The Financial Commission (FinaCom) on Monday announced that it has added AxiTrader Limited to its member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets.
AxiTrader is a business name of AxiCorp Financial Services Pty Ltd which represents a group of companies regulated by the Financial Conduct Authority of the United Kingdom and the Australian Securities & Investment Commission.
Following the acceptance of its application by FinaCom PLC, AxiTrader has obtained A-category membership status which means that its traders can be eligible for compensation of up to €20,000 per submitted claim and have access to all dispute resolution services offered by the commission.
FinaCom is an independent international service that offers the resolution of disputes to resolve trader-broker conflicts. All clients of members of the Financial Commission are protected by the Compensation Fund, which acts as an insurance policy.
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The self-regulator expands offering with new services
The Financial Commission has recently introduced new services that intended to allow broker members to spot and halt fraudulent transactions. This included its DisputeWatch tool which lets the broker search its community registry to see if a client has any dispute records, and sends alerts regarding suspicious clients that have the potential to abuse a company. DisputeWatch achieves this by allowing companies to share dispute information to protect themselves from being attacked by the same fraudsters.
The service has already amassed a list of key FX brokers including Pepperstone, AvaTrade, USGFX, IC Markets, GKFX, One Financial Markets, ADS Securities, INFINOX, CAPXM, and Amana Capital.
The FinaCom PLC has also launched a new tool to help cryptocurrency investors check if an investment opportunity is a scam. Dubbed ‘Blockchain Warning List,’ the new service provides information about the potentially damaging behavior of certain digital asset providers.
The most recent entries in this list include crypto exchanges and wallets suspected of conducting illegal activities depending on reports and complaints filed by their customers.