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 worldโs 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.
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.
โRenewed 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,โ 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 worldโs 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.
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.
โRenewed 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,โ 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.
Gender Gap in Online Privacy Concerns: Women More Reserved in Sharing Personal Data
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 ๐ 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
๐ฃ 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!
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 ๐ 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
๐ฃ 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:
๐ LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
๐ Facebook: https://www.facebook.com/FinanceMagnatesEvents
๐ธ Instagram: https://www.instagram.com/fmevents_official
๐ฆ Twitter: https://twitter.com/F_M_events
๐ฅ TikTok: https://www.tiktok.com/@fmevents_official
โถ๏ธ 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 Africaโs 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 ๐ 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
๐ฃ 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:
๐ LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
๐ Facebook: https://www.facebook.com/FinanceMagnatesEvents
๐ธ Instagram: https://www.instagram.com/fmevents_official
๐ฆ Twitter: https://twitter.com/F_M_events
๐ฅ TikTok: https://www.tiktok.com/@fmevents_official
โถ๏ธ 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 Africaโs 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 ๐ 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
๐ฃ 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:
๐ LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
๐ Facebook: https://www.facebook.com/FinanceMagnatesEvents
๐ธ Instagram: https://www.instagram.com/fmevents_official
๐ฆ Twitter: https://twitter.com/F_M_events
๐ฅ TikTok: https://www.tiktok.com/@fmevents_official
โถ๏ธ 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!
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
๐ฃ 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:
๐ LinkedIn: https://www.linkedin.com/company/financemagnates/
๐ Facebook: https://www.facebook.com/financemagnates/
๐ธ Instagram: https://www.instagram.com/financemagnates_official
๐ฆ X (Twitter): https://twitter.com/financemagnates/
๐ก RSS Feed: https://www.financemagnates.com/feed/
โถ๏ธ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
๐ Subscribe to our YouTube channel for more!๐
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
๐ฃ 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:
๐ LinkedIn: https://www.linkedin.com/company/financemagnates/
๐ Facebook: https://www.facebook.com/financemagnates/
๐ธ Instagram: https://www.instagram.com/financemagnates_official
๐ฆ X (Twitter): https://twitter.com/financemagnates/
๐ก RSS Feed: https://www.financemagnates.com/feed/
โถ๏ธ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
๐ Subscribe to our YouTube channel for more!๐
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.
๐ฃ 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:
๐ LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
๐ Subscribe to our YouTube channel for more!๐
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.
๐ฃ 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:
๐ LinkedIn: https://www.linkedin.com/company/financemagnates/
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Don't miss out on our latest videos, interviews, and event coverage.
๐ Subscribe to our YouTube channel for more!๐