The Financial Commission (FinCom), the independent external dispute resolution (EDR) body for the forex industry, has approved the membership application of Vida Markets, a Dubai-headquartered forex and CFD broker. Additionally, the self-regulatory organization (SRO) recently announced that IdealFX has voluntarily withdrawn its membership status.
In addition, FinCom added ThreeTrader, an offshore forex broker that offers counterparty trading services with a Vanuatu license, to its approved members' list.
In a statement, FinCom said Vida Markets’ membership took effect on December 12, 2022, following the sanction of its membership request. With its membership status, Vida Markets and its customers now have access to a wide range of services and membership benefits, the EDR body said.
One of these benefits is protection for up to €20,000 per each submitted complaint guaranteed by the organization's Compensation Fund. This is possible because FinCom provides “unbiased 3rd party mediation” services to its broker members and their customers to resolve issues when both parties are unable to settle their differences independently.
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“For approved members and their clients participating in CFDs, foreign exchange (forex), and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems,” FinCom explained.
FinCom Withdrawals IdealFX Membership
Meanwhile, the group in a separate update on its website said IdealFX ceased to be one of its approved members on December 28, 2022, after it effectively withdrew the broker's membership. Moreover, the intermediator said it will no longer be able to settle any dispute involving IdealFX and its customers.
“Furthermore, IdealFX clients will not be eligible for reimbursement from the Financial Commission’s compensation fund as a non-member. The compensation fund can only be used by clients of approved members and is subject to the ruling by our Dispute Resolution Committee,” FinCom explained.
FinCom as an SRO and certification provider draws its members from online brokerages and exchanges active in the forex, CFDs, derivative and cryptocurrency markets as well as from trading technology developers.
