The Financial Commission today announces the results of its operations for the previous year with the publication of the 2024 Complaints Summary. The forum achieved mixed results in key operating metrics for the year with notable growth in several areas, including the percentage of amounts awarded to traders, as well as complaints values during the year, while continued improvements in streamlining complaints submissions at member firms contributed to a decrease in overall complaints filed and resolved throughout the year.
The forum also experienced record membership growth with 16 broker members joining the ranks in key regions. The forum also continued to protect traders from the continued rise of online scamsby including over 150 new websites on its Warning List.
The forum’s Dispute Resolution Committee (DRC) was bolstered with the appointment of Ms. Opal Yang, Founder and CEO of New Direction Solution. Ms. Yang is the 36th member industry expert to join the Financial Commission’s DRC since its inception in 2013.
Key highlights & accomplishments from 2024:
$14.9M sought from all brokers – 38% decline YoY
$8.3M sought from non-member firms – 27% growth YoY
$534K awarded to traders – 32% decline YoY
$9,112 average complaints value – 23% growth YoY
Other key metrics 2024
New & resolved complaints – 32% decline YoY
Share of HNW ($10K+) complaints – 4% growth YoY
5.6 days average dispute resolution time – 18% faster YoY
The Commission experienced another successful year in operation with over 1,400 complaints processed in 2024 with average complaints values continuing to rise.
The forum’s continued efforts to further streamline complaint submissions and improve workflows with member firms once again led to a decline in newly filed complaints during the year, particularly those in the “non-trading” category.
The Commission also experienced a rise in the value of complaints, both on average and a significant boost to complaints valued over $10K, which rose 4% year over year.
In addition, in holding firm to its core principle of objective and neutral dispute resolution to protect traders, the share of complaints ruled in favor of traders in the past year held steady when compared to 2023 at 10% of all resolved complaints.
Average dispute resolution times improved in 2024, with complaints being processed efficiently in just 5.6 days on average.
The organization expanded its international presence by 30% as compared to 2023 with the addition of 16 new approved broker members to its ranks.
To combat online scams and fraud, the organization added over 150 websites to its Warning List in 2024 and published several public warnings regarding clone websites and fake representatives.
Conclusions
The Financial Commission continued to build on its already quick and efficient dispute resolution services for traders and broker members in 2024. Shifting demand for safe-haven assets, such as gold, and continued geopolitical uncertainty provided for continued interest in online trading, leading to an increase in the share of trading-related complaints for 2024. Improvements in streamlining complaints submission processes with broker members led to a decrease of 32% in overall complaints filed during the year with the share of non-trading complaints falling 7% year over year, helping traders get their disputes resolved quickly by their brokers.
The organization further expanded its membership ranks with new members in the Asia and MENA regions. The organization’s free dispute resolution service to traders continued to be popular in Asia and the Middle East, with 44% and 23% of new complaints coming from these regions, respectively. Notably, the EDR forum gained further popularity in Europe, with a 10% share of new complaints last year, representing 4% growth in this region. Demand for services among traders in African countries held steady at 5% of all processed complaints last year.
The majority of complaints in 2024 were related to financial issues with 54% of the total, while trading-related disputes accounted for 24% and non-trading-related complaints 22%. The most popular topics for complaints dealt with funds withdrawal (47%), account block (19%), price check (8%), platform issues (5%), and stop-out orders (3%). Of all resolved complaints, 27% were resolved “in favor of the broker”, 11% were resolved “in favor of the client”, and 62% were found to be outside the organization’s jurisdiction. The share of complaints resolved in favor of traders in 2024 was approximately the same as in the previous year.
Heading into 2025, the Financial Commission expects to see continued global demand for trading and investing, particularly among younger traders, with continued interest in gold and equities products through the year. In this regard, the organization is prepared to handle a growing number of complaints from traders during the year.
About Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers who are members of the Financial Commission.
The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission today announces FXON as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory forum, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
FXON status as an Approved Broker Member of the Financial Commission took effect on January 20th, 2025, following the approval of its membership application by the Financial Commission, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
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.
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.
FXON joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About FXON
FXON’s vision is to “create the norm for the future of trade.” As an innovative FX broker, the company is constantly evolving to pioneer the next generation of trading experiences. FXON goes beyond simply providing a trading environment, relentlessly pursuing the ideal global trading experience for every trader.
