The independent external dispute resolution (EDR) organization Financial Commission (FinaCom) announced it has certified RoboX – the automated trading solution of Tradency that was launched earlier this year.
According to the statement, FinaCom has conducted a rigorous review of RoboX to ensure it meets its technical requirements, including security, capacity, business disaster recovery and continuity plan, as well as reporting and record keeping.
“We are pleased to have concluded a successful technology certification for yet another provider and welcome Tradency to the Financial Commission as an approved provider,” said Financial Commission Chairman Peter Tatarnikov. “Reviewing the often complex business processes which underscore how technology works continues to be of the utmost importance amid scrutiny of best practices surrounding FX trading.”
“Tradency welcomes the opportunity to have the independent and qualified third party Financial Commission (FinaCom Plc), validate its machine,” said Tradency CEO, Lior Nabat. He added: “Certification from the Financial Commission, an organization which harbors a deep understanding of the Forex industry, underscores our commitment to best business practices and commercial integrity.”
Dubbed “a smart trading machine”, RoboX is a type of automated trading service that adapts to the needs, preferences and trading risk of the individual trader based on a questionnaire filled in upon sign up. The service offers “smart packages of strategies” compiled of the millions of strategies and trading signals passing through Tradency’s trading platform. The company’s proprietary algorithm is based on the data about preferred and best performing strategies, instruments, time frames and trader behavior Tradency has accumulated over the years.
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.