The Financial Commission, an independent external dispute resolution (EDR) organization for consumers and traders, announced this Thursday that DealFX, an online brokerage, is its latest approved member.
DealFX was added as an A-category Member of the Financial Commission on March 6, 2019. This membership gives the company and its customers access to a range of services, including protection of up to €20,000 per submitted complaint, which is backed by the agency’s compensation fund and access to all dispute resolution services offered by the Commission.
The EDR organization acts as a mediation platform, with the purpose of resolving complaints between parties when they are unable to come to an agreement over the disputes themselves. They do this for companies and their customers within the electronic trading markets such as foreign exchange (forex), contracts for differences (CFDs) and related derivatives.
“For approved members and their clients participating in CFDs, foreign exchange (forex) and cryptocurrency markets, Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems,” the statement said.
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DealFX Joins Group of Broker-Members
DealFX, which is an international online brokerage founded in 2015, joins a diverse group of brokerages and independent services providers (ISPs) that are members of the Financial Commission.
The firm is based on the Marshall Islands and offers a range of trading instruments, including FX. It is the latest firm to utilize the services of the resolution agency.
As Finance Magnates reported, the Financial Commission approved Grand Capital VMT, a forex broker, to upgrade its membership status to Category A effective November 21, 2018.
Grand Capital joined Financial Commission’s roster of existing online brokerages and independent services providers as a category B member back in January 2016.
In January, the Commission has also issued an execution certificate for Libertex, which is an approved member of the Commission using Verify My Trade. This is a “value-added” service which launched last year to promote pricing and execution transparency in the FX market. Libertex was the 10th broker member to receive the VMT certification.