The Financial Commission (FinaCom) has revamped its ‘Check Your Broker’ directory, which allows traders to research the background and experience of forex brokers. The new enhancements revolve around the addition of broker profiles, as well as new listings for other non-member firms.
‘Check Your Broker’ tool was originally launched back in April 2019 to give FX traders a snapshot of a broker’s history, regulatory actions, and investment-related licensing information, arbitrations, and complaints. The list has been steadily expanded, and it currently incorporates more than 200 brands.
The Forex directory also helps traders find out about brokers engaging in fraud or misconduct, and check their status with the Financial Commission. Moreover, traders can leave feedback and share their trading experience on the broker’s profile page, which could initially speak for its reliability and competence.
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You can spot the registered status and other details of the broker on its own website as authorized companies will not hide the fact of being regulated and who is the authority in charge. However, the FinaCom directory makes the decision process much easier if the trader uses such a thorough due diligence checklist before doing business with any firm. In addition, it might bring up new releases or media reports of alleged wrongdoing or disciplinary actions, client conversations on online forums, background information, and other details.
Along with the details of the regulatory background, the directory also enables investors to find out information regarding the products and services offered by each broker.
“The enhancements are intended to help the trading public navigate the FX community to choose the right broker for them, find out about regulatory and licensing status of their broker or compare reviews and comments from other traders who have had experience trading with one broker or another,” said the Financial Commission.
The Financial Commission operates a similar service to help cryptocurrency investors check if an investment opportunity is a scam. Dubbed ‘Blockchain Warning List,’ the tool provides information about the potentially damaging behavior of certain digital asset providers.