By integrating MetaTrader 4 and MetaTrader 5, FXON offers some of the industry’s lowest spreads and ultra-fast execution. Additionally, FXON makes its proprietary advanced trading data publicly available, empowering sophisticated analysis and strategic decision-making.
Operating under the regulation of the Seychelles Financial Services Authority (FSA) and offering 24/7 support, the broker aims to deliver convenience and peace of mind to traders at all levels.
Looking ahead, FXON is dedicated to setting new standards and exploring unlimited possibilities alongside traders striving for global success.
The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers who are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission today announces GTCFX as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory forum, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
GTCFX status as an Approved Broker Member of the Financial Commission took effect on January 7th, 2025, following the approval of its membership application by the Financial Commission, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
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.
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.
GTCFX joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About GTCFX
GTCFX,is a global brand encompassing multiple companies that provide a diverse range of online trading products such as precious metals, spot forex, Indices, etc, serving over 985,000 clients across more than 100 countries. Renowned for its commitment to delivering top-tier financial services, GTCFX emphasizes excellence and innovation.
As a significant player in the fintech industry, GTCFX’s growth is fueled by its dedication to cutting-edge technology and strict adherence to regulatory standards. Over the years, GTCFX has earned a reputation for reliability and excellence in the financial services sector.
The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers who are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces that it has expelled DeltaFX from membership in the organization following numerous failures to comply with the Financial Commission’s Rules & Guidelines.
As a result of the expulsion, the Financial Commission will not be able to reimburse using the organization’s Compensation Fund since clients of approved members can only use the compensation fund and is subject to the ruling of our Dispute Resolution Committee.
As Financial Commission is an industry-supported self-regulatory organization (SRO) our enforcement of member compliance is reflected entirely within our membership standings, where a firm’s integrity and adherence to rules must be strictly upheld in order for membership to be maintained.
Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers who are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission, a leading independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum announces its latest operational metrics for the third quarter of 2024. The organization experienced a drop in many key metrics attributed to the summer slowdown in trader activity, including a decrease in amounts sought, awarded, average complaint values, and others. The forum continues to provide a quick and efficient service, with complaints being resolved on average in just 6.6 days as part of its quarterly Complaints Digest.
As part of its founding core principles to protect traders from possible scams, Ponzi schemes, and fraudulent activities online, The Financial Commission placed over 15 new websites on its Warning List.
Compensation sought from all brokers fell 43% to $2.625M
Compensation sought from members jumped 70% to $1.784M
Average resolution times slowed by 38% to 6.6 days
Quarterly Comparison
Key Takeaways
Lower inbound complaints and other metrics due to the summer slowdown
Significant rise in amounts sought from member firms
Growth in HNW and mid-value complaints: 20% and 5% respectively
Complaints resolution times slowed, yet continued to be quick
Conclusions
The Financial Commission witnessed a continued slowdown in new complaints from traders amid the summer slowdown and decreased trader activity. Specifically, the organization experienced an 8% drop in new complaints filed, while the total number of complaints resolved in the quarter fell by 7%. At the same time, total complaints amounts sought and awarded and average complaint values all fell by 43%, 36%, and 40% respectively. In complaint categories, financial-related complaints continued to dominate for 3Q 2024. Complaints valued at $500-$999 also jumped 5% during this period, while HNW complaints valued at above $10K grew by 20%.
During the period, the Dispute Resolution Committee (DRC) resolved complaints slower than in previous quarters, with 6.6 days in average dispute resolution time.
About Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers who are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission today announces Neex as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory forum, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Neex status as an Approved Broker Member of the Financial Commission took effect on October 3d, 2024, following the approval of its membership application by the Financial Commission, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
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.
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.
Neex joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About Neex
Neex, a premier CFD trading platform, offers a diverse range of financial instruments, including Forex, Indices, and Commodities. Benefit from our cutting-edge technology, expert analysis, and personalized support. With a proven track record and a commitment to innovation, Neex provides a secure and reliable trading environment. Trade with confidence knowing your funds are protected under our rigorous regulatory oversight.
For more information, please get in touch with Neex directly at [email protected]
About Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers who are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces that it has expelled Orfinex from membership in the organization as of August 23, 2024, following repeated violation of Financial Commission Rules and Guidelines.
