Asia-oriented forex broker Juno Markets has joined the Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, as its newest member, the organisation said on Tuesday. The broker is an official FinaCom member as of 8 September, 2016.
As a result, the broker’s clients can benefit from the EDR services that FinaCom offers to members. Juno Markets’ clients can get up to $5,000 as compensation in case of a dispute with their broker.
Juno Markets has both retail and institutional services to clients mainly in the Asia Pacific region. It is a no-dealing desk broker based in St. Vincent and the Grenadines and registered with the local regulatory body, the Financial Services Authority (FSA). Its offering includes forex, contracts for difference (CFDs) on indices, and commodities.
“This [FinaCom] membership will give our clients access to an experienced, independent board whose goal is to provide swift trade resolutions. Clients can trade with confidence knowing there is an additional level of insurance on their funds,” said Arthur Le, founder of Juno Markets.
The rest of the members of the EDR organisation are forex and binary option brokers, as well as independent service providers (ISPs). Members and their clients can used FinaCom as a third-party mediator in case of complaints and disputes that the involved parties cannot solve by themselves. The organisation helps facilitate a simpler, swifter resolution process than through typical regulatory channels.
Entities fall in one of two membership categories, depending on the amount of compensation to which their clients are entitled. A-category membership, which allows traders to receive up to $10,000 under the FinaCom compensation scheme in case of dispute, includes Alpari, A-Markets, Forex Club, FXOpen, Ibinex, Maxi Markets, Olymp Trade, RoboForex, Starfish FX, and Umarkets. B-category membership ensures compensation of up to $5,000 of traders’ investments. It includes brokers EQMarkets, EQTrades, Grand Capital, MTrading, NPBFX, and now Juno Markets.
In addition, as part of the membership application process the FinaCom certifies the technology solutions used by candidate members and members. The organisation has certified the trading technologies and platforms of the following entities – Act Trader, Broctagon Solutions, B2Broker, Forex Development Corporation (FDC), Tools For Brokers (aka Tools4Brokers), Ibinex, Olymp Trade, and XCritical.