Financial Commission Grants DLS Markets Membership

Thursday, 06/07/2023 | 11:16 GMT by Jared Kirui

The broker will have access to a €20,000 compensation fund for every complaint submitted.

DLS Markets provides clients with a range of CFD products and services.

Multi-asset brokerage company DLS Markets is now a member of the Financial Commission (FinCom), an independent external dispute resolution (EDR) service provider in the FX market. The membership was granted on July 5, allowing the broker full access to the commission’s benefits.

FinCom is a third-party mediation platform that resolves complaints on behalf of its members. The commission claims to provide a faster dispute resolution alternative to its members and their users trading CFDs, forex, and cryptocurrencies, compared to the arbitrators of the court systems.

Financial Commission’s Compensation Fund

One of the benefits that the commission provides is a protection fund for the members of up to €20,000 for every submitted complaint. The amount is backed by the commission’s compensation fund. The commission, which started out with forex before expanding to the CFDs and related derivatives, certifies the technology platforms used by its affiliates.

DLS Markets joins a growing list of FinCom’s members, which includes Axi, Deriv, Exness, FXTM, and Pepperstone. Currently, the commission has more than 40 members. Last year, it granted membership to the Sydney-based broker, Vantage. The broker has been in operation for more than ten years and has a presence in 30 global locations.

Suspended Members

However, FinCom has suspended some of its members in the past for allegedly failing to comply with its regulations. One of them is BalansFX, an FX, CFDs, indices, and commodities broker expelled from the commission last month. BalansFX was granted membership to the commission in 2020.

"As a result of the expansion, the FinCom will not be able to reimburse using the organization’s compensation fund since clients of the approved members can only use the compensation fund and is subject to the ruling of our Dispute Resolution Committee," FinCom explained in a statement, according to a report by Finance Magnates.

The other member organizations removed from FinCom include Fiber Markets, LordFX and Gann Markets. The commission has also issued warnings against some of the traders in the industry over the allegations of scams.