The number of complaints rose 5% to 809 complaints during Q3 2022.
The majority of complaints were about account blockage and funds withdrawal.
The total compensation awarded to forex traders by the Financial Commission (FinCom), an independent external dispute resolution (EDR) body for the forex industry, jumped 36% to $79,494 at the end of the third quarter (Q3) of 2022.
Additionally, the number of complaints resolved by the body jumped 4% quarter-over-quarter (QoQ) from the 781 complaints resolved during the second quarter.
Of the new complaints, the ones valued between $1000 and $10,000 increased by 25%, FinCom said.
The world’s first forex industry-focused EDR body disclosed these figures on Tuesday in its key metrics for Q3 2022.
According to FinCom, complaints filed by disgruntled forex traders increased 5% to 809 complaints during the period.
FinComm says crypto volatility during Q3 shot up forex trading and subsequently complaints received.
The self-regulatory organization added that compensation sought from all brokers surged 51% to $3.4 million, even as the average complaint value climbed 45% to $4,266.
However, FinCom said trading-related complaints only accounted for 95 or 11.7% of all complaints received during the quarter.
On the contrary, non-trading-related complaints (430 in total) accounted for the majority or 53.2% of complaints, while finance-related complaints trailed behind with 284 complaints or 11.7%.
Most of these complaints were majorly on account blockage and funds withdrawal, followed by complaints on price check and stop out.
Other complaints centered on agreement breach, unauthorized access, advising service, and bonus policy, FinCom said.
Additionally, the EDR body noted that complaints ruled in favour of traders which jumped 57% QoQ while the average resolution time improved to 4.6 days.
Crypto Volatility and Forex Trading
According to CryptoCompare, a global cryptocurrency market data provider, volatility across cryptocurrency markets worsened in July and slipped away from the high levels reached in May.
FinComm believes that weak cryptocurrency prices among investors and a renewed focus on forex and derivatives trading influenced several of its key metrics in the last quarter.
“Renewed growth in filed and resolved complaints, as well as compensation sought suggest traders may be taking advantage of price volatility on traditional markets in light of the negative impact of such asset classes on digital currencies,” FinCom explained.
Meanwhile, FinCom on Friday admitted Vantage as an approved forex and contracts for difference broker member of its self-regulatory organization.
In late September, the EDR body added TMGM to the list of over 40 forex and CFD brokers under the member-driven organization.
The total compensation awarded to forex traders by the Financial Commission (FinCom), an independent external dispute resolution (EDR) body for the forex industry, jumped 36% to $79,494 at the end of the third quarter (Q3) of 2022.
Additionally, the number of complaints resolved by the body jumped 4% quarter-over-quarter (QoQ) from the 781 complaints resolved during the second quarter.
Of the new complaints, the ones valued between $1000 and $10,000 increased by 25%, FinCom said.
The world’s first forex industry-focused EDR body disclosed these figures on Tuesday in its key metrics for Q3 2022.
According to FinCom, complaints filed by disgruntled forex traders increased 5% to 809 complaints during the period.
FinComm says crypto volatility during Q3 shot up forex trading and subsequently complaints received.
The self-regulatory organization added that compensation sought from all brokers surged 51% to $3.4 million, even as the average complaint value climbed 45% to $4,266.
However, FinCom said trading-related complaints only accounted for 95 or 11.7% of all complaints received during the quarter.
On the contrary, non-trading-related complaints (430 in total) accounted for the majority or 53.2% of complaints, while finance-related complaints trailed behind with 284 complaints or 11.7%.
Most of these complaints were majorly on account blockage and funds withdrawal, followed by complaints on price check and stop out.
Other complaints centered on agreement breach, unauthorized access, advising service, and bonus policy, FinCom said.
Additionally, the EDR body noted that complaints ruled in favour of traders which jumped 57% QoQ while the average resolution time improved to 4.6 days.
Crypto Volatility and Forex Trading
According to CryptoCompare, a global cryptocurrency market data provider, volatility across cryptocurrency markets worsened in July and slipped away from the high levels reached in May.
FinComm believes that weak cryptocurrency prices among investors and a renewed focus on forex and derivatives trading influenced several of its key metrics in the last quarter.
“Renewed growth in filed and resolved complaints, as well as compensation sought suggest traders may be taking advantage of price volatility on traditional markets in light of the negative impact of such asset classes on digital currencies,” FinCom explained.
Meanwhile, FinCom on Friday admitted Vantage as an approved forex and contracts for difference broker member of its self-regulatory organization.
In late September, the EDR body added TMGM to the list of over 40 forex and CFD brokers under the member-driven organization.
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.
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
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▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
