The Financial Commission (FinCom), a self-regulatory organization in the financial services sector, announced the inclusion of PrimeXBT as its newest approved member. PrimeXBT is an online brokerage that facilitates trading in spot and future instruments. Its status as an Approved Broker Member of FinCom took effect on April 23.
FinCom Welcomes Another Member
PrimeXBT operates as an offshore platform through entities registered in Seychelles and the Marshall Islands. Additionally, it offers physical cryptocurrency trading through a Lithuania-registered entity. The platform's offerings include spot trading in forex, commodities, indices, and cryptocurrencies, along with crypto futures instruments.
As a FinCom member, PrimeXBT and its customers will benefit from a range of services and membership perks. These include protection for up to €20,000 per submitted complaint, supported by the self-regulatory body’s compensation fund. Furthermore, the broker will have access to additional services, such as third-party mediation in the event of client disputes.
“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.
“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.”
Self-Regulation as a Trust-Building Tool
Over the years, FinCom has established itself as a prominent self-regulatory body with top brokers among its members. Notable FinCom members include Pepperstone, Exness, RoboMarkets, Alpari, and IC Markets. In 2024, Orfinex, VTMarkets, Fusion Markets, and Ultima Markets also gained FinCom membership.
Additionally, the self-regulatory body grants membership to various blockchain platforms, technology providers, investment platform providers, and even educational providers. However, the organization maintains strict membership standards and has expelled several brokers in the past.
