The
Financial Commission (FinCom) has announced that Neex is its newest approved
member. Neex is an online brokerage offering a variety of financial
instruments, including Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Read this Term, Indices, and Commodities. It has joined the
self-regulatory forum, which highlights growing demand for independent external
dispute resolution (EDR) services in the FX industry.
Neex’s
status as an approved broker member became effective on October 3, 2024,
following the approval of its membership application. This allows Neex and its
customers access to various services and membership benefits. These include
protection for up to €20,000 per complaint, backed by the FinCom’s Compensation
Fund.
FinCom
Bypasses Traditional Arbitration
The
FinCom offers brokerages and their clients an impartial mediation platform for
resolving disputes when the parties cannot reach an agreement.
“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,” the press
release of FinCom stated.
According
to the organization, it provides a faster and more straightforward resolution
process compared to traditional regulatory methods like arbitration or court
proceedings.
As a
new member, Neex joins a range of brokerages and independent service providers using the FinCom's services. This membership demonstrates Neex’s focus
on its clients while adhering to the Commission's standards.
FinCom Expands DRC, Addresses
Impersonation Scam
Meanwhile, the FinCom
has announced the appointment of Aytugan Khafizov, Founder and CEO of
FastMT, to its Dispute Resolution Committee. Khafizov's appointment brings the
total number of industry experts on the DRC to 37 since its establishment in
2013. The committee consists of a diverse group of professionals dedicated to
an impartial process for handling complaints from members' clients.
Earlier, The FinCom
updated its investigation into a scam involving individuals impersonating
its representatives, which was reported by Finance Magnates. This scheme
targets traders by falsely offering funds recovery and legal services for a
fee. On December 15, 2023, the Commission issued a warning about these
imposters.
The investigation revealed that these
individuals prey on traders facing issues with unauthorized brokers, issuing
fake letters of guarantee and soliciting fees. They used contact details
resembling those of legitimate services like Blockchain.com and Coinwallet. The
Financial Commission clarified that it does not offer funds recovery or charge
fees for its services.
The
Financial Commission (FinCom) has announced that Neex is its newest approved
member. Neex is an online brokerage offering a variety of financial
instruments, including Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Read this Term, Indices, and Commodities. It has joined the
self-regulatory forum, which highlights growing demand for independent external
dispute resolution (EDR) services in the FX industry.
Neex’s
status as an approved broker member became effective on October 3, 2024,
following the approval of its membership application. This allows Neex and its
customers access to various services and membership benefits. These include
protection for up to €20,000 per complaint, backed by the FinCom’s Compensation
Fund.
FinCom
Bypasses Traditional Arbitration
The
FinCom offers brokerages and their clients an impartial mediation platform for
resolving disputes when the parties cannot reach an agreement.
“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,” the press
release of FinCom stated.
According
to the organization, it provides a faster and more straightforward resolution
process compared to traditional regulatory methods like arbitration or court
proceedings.
As a
new member, Neex joins a range of brokerages and independent service providers using the FinCom's services. This membership demonstrates Neex’s focus
on its clients while adhering to the Commission's standards.
FinCom Expands DRC, Addresses
Impersonation Scam
Meanwhile, the FinCom
has announced the appointment of Aytugan Khafizov, Founder and CEO of
FastMT, to its Dispute Resolution Committee. Khafizov's appointment brings the
total number of industry experts on the DRC to 37 since its establishment in
2013. The committee consists of a diverse group of professionals dedicated to
an impartial process for handling complaints from members' clients.
Earlier, The FinCom
updated its investigation into a scam involving individuals impersonating
its representatives, which was reported by Finance Magnates. This scheme
targets traders by falsely offering funds recovery and legal services for a
fee. On December 15, 2023, the Commission issued a warning about these
imposters.
The investigation revealed that these
individuals prey on traders facing issues with unauthorized brokers, issuing
fake letters of guarantee and soliciting fees. They used contact details
resembling those of legitimate services like Blockchain.com and Coinwallet. The
Financial Commission clarified that it does not offer funds recovery or charge
fees for its services.
