The Financial Commission (FinaCom) today announced that it has added Doto to its member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets.
The retail FX brand is joining the ranks of the self-regulator to give their traders further assurance that they are offered services of high quality that comply with the standards of the commission.
Doto is the trading name of Merceron Capital Ltd and Weybridge Financial Markets Ltd. The brokerage is authorised by the Financial Services Commission in Mauritius and the Financial Services Authority in Seychelles. This allows Doto to provide brokerage, training and managed account services in currencies, commodities, indexes, CFDs and leveraged financial instruments.
Following the acceptance of its application by FinaCom PLC, Doto has obtained A-category membership status which means that its traders can be eligible for compensation of up to €20,000 per submitted claim and have access to all dispute resolution services offered by the Commission.
FinaCom is an independent international service that offers the resolution of disputes with the aim of resolving trader-broker conflicts. The commission is supported by the Dispute Resolution Committee (DRC), which in turn is comprised of recognized industry professionals. It operates as an independent international service that helps facilitate a simpler resolution process than through typical regulatory channels, such as arbitration or local court systems.
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All clients of members of the Financial Commission are protected by the Compensation Fund which acts as an insurance policy.
According to its latest annual report, the self-regulator made progress across some of its key business drivers. Specifically, the number of new complaints rose 7 percent year-over-year which was a record $7.4 million sought by traders in 2019, up from $3,184,932 in 2018.
Likewise, the number of resolved complaints in ‘clients favor’ increased 17 percent to 179, up from 153 the previous year. The commission also ruled in favor of its broker members in 451 cases it assessed, up from 373 in 2018.
Furthermore, for approved members, the Financial Commission is introducing many services intended to allow brokers to spot and halt fraudulent transactions. This includes its DisputeWatch tool which lets the broker search its community registry to see if a client has any dispute records, and sends alerts regarding suspicious clients that have the potential to abuse a company.