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Offshore forex broker LQDFX has joined as a member the Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, the EDR said on Thursday.
The broker has an active member status B category effective as of 13 January, 2017. This means its clients are entitled to a compensation of up to $5,000 per person in case it gets in trouble.
LQDFX was launched in 2015. It is a brand of Trust Company Complex and is headquartered in the Marshall Islands. The brokerage intends to expand in 2017 by opening representative offices in Indonesia, Malaysia and Europe, alongside other emerging countries.
The broker offers five types of trading accounts – Micro, Gold, ECN, VIP, and Islamic, all with straight through processing (STP) order execution. It supports MetaTrader 4 (MT4) and xStation trading platforms.
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).
The organization offers two types of membership, depending on the amount of compensation members’ clients can receive in case of dispute – A category membership with compensation of up to $20,000 per clients and B-category membership with compensation of up to $5,000 per client.
The organization’s members include forex and binary option brokers, as well as independent service providers (ISPs). Some of the better known brands include Alpari, Amarkets, Grand Capital, RoboForex, Mtrading, Olymp Trade, Forex Club, FXOpen, among others
In addition, as part of the membership application process the FinaCom certifies the technology solutions used by candidate members and members.