IC Markets Becomes a Financial Commission Member

The Financial Commission (FinCom), a self-regulatory organization in the financial services space, announced on Thursday that the Australia-headquartered broker, IC Markets joined it as a member.

“The approval highlights the increased interest and demand for independent external dispute resolution (EDR) services among the industry’s leading FX industry participants,” FinCom stated in the press release shared with Finance Magnates.

The membership of the brokerage with FinCom already became effective in October. The broker will receive a wide range of services and benefits, but the most important one being fund protection of up to €20,000 per client, which is backed by the Financial Commission’s Compensation Fund.

In case of any disputes between the broker and its clients, the self-regulatory body will act as a third-party mediator to resolve the complaints.

“For approved members and their clients participating in CFDs, foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems,” FinCom explained.

Expansion Push

IC Markets is one of the top brokers in terms of trading volume and is operating at a global scale with licenses from regulators in Australia, Cyprus, Seychelles and the Bahamas.

Its membership with FinCom came when the broker has been aggressively promoting its brand to push its services globally. The broker recently inked sponsorship deals with 12 football clubs across Germany and Spain.

Meanwhile, FinCom has been adding many brokers as its members since the beginning of this year, that includes Exness and Fxview while handing out quality certification to several other brokers.