FinCom Approves Vida Markets’ Membership, Withdraws IdealFX’s

by admin
0 comment

The Financial Commission (FinCom), the independent external dispute
resolution (EDR) body for the forex industry, has approved the membership
application of Vida Markets, a Dubai-headquartersed forex and CFD broker. The
self-regulatory organization (SRO) also recently announced that IdealFX has
voluntarily withdrawn its membership status.

In addition, FinCom recently added ThreeTrader, an offshore forex
broker that offers counterparty trading services with a Vanuatu license, to its approved members list.

In a statement, FinCom said Vida Markets’
membership took effect on December 12, 2022, following its sanctioning of its
membership request. With its membership status, Vida Markets and its customers
now have access to a wide range of services and membership benefits, the EDR
body said.

One of these benefits is protection for up to €20,000 per each submitted
complaint guaranteed by the organization’s Compensation Fund. This is possible because FinCom provides “unbiased 3rd party mediation” services to its broker members and their customers to resolve issues when both parties are unable to settle their differences independently.

What the recent FMLS22 session on what to expect in forex regulation this year.

“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,” FinCom explained.

Meanwhile, FinCom in a separate update on its website said IdealFX ceased to be one
of its approved members on December 28, 2022, after it effectively withdrew the broker’s membership. The intermediator also said it will no longer be able to settle any
dispute involving IdealFX and its customers.

“Furthermore, IdealFX clients will not be eligible for reimbursement
from the Financial Commission’s compensation fund as a non-member. The
compensation fund can only be used by clients of approved members and is
subject to the ruling by our Dispute Resolution Committee,” FinCom explained.

FinCom as a SRO and certification provider draws its members from online
brokerages and exchanges active in the forex, CFDs, derivative and
cryptocurrency markets as well as from trading technology developers.

The Financial Commission (FinCom), the independent external dispute
resolution (EDR) body for the forex industry, has approved the membership
application of Vida Markets, a Dubai-headquartersed forex and CFD broker. The
self-regulatory organization (SRO) also recently announced that IdealFX has
voluntarily withdrawn its membership status.

In addition, FinCom recently added ThreeTrader, an offshore forex
broker that offers counterparty trading services with a Vanuatu license, to its approved members list.

In a statement, FinCom said Vida Markets’
membership took effect on December 12, 2022, following its sanctioning of its
membership request. With its membership status, Vida Markets and its customers
now have access to a wide range of services and membership benefits, the EDR
body said.

One of these benefits is protection for up to €20,000 per each submitted
complaint guaranteed by the organization’s Compensation Fund. This is possible because FinCom provides “unbiased 3rd party mediation” services to its broker members and their customers to resolve issues when both parties are unable to settle their differences independently.

What the recent FMLS22 session on what to expect in forex regulation this year.

“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,” FinCom explained.

Meanwhile, FinCom in a separate update on its website said IdealFX ceased to be one
of its approved members on December 28, 2022, after it effectively withdrew the broker’s membership. The intermediator also said it will no longer be able to settle any
dispute involving IdealFX and its customers.

“Furthermore, IdealFX clients will not be eligible for reimbursement
from the Financial Commission’s compensation fund as a non-member. The
compensation fund can only be used by clients of approved members and is
subject to the ruling by our Dispute Resolution Committee,” FinCom explained.

FinCom as a SRO and certification provider draws its members from online
brokerages and exchanges active in the forex, CFDs, derivative and
cryptocurrency markets as well as from trading technology developers.

Source link

Related Posts

Leave a Comment