The Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, said on Friday it has expanded its members list with GEB Invest, an offshore provider of trading services and technologies. The company has an approved member status as of 14 September, 2016.
Each trader with GEB Invest can apply for compensation of up to $20,000 in case a dispute arises between them and the broker.
GEB Invest is a brand of GEB Global Equity Brokers (Belize), an entity based in Belize and regulated by the International Financial Services Commission (IFSC). The company is an affiliate of Cyprus-based GEB Global Equity Brokers Ltd.
The broker’s offering consists of forex, contracts for difference (CFDs), indices, shares, and commodities. It offers three types of trading accounts on the MetaTrader 5 (MT5) platform – Standard and Islamic with a minimum deposit of €/$ 500, and Premium with a minimum deposit of €/$ 2,000.
FinaCom acts as a third-party mediator in case of complaints and disputes between its members and their clients. The organization helps facilitate a simpler, swifter resolution process than through typical regulatory channels.
Its members are forex and binary option brokers and independent service providers (ISPs). They fall in one of two membership categories – A category allows traders to receive up to $20,000 under the FinaCom compensation scheme in case of dispute and clients of B-category members can get up to $5,000 as compensation. B-category members are EQMarkets, EQTrades, Juno Markets (which it added earlier this week), Grand Capital, MTrading, and NPBFX.
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.