prime to membership roster
The Financial Commission today announced that it has added Bold Prime to its member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets.
The retail FX brand is joining the ranks of the self-regulator to give their traders further assurance that they are offered services of high quality that comply with the standards of the commission.
Per its website, Bold Prime was founded in 2020, and since then it has grown to become one of the leading MT4 CFD service providers in the global forex industry.
“From a vast aggregation of liquidity to unparalleled performance, Bold Prime offers spreads from 0.0* and Account Plans for traders who are looking for advantages of choice, profits & convenience. Bold Prime provides premium trading experiences through impeccable customer service that is supported with industry leading trading technology, enabling Bold Prime to challenge traditional trading barriers and provides traders a gateway into the future of trading,” the company says.
Following the acceptance of its application by the Financial Commission, Bold Prime has obtained the membership status which means that its traders can be eligible for compensation of up to €20,000 per submitted claim and have access to all dispute resolution services offered by the commission.
The Financial Commission is an independent international service that offers the resolution of disputes with the aim of resolving trader-broker conflicts. The commission is supported by the Dispute Resolution Committee (DRC), which in turn is comprised of recognized industry professionals. It operates as an independent international service that helps facilitate a simpler resolution process than through typical regulatory channels, such as arbitration or local court systems.
All clients of members of the Financial Commission are protected by the Compensation Fund which acts as an insurance policy.
The Financial Commission also issues execution certifications for approved brokers as the industry-specific association attempts to reduce the number of execution-related disputes that occur before they progress into formal complaints.
Due to the price verification capabilities, brokers who implement the service would be able to settle price disputes internally, by inducing evidence on asset prices at any given time, from an impartial party. And in case the client claims that he is consistently getting poor execution, the analysis results will facilitate handling execution-related trade disputes.
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.
Likewise, Financial-related complaints increased by 40 percent, which indicates a significant rise in disputes related to funds withdrawal. At the same time, complaints listed in the most valuable category ($10K+) jumped 70 percent in 1Q 2022. The number of resolved complaints increased 3 percent from the previous quarter, it says.