Financial Commission certifies offering of trade copier 4X Solutions
The Financial Commission, an independent self-regulatory compliance specialist for the financial services industry, has certified the trading technology offered by trade copier 4X Solutions.
The certification of 4X Solutions followed a rigorous review process to evaluate technical information requirements within the trading platform. As part of the review process, the commission has established a detailed list of points to verify covering system security, capacity, business disaster recovery, and continuity plans, as well as reporting and record keeping, among other fields deemed important for the certification.
With over 15,000 active users, 4X Solutions is one of the most well-known trade copiers in the industry, which employs a cloud hosted solution backed by machine learning. It enables traders and brokers to copy trades to multiple accounts simultaneously and further increase profits being pulled out of the markets.
4X Solutions’ core product is a MetaTrader copy trading platform that can be used standalone or as a foundation for a more specialized application through API integration.
The platform has many features to handle risk management, compliance with regulations and per signal performance billing. The service operates on a cloud model, hosted from 4X Solutions private data centre facilities in London.
The Financial Commission exists as an industry-focused dispute resolution service, with its Dispute Resolution Committee (DRC) acting as its paramount regulatory body. The DRC is staffed by executives from leading companies in the financial services industry with the aim of resolving trader-broker conflicts.
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. To maintain their certified status, certified brands are required to continuously submit their order execution data to the VMT analysis tool, which maps the execution price to the boxplot for that time of day to assess the effectiveness and quality of the broker’s execution.
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.