Financial Commission Announces Maxi Services Membership Withdrawn

/Financial Commission Announces Maxi Services Membership Withdrawn

April 9, 2018, The Financial Commission, a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), derivatives, and cryptocurrency markets, today announced that the membership status of Maxi Services Ltd. has ceased following a voluntary withdrawal. Maxi Services Ltd. operates the Maxi Markets, Umarkets and Xcritical brands.

Maxi Markets and Umarkets had met its obligations as Financial Commission members in all cases where complaints had been brought forward against the broker up until April 9th, 2018 when its membership was effectively withdrawn. The Financial Commission notes that it will not be able to process any new complaints from Maxi Markets and UMarkets, following its voluntary withdrawal of membership from Financial Commission as of the date of this announcement and moving forward or until membership is approved again. Financial technology certification of the XCritical trading platform has also been withdrawn.

Furthermore, Maxi Markets and UMarkets clients will not be eligible for reimbursement from Financial Commission’s compensation fund as a non-members, since the compensation fund can only be used by clients of approved members, and subject to ruling by our Dispute Resolution Committee. The compensation fund is designed to help protect members’ clients in exceptional cases and is funded by Financial Commission from a portion of membership dues.

An updated list of current and prior members can be found on www.financialcommission.com, including members that have either been expelled or withdrawn voluntarily.

Financial Commission requires that member firms strictly adhere to membership rules to maintain good standing on an ongoing basis. To learn more about our membership requirements and certification process, contact us or visit www.financialcommission.org.

2018-04-09T14:09:12+00:00 April 9th, 2018|