Financial Commission Adds FX Broker Fiber Markets to Membership Roster

abdelaziz Fathi

The Financial Commission (FinaCom) today announced that it has added Fiber Markets 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-regulatory body to give their traders further assurance that they are offered services of high quality that comply with the standards of the commission.

Following the acceptance of their application, Fiber Markets has obtained A-category membership status which means that its traders can be eligible for compensation of up to €20,000 per submitted claim.

All clients of members of the Financial Commission are protected by the Compensation Fund which acts as an insurance policy. Fiber Markets clients also have access to all dispute resolution services offered by the commission.

The Financial Commission is an external dispute resolution organization supported by the Dispute Resolution Committee (DRC), which in turn is composed of recognized industry professionals. The Commission’s EDR program operates as an independent service that helps facilitate a simpler resolution process than through typical regulatory channels such as arbitration or local court systems.

“The Financial Commission 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. For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems,” the commission further explains.

According to its latest annual report, the self-regulator made progress across some of its key business drivers. Specifically, the Financial Commission received a record of 1340 complaints in the fiscal year of 2020, and the amount it recovered for broker member customers more than doubled from a year earlier.

Furthermore, the number of new complaints rose 32% year-over-year as a record $10.9 million sought by traders in 2020, which is up from $7.4 million in 2019.

Likewise, the number of resolved complaints in ‘clients favor’ increased 31% from the previous year. Of all resolved complaints, 52% were resolved ‘in favor of the broker‘ and 18% resolved ‘in favor of the client’, while 30% of cases the commission assessed were found to be out of its jurisdiction.

Samtrade Academy was the latest addition to the Financial Commission’s roster of certified educational providers.

In 2018, the Financial Commission has begun accepting applications ‎from education providers that wish to have their products examined by the ‎organization, as part of the education provider certification service.‎

Read this next

Digital Assets

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<