The Financial Commission (FinCom) announced that Cypriot broker Fxview has become a newly approved member of the self-regulatory organization, effective last Tuesday.
The press release shared with Finance Magnates detailed that the brokerage’s joining the self-regulator amid an increase in interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Headquartered in Limassol, Fxview is operated by Charlgate Ltd, which operates globally with multiple regulatory licenses. Last month, the brokerage business was acquired by the Finvasia Group due to its popularity in the LATAM, Asian and African markets.
A Stamp of Safety
As a FinCom member, Fxview and its clients will have access to a wide range of services, including deposit protection for up to €20,000 backed by a compensation fund.
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“The Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes,” the FinCom explained.
Founded in 2013, the self-regulatory body is taking participants from the forex, CFDs and cryptocurrency markets as members. “The Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems,” it added.
Over the years, FinCom managed to gain several big names in the trading industry as its members. Apart from the taking members, the self-regulator certifies certain services offered by the platforms like PAMM and copy-trading.
According to its latest annual report, the self-regulator received a record number of complaints in 2020. These were up 32 percent year-over-year as a record $10.9 million was sought by traders last year, which is up from $7.4 million in 2019.