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.