The Financial Commission (FinaCom) announced on Monday that foreign exchange (forex) brokerage Opoforex is the newly approved group member. According to the press release shared with Finance Magnates, the self-regulatory organization believes Opoforex’s adding to its list is another proof of the increasing interest for independent external dispute resolution across the industry.
As the brokerage has been added to the Financial Commission, its customers can access services and membership features such as protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund. Per the announcement, Opoforex is a member of the FinaCom starting June 7, 2021.
“For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems,” the FinaCom said in the press release.
The Financial Commission will then provide a third-party mediation platform for Opoforex’s customers who seek help to resolve complaints when both the broker and the user cannot agree in a first instance.
Metrics for April
Founded in 2013 as Finacom PLC LTD, among the forex companies, members of the FinaCom include Alpari, Axiory, Forex4you, FXTM, Libertex, MTrading, RoboForex, as well as blockchain companies such as YouHodler, Serenity, Etherlabs. Also, FinaCom doesn’t only grant membership to forex and blockchain firms. In fact, they also provide certification to Fintech companies.
Recently, the Financial Commission announced the certification of collective investment platform service provider CopySam by Samtrade FX. During its month-over-month figures for April released on May 13, 2021, FinaCom stated that it experienced a continued rise in trading-related complaints while average dispute resolution times fell to just 5.6 days for the month. According to the metrics, the average compensation sought by traders in April was $629,533, and compensation awarded to traders fell to $4,701.
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