As a result of the expulsion, The Financial Commission will not be able to reimburse using the organization’s Compensation Fund since clients of approved members can only use the compensation fund and is subject to the ruling of our Dispute Resolution Committee.
As the Financial Commission is an industry-supported self-regulatory organization (SRO) our enforcement of member compliance is reflected entirely within our membership standings, where a firm’s integrity and adherence to rules must be strictly upheld in order for membership to be maintained.
For more information about Financial Commission membership requirements, please contact us or visit www.FinancialCommission.org.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission today announces YaMarkets as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory forum, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
YaMarkets status as an Approved Broker Member of the Financial Commission took effect on August 14th, 2024, following the approval of its membership application by the Financial Commission, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
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.
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.
YaMarkets joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About YaMarkets
YaMarkets is a regulated Forex broker that operates under the oversight of the Financial Service Commission of Mauritius, adhering to strict regulatory standards and guidelines to ensure that it provides a safe and secure trading environment for its clients. YaMarkets is committed to client satisfaction and provides a secure trading environment for its clients. It provides traders with a world-class trading platform, including MT5, and MT4, Copy Trading, making it a popular choice for traders around the world. YaMarkets is a highly regarded and trustworthy broker that gives its customers access to a wide variety of financial products including Forex, Indices, Commodities, Stocks and Crypto allowing traders to diversify their portfolios and take advantage of Market conditions.
For more information about YaMarkets, please contact the broker directly
About Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission today announces PU Prime as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory forum, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
PU Prime status as an Approved Broker Member of the Financial Commission took effect on July 16th, 2024, following the approval of its membership application by the Financial Commission, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
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.
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.
PU Prime joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About PU Prime
PU Prime, founded in 2016, has swiftly positioned itself as a leading online broker specialising in trading CFDs. Leveraging innovative technology, PU Prime offers clients access to over 900 products, including forex, indices, commodities, shares, bonds, and ETFs. Known for its award-winning infrastructure and exceptional client service, PU Prime delivers superior trading conditions and top-tier execution. The company ensures fund security through a robust regulatory framework and provides multilingual support to thousands of clients worldwide.
For more information about PU Prime, please contact broker directly
About Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission today announces Vantage Trading as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory forum, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Vantage Trading status as an Approved Broker Member of the Financial Commission took effect on July 4th, 2024, following the approval of its membership application by the Financial Commission, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
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.
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.
Vantage Trading joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About Vantage Trading
Vantage Trading is a global multi-asset CFD broker offering over 1,000 financial instruments, including forex, stocks, commodities, indices and ETFs. The platform emphasizes security, competitive spreads and advanced trading tools. It also provides educational resources, a demo account for practice and 24/7 customer support. Vantage Trading is committed to providing a reliable trading experience.
Join Vantage Trading today and seize the opportunity to elevate your trading to the next level with unparalleled support and resources.
For more information about Vantage Trading, please contact them directly
About Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission, a leading external dispute resolution (EDR) forum catering to the financial services industry announces the appointment of Mr. Aytugan Khafizov Founder and CEO of FastMT to its Dispute Resolution Committee (DRC).
Enhancing the DRC structure
Mr Khafizov is the 37th member industry expert to join the Financial Commission’s DRC since its inception in 2013. The DRC consists of a diverse panel of industry professionals, who follow a non-biased protocol to process and resolve complaints from our members’ clients.
Financial Commission Chief Operating Officer, Nikolai Isayev commented on the appointment: “We are thrilled to have Mr. Khafizov join our dispute resolution committee. His deep expertise in financial trading systems and his commitment to improving trading technologies will significantly strengthen our efforts in providing fair and efficient resolutions for our members’ clients.”
About Aytugan Khafizov
Aytugan Khafizov is a seasoned technology expert with over two decades of experience in the financial trading industry. He is the founder and CEO of FastMT, a firm dedicated to helping brokers maintain and enhance their trading systems.
Mr Khafizov began his career in the financial markets in 1999 as an IT Manager for Alpari. During his tenure, he advanced to the role of Global CTO, contributing to the establishment of operations in the UK, US, and Cyprus. Before founding FastMT, Khafizov served as the Chief Information Officer at MetaQuotes, a leading developer of trading platforms. He possesses extensive experience in both retail and institutional trading, as well as in technology and building effective technology teams.
