The forex brokers CPFX and VNC Brokers became the latest members of the independent external dispute resolution (EDR) organization Financial Commission (FinaCom) whose members include forex, CFD and binary options brokers.
According to the publications on the organization’s site, CPFX’s status as a member took effect on May 3 and that of VNC Brokers – on April 24, following the approval of their applications by FinaCom’s board.
CPFX is a forex broker owned by the company ClearpointFX. The broker claims to be offering full STP execution with spreads starting from 0.1 pip. There is no further information about the company or the trading conditions, as the broker seems to be brand new. Judging by the Facebook page of ClearpointFX, it will be targeting Turkish-speaking clients.
If this is indeed the case, we would note that the opening of a new Turkish broker is an unexpected move, considering the severe restrictions and requirements introduced by the Capital Markets Board (CMB) of Turkey in February. The low leverage cap of 1:10 and the requirement of a client deposit of at least TRY 50 000 make the access of the forex market to small retail investors rather limited.
The other new member, VNC Brokers, is based in the offshore zone Vanuatu. It offers over 350 tradable instruments and a leverage of up to 1:400 on the MetaTrader 5 platform.
More details about VNC Brokers can be found here.
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.