The Financial Commission (FinaCom) announced on Tuesday that it has granted a Collective Investment Certification to Fiboda by Opoforex. The measure is part of FinaCom’s efforts to extend its services across companies running and offering collective investment trading accounts, aiming to provide external dispute resolutions within such platforms.
According to the press release, the Collective Investment Certification is granted to companies that abide by a series of audits consisting of monitoring Copy Trading and PAMM investing platforms amid its increased demand.
“Fiboda becomes the latest collective investment platform service provider to successfully complete the Financial Commission’s certification. Investors and authorized traders using Fiboda can be assured that they are operating on a level playing field, with commonly accepted standards for managing and operating collective investment accounts,” the Financial Commission commented.
Fiboda is a London-based social trading platform that offers free services for investors with over 10,000 providers registered in the firm. The announcement came in the wake of FinaCom’s approval of the foreign exchange (forex) brokerage, Opoforex as the new Commission member on Monday.
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Financial Commission’s Targets
Opoforex’s customers can access services and membership features such as protection for up to €20,000 per submitted complaint, backed by the Financial Commission’s Compensation Fund.
The “Financial Commission provides efficient compliance solutions to its members, alongside its External Dispute Resolution (EDR) mechanism that serves as an effective channel for processing complaints from clients of member firms,” FinaCom stated on its website about the purpose of their services offered.
Founded in 2013 as Finacom PLC LTD, among the forex companies, members of the FinaCom include Alpari, Axiory, Forex4you, FXTM, Libertex, MTrading, RoboForex, as well as blockchain companies such as YouHodler, Serenity and Etherlabs. Also, FinaCom grants membership to forex and blockchain firms and deals with Fintech companies that seek to abide by the Commission’s rules.