The Financial Commission (FinaCom PLC) announced on Tuesday that Samtrade FX’s copy trading platform, CopySam™, has received certification as a collective investment platform from the forex industry self-regulatory body.
The comprehensive certification assures the investors that the copy trading platform is maintaining commonly accepted standards for managing and operating collective investment accounts.
Additionally, the self-regulatory body detailed that it audits the key policies and procedures used in copy trading and on PAMM investing platforms to issue the certification. Moreover, it checks the technical aspects of these platforms.
“CopySam™ becomes the latest collective investment platform service provider to successfully complete the Financial Commission’s certification. Investors and authorized traders using CopySam™ can be assured that they are operating on a level playing field,” the press release shared with Finance Magnates stated.
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Demand for copy trading services skyrocketed in recent years with the surge in retail trading, and more and more brokers are adding such services. These services allow rookie traders to copy the trading strategies of experts and make some profits from the markets.
As Finance Magnates reported earlier, the Financial Commission started its PAMM and copy-trading accreditation scheme in 2019. The self-regulator then said that the service was introduced after receiving several requests from retail traders, who want a better understanding of how brokers’ PAMMs operate.
The Financial Commission, which was founded in 2013, plays a major role in solving disputes between traders and brokers offering trading services with forex and CFDs. According to its latest annual report, the self-regulator received a record number of complaints in 2020. These were up 32 percent year-over-year as a record $10.9 million was sought by traders last year, which is up from $7.4 million in 2019.