Startrader joins Financial Commission for external dispute resolution
Traders of a company with this membership status can be eligible for compensation of up to €20,000 per complaint, as well as having access to all dispute resolution services offered by the commission. All clients of member companies are protected by the Compensation Fund, which acts as an insurance policy.
Startrader, an international CFD brokerage firm covering forex, bonds, metals, indices, commodities, and shares, has joined the ranks of the Financial Commission (FinaCom PLC LTD) as its newest approved Member.
Membership in the self-regulatory organization took effect on May 31st, 2023, and will allow Startrader 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.
Startrader offers MT4, MT4, Copy Trade, and WebTrader
Startrader operates its FX and CFD brokerage services on the MT4 and MT5 platforms via several entities registered in SVG, Hong Kong, Cyprus, and Seychelles.
Startrader is a trading name of STARTRADER LLC, registered under Saint Vincent and the Grenadines Financial Services Authority (“SVGFSA”) with registration number 228 LLC 2019.
STARTRADER International PTY Limited. Company Registration Number: 2426862. Registration Address: Room 710, 7/F, Lippo Sun Plaza, 28 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong.
IV Markets Ltd is registered in Cyprus with registration number HE 421001. Registration address 62 Athalassas, Mezzanine, Strovolos, 2012, Nicosia, Cyprus.
STARTRADER is a trading name of STARTRADER Ltd, authorised and regulated by the Financial Services Authority of Seychelles with License No. SD049.
STARTRADER Ltd is registered and located at Block B, Room 2, No.2, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles which operates under a separate domain.
The Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission.
The organization’s provides dispute resolution for traders and brokers across Foreign Exchange, CFDs, and cryptocurrency markets, in addition to certifying technology platforms used for trading.
Startrader joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
BalansFX was expelled from FinaCom
Earlier this week, the membership status of BalansFX was terminated due to failure to adhere to membership rules and after it was given numerous opportunities to rectify its shortfalls, as stated in a FinaCom statement. BalansFX was expelled from the Financial Commission effective May 29, 202, following “numerous failures to comply with the Financial Commission’s Rules & Guidelines.”
As such, the commission noted that it will not be able to process any new complaints from BalansFX clients, following its expulsion from its roster as of the date of this announcement and moving forward, or until membership is approved again. BalansFX had been a member of the Financial Commission since 2021.
Traders of a company with this membership status can be eligible for compensation of up to €20,000 per complaint, as well as having access to all dispute resolution services offered by the commission. All clients of member companies are protected by the Compensation Fund, which acts as an insurance policy.
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.
The expulsion of BalansFX from membership is an important step as it adds credibility to the Financial Commission and encourages companies that are already members to adhere to the highest standards of operation.
In addition to providing dispute resolution and certification services to the participants of the Forex and derivatives markets, the Financial Commission extends its coverage to the crypto community and blockchain startups.
