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.
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.
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.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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