The Financial Commission’s board has adopted resolutions approving a new applicant to join the self-regulator’s member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets. This round of approved applicants includes a new FX brand called FomiFX.
Joining the Financial Commission provides FomiFX’s members with several benefits including an objective and cost-effective dispute resolution process that is independent of any broker and regulatory organization.
FomiFX is a multi-asset brokerage firm that offers trading of currencies, indices, CFDs, and commodities. The company operates as an offshore provider of financial services. It is not licensed by any financial regulator, and it doesn’t claim any regulatory status in any jurisdiction.
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In addition to a more streamlined and swift resolution process, relative to traditional channels of arbitration, FomiFX’s status as an A-category Member provides clients with up to €20,000 of protection per submitted claim, backed by Financial Commission’s compensation fund.
Sweetening the Offering with New Services
The Financial Commission has recently introduced new services that intended to allow broker members to spot and halt fraudulent transactions. This included its newly-launched 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. DisputeWatch achieves this by allowing companies to share dispute information to protect themselves from being attacked by the same fraudsters.
The service has already amassed a list of key FX brokers including Pepperstone, AvaTrade, USGFX, IC Markets, GKFX, One Financial Markets, ADS Securities, INFINOX, CAPXM, and Amana Capital.
The recently launched “value-added” service also allows clients of the commission’s brokerage members to use its analysis tool to check whether their trades were fairly priced or not.