Offshore forex broker Axiory Global has joined the Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, as its latest member, the commission said on Tuesday.
As of 1 November, 2016, the broker holds a B-category membership at the EDR, which means that each of its clients can seek up to $5,000 under the FinaCom compensation fund in case of unresolved dispute with the broker.
By being a Financial Commission members, we in Axiory Global ensures that traders and our client get their disputes resolved in a quick and efficient manner. Our company will always meet the needs of its customers, as well as work on the development of user-friendly tools,” representatives of Axiory Global were cited as saying by the FinaCom.
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.
“[The] Financial Commission provides an unmatched dispute resolution process which is now extended to our newest member Axiory Global,” FinaCom chairman PeterTatarnikov said.
“Our ongoing membership growth reflects the importance of efficient dispute resolution, and companies and their clients value when it’s provided by a neutral 3rd party,” he added.
Belize-headquartered Axiory Global is regulated by the International Financial Services Commission (IFSC). It offers automated trading in forex, contracts for difference (CFDs), precious metals, oil, and indices via the MetaTrader 4 (MT4), the most widely-used forex trading platform.
FinaCom’s 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. The organization’s members are Alpari, Amarkets, DLS, EQTrades, EQMarkets, Forex Club, FXOpen, GEB Invest, Grand Capital, Ibinex, Juno Markets, Maxi Markets, Mtrading, NPBFX, Olymp Trade, RoboForex, Starfish FX, and Umarkets.
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.