IC Markets joins Financial Commission as a member
Founded in 2007, IC Markets has grown to become one of the largest Forex CFD brokers with ultra-tight variable spreads, high order execution speeds, depth of liquidity, and 24/7 client service.
The Financial Commission has announced IC Markets as the latest online brokerage to join the self-regulatory organization as a member.
Independent external dispute resolution (EDR) services are increasingly needed within the Forex ecosystem, a global industry that affects companies and individuals spread across many jurisdictions.
IC Markets has decided to become a member following meetings at the IFX EXPO International in Limassol, Cyprus.
Protection of up to €20,000 per IC Markets client
The FX and CFD broker has officially joined the list of Approved Broker Members of the Financial Commission on November 24th 2021.
Membership provides the brokerage firm and its customers with to access a wide range of services and membership benefits including, but not limited to, protection of up to €20,000 per client, backed by the EDR’s compensation fund.
The Financial Commission is an independent external dispute resolution (EDR) that provides services to CFDs, foreign exchange (forex), and cryptocurrency markets industry participants.
The sheer popularity of the Commission’s EDR programme among the FX industry has seen trading firms lining up to obtain the status of an Approved Broker Member of the Financial Commission.
IC Markets will now benefit from the 3rd party mediation platform which helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.
Brokerages and independent service providers (ISPs) utilize the services of the self-regulatory organization to obtain a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.
Founded in 2007, IC Markets has grown to become one of the largest Forex CFD brokers with ultra-tight variable spreads, high order execution speeds, depth of liquidity, and 24/7 client service.
Financial Commission doubled recovery for broker member customers in 2020
According to its latest annual report, 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.
The self-regulatory organization has recently welcomed Fiber Markets and Exness as members and issued an execution quality certification to DeltaFX.