About The Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers who are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission today announces Swift Trader as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory forum, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
Swift Trader’s status as an Approved Broker Member of the Financial Commission took effect on May 9th, 2024, following the approval of its membership application by the Financial Commission, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
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.
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.
Swift Trader joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About Swift Trader
Swift Trader, with a team of seasoned professionals boasting over five decades of experience in the financial industry, is committed to delivering exceptional services, competitive pricing, and a diverse range of trading products and tools. Explore over 200+ Financial Instruments in global markets, supported by round-the-clock assistance. Whether you’re a novice or a seasoned firm, our advanced solutions empower you. Welcome to Swift Trader, where technology meets forex expertise.
For more information about Swift Trader, please contact them directly
About Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission, a leading external dispute resolution (EDR) organization catering to the financial services industry, announces that it has expelled Agra Markets from membership in the organization as of May 3, 2024, following repeated notices of violation of Financial Commission Rules and Guidelines the broker was expelled on 3 May 2024.
As a result of the expulsion, The Financial Commission will not be able to reimburse using the organization’s Compensation Fund since clients of approved members can only use the compensation fund and is subject to the ruling of our Dispute Resolution Committee.
As the Financial Commission is an industry-supported self-regulatory organization (SRO) our enforcement of member compliance is reflected entirely within our membership standings, where a firm’s integrity and adherence to rules must be strictly upheld in order for membership to be maintained.
For more information about Financial Commission membership requirements, please contact us or visit www.FinancialCommission.org.
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission, a leading independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum announces unprecedented membership growth with 7 new brokers members joining its ranks in the first quarter of 2024. In addition, the organization experienced increases in several key operational metrics, including total resolved complaints, financial-related complaints, as well as complaints against non-member brokers as part of its quarterly Complaints Digest. The organization also recorded quicker dispute resolution times, with complaints being resolved on average in 5.1 days.
As part of its founding core principles to protect traders from possible scams, Ponzi schemes, and fraudulent activities online, The Financial Commission placed over 45 websites on its Warning List and identified and issued public warnings regarding clone websites and fake representatives.
Furthermore, the forum published its latest Case Examples for the previous year highlighting important complaints resolved by the Dispute Resolution Committee (DRC) in 2023.
Key highlights for 1Q 2024 vs. 4Q 2023:
New filed complaints dropped 7%
Total resolved complaints increased 3%
Non-member complaints increased 25%
Compensation sought from all brokers decreased by 39% to $2.245M
Compensation awarded to traders totaled $75,839
Average resolution times improved by 8% to 5.1 days
Quarterly Comparison
Key Takeaways
Steady inbound complaints and improved efficiencies
Increase in share of financial-related complaints
Rise in mid-value ($500-$999) complaints category
Complaints resolution times improved
Conclusions
The Financial Commission witnessed a slight slowdown in complaints from traders amid a continued period of investor interest in trading financial markets. Specifically, the organization experienced a 7% drop in new complaints filed, while the total number of complaints resolved in the quarter grew by 3%. In addition, complaints amounts sought and awarded and average complaint values decreased. In complaint categories, financial-related complaints jumped 11% from the previous quarter. Complaints valued at $500-$9,999 also jumped 37% during this period. A significant uptick was also witnessed for non-member complaints, which rose 25% Q/Q.
During the period, the Dispute Resolution Committee (DRC) managed to shorten the average dispute resolution time by 8% for efficient complaints handling in just over 5 business days.
About Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers who are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial Commission today announces PrimeXBT as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory forum, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants.
PrimeXBT status as an Approved Broker Members of the Financial Commission took effect on April 23, 2024, following the approval of its membership application by the Financial Commission, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to €20,000 per the submitted complaint, backed by the Financial Commission’s Compensation Fund.
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.
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.
PrimeXBT joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements.
About PrimeXBT
PrimeXBT offers the only all-in-one trading platform that allows clients to buy and sell Cryptocurrencies, and use them to trade 100+ popular markets including Crypto Futures, and CFDs on Crypto, Forex, Indices, and Commodities, with some of the lowest spreads around.
Since being founded in 2018, PrimeXBT has grown exponentially to serve 1,000,000+ traders in 150+ countries all around the world. Clients enjoy the confidence of trading with an award-winning brand, committed to security, and benefit from round-the-clock support.
For more information about PrimeXBT, please contact them directly
About Financial Commission
Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
The Financial
