Starfish FX becomes member of EDR organization FinaCom

Starfish FX becomes member of EDR organization FinaCom

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The Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, said on Thursday it has included forex broker Starfish Markets Ltd., trading as Starfish FX, as its latest member. The broker received a member status from 19 April, 2016.

“[…]by joining the Financial Commission, we show customers our level of commitment in helping to ensure they receive fair treatment from us by having a third-party that they can go to if any disputes arise that we are unable to resolve,” Michael Townsend, CMO at StarfishFX, said. “As people explore foreign exchange trading for the first time, we believe that providing them with additional options and education can only be a benefit, and we believe this step we have undertaken helps meet that objective in addition to what we have already established internally at StarfishFX.”

FinaCom has introduced membership categories, depending on the compensation fund it offers to clients of its members. For A-category members, which includes Starfish FX, traders can receive up to $10,000 under the FinaCom compensation scheme in case of dispute. The rest of the members in this category are Alpari, AMarkets, Forex Club, FxOpen, Ibinex, Olymp Trade, and RoboForex. Investments of up to $5,000 ients of clients of B-category members are covered by the compensation scheme. Such members are AITSFX, EQMarkets, EQTrades, Grand Capital, HDForex, MTrading, and NPBFX.

In addition, the FinaCom has certified the trading technologies of ActTrader, BinaryStation, Tools for Brokers, Ibinex, and Olymp Trade. The commission required binary options service providers to get certification for the platforms they use prior to applying for membership with the FinaCom.

“In addition to obtaining any existing regulatory licenses, it has become increasingly important for providers to demonstrate their participation with industry associations and commitment to self-regulatory efforts, such as by becoming a member of the Financial Commission,” FinaCom chairman Peter Tatarnikov said.

New Zealand- based Starfist FX is an online broker of forex, binary options, and contracts for difference (CFDs). It is licensed in Vanuatu and received recently a license from the Cyprus Securities and Exchange Commission (CySEC), which is not activated yet. The brokerage is also part of the Financial Services Complaints Ltd (FSCL), an independent New Zealand not-for-profit EDR. The broker is mainly focused on the Asian markets, while providing services globally. It offers trading of 250 forex and binary options instruments to both retail and institutional clients.

The FinaCom, set up in 2013, is an EDR organization which acts as a neutral third party in disputes in the forex and binary options markets between its members and their clients. The outcome of a dispute is decided by FinaCom’s Dispute Resolution Committee, which consists of industry professionals and executives of leading brokers. It has been gradually adding new members and improving its services. Full 10% of the membership fees are used for the financing of the FinaCom compensation fund.

Source: FinaCom

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