Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, said on Wednesday it has certified Libertex, the proprietary trading platform of forex brokerage Forex Club.
As part of of certification process, the FinaCom has conducted a thorough examination and analysis of the platform to ensure it meets its technical standards. The commission has tested Libertex’s system security, capacity and performance, business disaster recovery and continuity plan, as well as reporting and record keeping, among others.
“Libertex is one of the best mobile and web platforms for effective trading different instruments such as stocks, currencies, indexes, and others. Certification of the Financial Commission demonstrates our commitment to the highest standards of conduct of trade and business,” Eduardo Remedios, head of production at Libertex, said.
Libertex is a product of Forex Club that offers access to more than 150 tradable instruments, inclduding forex, stocks, indices, metals, commodities, oil and gas. The platform is available in a web-based version, as well as as a mobile platform for Android and iOS. It is available to customers in Latin America, Asia and Europe.
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 include forex and binary option brokers and independent service providers (ISPs).
Forex Club joined FinaCom as A-category member in January this year. This type of membership ensures the broker’s clients access to up to $20,000 in compensation per trader in case of dispute.
Other A-category FinaCom members are Alpari, Amarkets, DLS, EQTrades, FXOpen, GEB Invest, Ibinex, Maxi Markets, NPBFX, Olymp Trade, RoboForex, Starfish FX, and Umarkets. In addition, FinaCom has B-categori membership with compensation fund of $5,000 per case for Axiory, EQMarkets, Grand Capital, Juno Markets, Mtrading, and RallyTrade.
The organisation has certified the trading technologies and platforms of the following entities – ActTrader, Broctagon Solutions, B2Broker, Forex Development Corporation (FDC), Tools For Brokers (aka Tools4Brokers), Ibinex, Olymp Trade, RoboX and Xcritical.
Forex Club is a collective brand of several entities that operate in more than 120 countries, mainly within the Commonwealth of Independent States (CIS), or the former Soviet countries.