The Financial Commission has approved MBX PRO as its newest Broker Member. The brokerage’s membership took effect this week.

The membership gives MBX PRO and its customers access to the organisation’s dispute resolution services and other member benefits.

The approval follows other recent additions to the Financial Commission’s membership. The organisation recently confirmed RA Prime as a member. Other recent additions include FP Markets, OneRoyal, FXON, GTCFX and Neex.

Commission Offers Mediation for Broker Disputes

Among the benefits available to members is access to the Financial Commission’s Compensation Fund. It provides protection of up to €20,000 per submitted complaint, subject to the organisation’s rules and procedures.

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The Financial Commission provides an independent third-party mediation platform for disputes between brokers and their customers. It handles complaints when the parties are unable to reach an agreement directly.

The organisation covers markets including contracts for difference, foreign exchange and cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. It says its mediation process can provide a simpler and faster route for resolving disputes than arbitration or local court proceedings.

iTech Software Gains Financial Commission Certification

Earlier this year, the Financial Commission certified trading technology provider iTech Software following a review of its systems.

The certification covers technology used by brokers and traders and is intended to assess compliance with the Commission’s technical requirements.

iTech Software provides technology for forex, CFD, cryptocurrency and NFT brokerages. Its services include web trading platforms, back-office systems, live support, monitoring and risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term tools.

The Financial Commission’s assessment covered areas including system security, capacity, disaster recovery and business continuity, reporting, and record keeping.

Scammers Impersonate Financial Commission to Target Traders

The Financial Commission investigated a scam involving individuals impersonating the organisation and targeting traders with broker-related losses or blocked withdrawals. They offered purported fund recovery and chargeback services for fees, using fake guarantee letters and contact details resembling legitimate firms and digital wallet providers.

The Commission said it does not offer recovery or chargeback services, contact traders unsolicited, use messaging apps for official communication, or issue guarantee letters.