The Financial Commission Approves Opoforex as Its New Member

Monday, 07/06/2021 | 16:19 GMT by Felipe Erazo
  • Customers from the brokerage could access protection backed by the Financial Commission’s Compensation Fund and other benefits.
The Financial Commission Approves Opoforex as Its New Member
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The Financial Commission (FinaCom) announced on Monday that foreign exchange (Forex ) brokerage Opoforex is the newly approved group member. According to the press release shared with Finance Magnates, the self-regulatory organization believes Opoforex’s adding to its list is another proof of the increasing interest for independent external dispute resolution across the industry.

As the brokerage has been added to the Financial Commission, its customers can access services and membership features such as protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund. Per the announcement, Opoforex is a member of the FinaCom starting June 7, 2021.

“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,” the FinaCom said in the press release.

The Financial Commission will then provide a third-party mediation platform for Opoforex’s customers who seek help to resolve complaints when both the broker and the user cannot agree in a first instance.

Metrics for April

Founded in 2013 as Finacom PLC LTD, among the forex companies, members of the FinaCom include Alpari, Axiory, Forex4you, FXTM, Libertex, MTrading, RoboForex, as well as Blockchain companies such as YouHodler, Serenity, Etherlabs. Also, FinaCom doesn’t only grant membership to forex and blockchain firms. In fact, they also provide certification to Fintech companies.

Recently, the Financial Commission announced the certification of collective investment platform service provider CopySam by Samtrade FX. During its month-over-month figures for April released on May 13, 2021, FinaCom stated that it experienced a continued rise in trading-related complaints while average dispute resolution times fell to just 5.6 days for the month. According to the metrics, the average compensation sought by traders in April was $629,533, and compensation awarded to traders fell to $4,701.

The Financial Commission (FinaCom) announced on Monday that foreign exchange (Forex ) brokerage Opoforex is the newly approved group member. According to the press release shared with Finance Magnates, the self-regulatory organization believes Opoforex’s adding to its list is another proof of the increasing interest for independent external dispute resolution across the industry.

As the brokerage has been added to the Financial Commission, its customers can access services and membership features such as protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund. Per the announcement, Opoforex is a member of the FinaCom starting June 7, 2021.

“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,” the FinaCom said in the press release.

The Financial Commission will then provide a third-party mediation platform for Opoforex’s customers who seek help to resolve complaints when both the broker and the user cannot agree in a first instance.

Metrics for April

Founded in 2013 as Finacom PLC LTD, among the forex companies, members of the FinaCom include Alpari, Axiory, Forex4you, FXTM, Libertex, MTrading, RoboForex, as well as Blockchain companies such as YouHodler, Serenity, Etherlabs. Also, FinaCom doesn’t only grant membership to forex and blockchain firms. In fact, they also provide certification to Fintech companies.

Recently, the Financial Commission announced the certification of collective investment platform service provider CopySam by Samtrade FX. During its month-over-month figures for April released on May 13, 2021, FinaCom stated that it experienced a continued rise in trading-related complaints while average dispute resolution times fell to just 5.6 days for the month. According to the metrics, the average compensation sought by traders in April was $629,533, and compensation awarded to traders fell to $4,701.

About the Author: Felipe Erazo
Felipe Erazo
  • 1036 Articles
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About the Author: Felipe Erazo
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.
  • 1036 Articles
  • 42 Followers

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