The Financial Commission (FinCom), the independent external dispute resolution (EDR) body for the forex industry, has approved the membership application of Baxia Markets, a MetaTrader electronic communications networks (ECN) broker founded in 2020. FinCom in a statement noted that Baxia Markets’ membership took effect on Wednesday, January 18.

The latest approval comes weeks after the self-regulatory organization (SRO) approved Vida Markets, a Dubai-headquartered forex and CFD broker, as its member but withdrew IdealFX’s membership.

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“Baxia Markets joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements,” FinCom said in the statement.

As an EDR, FinComm provides “unbiased 3rd party mediation” to brokerages when they are unable to resolve their traders' complaints internally. Therefore, Baxia Markets, with its approved membership, can enjoy protection for up to €20,000 for each filed complaint, among a “wide range of services and membership benefits,'" FinCom said. The regulator noted that the protection is guaranteed by its Compensation Fund.

Traders Compensation Claims Skyrocket in Q4 2022

According to FinComm’s key metrics published on Monday, the total number of compensation claims sought by traders from its broker members surged by 66% during the fourth quarter of last year. This is despite the fact that the total number of new complaints filed in the quarter declined by 38%.

Furthermore, the SRO said that the total compensation it awarded decreased by 23% to $60,919 during Q4 2022. On the contrary, FinCom awarded $79,494 to forex traders during Q3 2022, which is a 36% increase from the prior quarter.