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The Financial Commission (FinaCom), the independent external dispute resolution (EDR), whose members include forex, CFD and binary options brokers, said it has accepted the offshore forex broker STForex among its members.
Starting from June 1, the broker has a status as a A-category Member. This allows the company and its customers access to a wide range of services and membership benefits. Among them is protection for up to $20,000 per submitted claim, backed by the FinaCom’s compensation fund and unbiased mediation and dispute resolution.
STForex Ltd was incorporated in 2014 and is based in the offshore zone Saint Vincent and the Grenadines. It offers trading in forex, CFDs and gold and silver on the popular MetaTrader 4 (MT4) platform. The company is mostly active in the Russian-speaking markets and only a few days ago its Belarusian subsidiary got a forex license from the country’s c-bank.
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.