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.
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
