This is according to FinCom's Quarterly Complaints Digest for Q4 2022.
The EDR body said range bound FX prices as well as winter holidays affected key metrics.
The total compensation sought by online forex brokers from all
brokerages declined slightly to $3.3 million during the fourth quarter of 2022, which is down from $3.5 million in the prior quarter. Similarly, the compensation
awarded to traders dropped by 23% to $60,919 during the past quarter.
On the contrary, the compensation sought from member brokers of the Financial Commission (FinCom), the independent external dispute resolution (EDR) body for the forex industry, surged by 66% during the fourth quarter of last year. These details are according to FinCom's Quarterly Complaints Digest for Q4 2022 published on Monday.
In the third quarter of 2022, total compensation sought from both member
and non-member brokers of FinCom jumped by 51% to $3.5 million. in addition, the self-regulatory
organization awarded more compensation to traders during the period as the
amount awarded rose by 36% to $79,494.
FinCom noted that “range bound forex and derivatives prices, as well as
winter holidays” affected many of its key metrics during the last quarter.
Compensation sought from FinCom member brokers surged by 66% during Q4 2022.
Did Retail Traders Forgo Active Trading during Q4 2022?
In other metrics, FinCom reported declines in the total number of new
complaints it received, resolved and ruled in favour of traders during the
quarter. While newly filed and resolved complaints decreased by 38%, those in
favour of traders came in 2% lower than the prior quarter.
“Slowdowns in filed and resolved complaints, as well as compensation
sought suggest traders may be finding less opportunities on traditional markets
in light of range bound price fluctuations or simply forewent trading at the
end of the year,” FinCom explained in the quarterly report.
Furthermore, FinCom noted that there was a “noticeable change” in the
focus of complaints during Q4 2022. While trading-related complaints only
accounted for 11.7% of complaints during Q3, this category rose by 5% to 19.8%
during the recent quarter “despite the general drop in new complaints for the
quarter.”
Nonetheless, non-trading complaints continue to be the major topic of
complaint, accounting for 41.8% of all complaints during Q4. In addition,
finance-related complaints are still the second most common complaint,
accounting for 35.1% and 38.4% during Q3 and Q4, respectively.
Moreover, complaints' average resolution time slowed by 33% to 6.1 days, which is down from 4.6 days during the last quarter.
“Complaints listed in the value category $1-10K and $10K+ increased
their overall share of complaints 5%, highlighting the continued importance of
the organization to investigate complaints with higher monetary values,” FinCom
added.
FinCom, an EDR body founded in 2013, regulates international online
brokers, exchanges and blockchain platforms that are active in the global
forex, derivatives, CFDs and cryptocurrency markets.
The total compensation sought by online forex brokers from all
brokerages declined slightly to $3.3 million during the fourth quarter of 2022, which is down from $3.5 million in the prior quarter. Similarly, the compensation
awarded to traders dropped by 23% to $60,919 during the past quarter.
On the contrary, the compensation sought from member brokers of the Financial Commission (FinCom), the independent external dispute resolution (EDR) body for the forex industry, surged by 66% during the fourth quarter of last year. These details are according to FinCom's Quarterly Complaints Digest for Q4 2022 published on Monday.
In the third quarter of 2022, total compensation sought from both member
and non-member brokers of FinCom jumped by 51% to $3.5 million. in addition, the self-regulatory
organization awarded more compensation to traders during the period as the
amount awarded rose by 36% to $79,494.
FinCom noted that “range bound forex and derivatives prices, as well as
winter holidays” affected many of its key metrics during the last quarter.
Compensation sought from FinCom member brokers surged by 66% during Q4 2022.
Did Retail Traders Forgo Active Trading during Q4 2022?
In other metrics, FinCom reported declines in the total number of new
complaints it received, resolved and ruled in favour of traders during the
quarter. While newly filed and resolved complaints decreased by 38%, those in
favour of traders came in 2% lower than the prior quarter.
“Slowdowns in filed and resolved complaints, as well as compensation
sought suggest traders may be finding less opportunities on traditional markets
in light of range bound price fluctuations or simply forewent trading at the
end of the year,” FinCom explained in the quarterly report.
Furthermore, FinCom noted that there was a “noticeable change” in the
focus of complaints during Q4 2022. While trading-related complaints only
accounted for 11.7% of complaints during Q3, this category rose by 5% to 19.8%
during the recent quarter “despite the general drop in new complaints for the
quarter.”
Nonetheless, non-trading complaints continue to be the major topic of
complaint, accounting for 41.8% of all complaints during Q4. In addition,
finance-related complaints are still the second most common complaint,
accounting for 35.1% and 38.4% during Q3 and Q4, respectively.
Moreover, complaints' average resolution time slowed by 33% to 6.1 days, which is down from 4.6 days during the last quarter.
“Complaints listed in the value category $1-10K and $10K+ increased
their overall share of complaints 5%, highlighting the continued importance of
the organization to investigate complaints with higher monetary values,” FinCom
added.
FinCom, an EDR body founded in 2013, regulates international online
brokers, exchanges and blockchain platforms that are active in the global
forex, derivatives, CFDs and cryptocurrency markets.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
73% of Young Investors Say Traditional Wealth Building Is Broken – Here’s How They Trade Instead
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
