The Financial Commission (FinComm), an independent external dispute resolution (EDR) body, on October 3rd approved the membership request of Vantage, a Sydney-headquartered broker.
FinComm announced Vantage had approved membership status on Friday, noting that the broker is joining a diverse group of brokerages and independent service providers that use its services.
Vantage’s approval comes three weeks after FinComm approved the membership application of Australia-headquartered broker TMGM.
The member-driven self-regulatory organization noted that Vantage's membership status means that the broker and its customers can access protection of up to €20,000 per submitted complaint, among other benefits.
Vantage is one of several contracts for difference and forex brokers that have joined FinComm, the first EDR for the forex industry. The body boasts over 40 forex brokers as members.
The list of existing members includes big brand names such as Cyprus-headquartered Exness, St. Vincent and the Grenadines-based Alpari Group, and another Cyprus-headquartered broker, ForexTime.
In recent months, FinComm welcomed Bold Prime, Fullerton Markets, Pepperstone, Agra Markets and Inveslo as approved members.
At the same time, Montenegro-based broker, GANN Markets, withdrew its membership from the organization while LordFX, Fiber Markets, and EGMarkets were expelled after contractual breaches.
“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,” FinComm said.
Separation
Last month, the brokerage firm, Moneta Markets, which was launched in 2020, split away from Vantage after securing investors’ backing to go independent.
The brokerage announced that it had secured regulatory licenses from Australia, South Africa and St. Vincent and the Grenadines.
Meanwhile, Vantage has taken steps to expand its service offerings.
In July, the broker introduced a new copy trading app, V Social, to traders in the United Kingdom, noting that it wants to make trading accessible to “young and ambitious traders.”
Furthermore, the brokerage followed up its recent offering of the electronic trading platform, MetaTrader 5 with the addition of 14 share CFDs to its portfolio of tradable stocks.
