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.
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“For approved members and their clients participating in CFDs, foreign exchange (forex) 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.
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.