Lirunex, a provider of online trading services, has become the latest approved member of the Financial Commission. The membership strengthens trader protections by offering access to an independent dispute resolution mechanism and financial coverage of up to €20,000 per claim.
Independent External Dispute Resolution
The Financial Commission is an independent external dispute resolution (EDR) forum for financial service clients who experience unresolved issues with brokers.
According to the commission's official statement, by joining, Lirunex aligns itself with a framework that ensures the fair and efficient handling of client disputes. Traders using Lirunex's services can now use the commission's mechanisms to resolve potential conflicts.
Lirunex reportedly offers a variety of trading instruments, including forex, commodities, indices, shares, and cryptocurrencies. Through its membership in the Financial Commission, the company promised to reinforce trust by adhering to high industry standards and best practices.
"As an approved member, Lirunex's clients will now have access to the Commission's efficient dispute resolution process and protection of up to €20,000 per submitted claim, similar to an insurance policy," the commission wrote.
More Firms Join FinCom
If a dispute arises and is ruled in the trader's favor, they may receive compensation of up to €20,000 per claim. This structure provides an added layer of security that many traders seek when choosing a broker. Notably, the commission has welcomed more new members since the beginning of the year. Last month, the agency welcomed FXON as its newest member.
The Seychelles Financial Services Authority-based firm integrates MetaTrader 4 and MetaTrader 5 to enhance its spreads and fast execution. FXON also publicly shares its proprietary trading data, enabling detailed analysis and informed decision-making.
Additionally, the commission onboarded GTCFX as a new member in the same month. The company is a global online brokerage offering products such as precious metals, spot forex , and indices. It reportedly serves over 985,000 clients across more than 100 countries.
