The Financial Commission (FinaCom), an independent self-regulatory compliance specialist for the financial services industry, has certified the web based trading platform Umstel, according to a FinaCom statement.
The certification of Umstel followed a rigorous review process to evaluate technical information requirements within the trading platform. This included a list of points to independently verify its system security capabilities, capacity, business disaster recovery and continuity plan, as well as its concessions to reporting and record keeping.
For its part, Umstel is a trading platform that offers direct trading on more than 8,000 CFDs on single stocks and ETFs. The developer claims to guarantee the best stock exchange execution as orders are executed on the exchange and real quotes are delivered directly to the platform without any intermediaries. Umstel’s platform also automatically supports all corporate events, including dividends, splits, and mergers.
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Moreover, Umstel allows each user to create his own strategy and share his investing ideas. Access to such strategies can be free as well as on a basis of a monthly subscription fee.
According to Financial Commission Chairman Peter Tatarnikov in a recent statement on the new certification: “In order to provide traders with fair dispute resolution we must fully understand their system’s construction and working process. Umstel’s trading platform is the latest technology certified by the Financial Commission. We will be happy to see more software providers certifying their products with us. Today we gladly announce successful certification of Umstel’s trading platform and believe it is a great step to leverage its credibility and grow its business globally.”
FinaCom is an independent international service that guarantees honest and timely resolution of any disputes with the aim of resolving trader-broker conflicts. All clients of the Financial Commission’s members are protected by the Compensation Fund which acts as an insurance policy.