Baxia Markets Emerges Latest Approved Member of FinCom
- FinCom recently approved Vida Markets' membership but withdrew IdealFX's.
- More forex traders demanded compensation from FinCom broker members in Q4 2022.
The Financial Commission (FinCom), the independent external dispute resolution (EDR) body for the forex industry, has approved the membership application of Baxia Markets, a MetaTrader electronic communications networks (ECN) broker founded in 2020. FinCom in a statement noted that Baxia Markets’ membership took effect on Wednesday, January 18.
The latest approval comes weeks after the self-regulatory organization (SRO) approved Vida Markets, a Dubai-headquartered forex and CFD broker, as its member but withdrew IdealFX’s membership.
Baxia Markets, a Bahamas and Seychelles-based broker, provides its traders with access to deep institutional liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term from matching engines located in Equinix’s NY4 data centre in New York and the LD4 data centre in London. The broker provides trading in forex, metal, energy, indices, shares and cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.
Watch this recent FMLS22 session on what traders look out for when selecting their brokers.
“Baxia Markets joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements,” FinCom said in the statement.
As an EDR, FinComm provides “unbiased 3rd party mediation” to brokerages when they are unable to resolve their traders' complaints internally. Therefore, Baxia Markets, with its approved membership, can enjoy protection for up to €20,000 for each filed complaint, among a “wide range of services and membership benefits,'" FinCom said. The regulator noted that the protection is guaranteed by its Compensation Fund.
Traders Compensation Claims Skyrocket in Q4 2022
According to FinComm’s key metrics published on Monday, the total number of compensation claims sought by traders from its broker members surged by 66% during the fourth quarter of last year. This is despite the fact that the total number of new complaints filed in the quarter declined by 38%.
Furthermore, the SRO said that the total compensation it awarded decreased by 23% to $60,919 during Q4 2022. On the contrary, FinCom awarded $79,494 to forex traders during Q3 2022, which is a 36% increase from the prior quarter.
The Financial Commission (FinCom), the independent external dispute resolution (EDR) body for the forex industry, has approved the membership application of Baxia Markets, a MetaTrader electronic communications networks (ECN) broker founded in 2020. FinCom in a statement noted that Baxia Markets’ membership took effect on Wednesday, January 18.
The latest approval comes weeks after the self-regulatory organization (SRO) approved Vida Markets, a Dubai-headquartered forex and CFD broker, as its member but withdrew IdealFX’s membership.
Baxia Markets, a Bahamas and Seychelles-based broker, provides its traders with access to deep institutional liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term from matching engines located in Equinix’s NY4 data centre in New York and the LD4 data centre in London. The broker provides trading in forex, metal, energy, indices, shares and cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.
Watch this recent FMLS22 session on what traders look out for when selecting their brokers.
“Baxia Markets joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements,” FinCom said in the statement.
As an EDR, FinComm provides “unbiased 3rd party mediation” to brokerages when they are unable to resolve their traders' complaints internally. Therefore, Baxia Markets, with its approved membership, can enjoy protection for up to €20,000 for each filed complaint, among a “wide range of services and membership benefits,'" FinCom said. The regulator noted that the protection is guaranteed by its Compensation Fund.
Traders Compensation Claims Skyrocket in Q4 2022
According to FinComm’s key metrics published on Monday, the total number of compensation claims sought by traders from its broker members surged by 66% during the fourth quarter of last year. This is despite the fact that the total number of new complaints filed in the quarter declined by 38%.
Furthermore, the SRO said that the total compensation it awarded decreased by 23% to $60,919 during Q4 2022. On the contrary, FinCom awarded $79,494 to forex traders during Q3 2022, which is a 36% increase from the prior quarter.