October 22, 2019, | AtoZ Markets – The Financial Commission today announced that a new member has joined its ranks, (Forex4you), as the neutral mediator takes a different approach to dispute resolution and client-broker trust relationships.
Latest Financial Commission approved Forex Broker
According to the Financial Commission’s Oct. 22 announcement post, Forex4you became the latest approved Forex broker of the organization. Financial Commission is an independent organization. The commission aims to tackle the dispute resolution issues by co-opting the broker-trader.
The Commission’s newest member Forex4you is a British Virgin Islands broker firm. The company was launched in 2007 with a vision to contribute to the global change in the online trading industry. When we asked what makes Forex4you different this is what the company replied:
“At Forex4you we have always focused on users by creating user-friendly products and trading experience offering high-quality services.”
According to the company’s website, Forex4you offers more than 50 currency pairs to traders. The company offers various account types. These accounts can also have their denominations in multiple currencies. The broker firm also offers copy trading and social trading features.
Forex4you Financial Commission membership starts as of today, October 22. Therefore, the company and its clients now have access to a wide range of services and membership benefits. These benefits include, but are not limited to:
- Investor protection up to €20,000 per the submitted complaint;
- Financial Commission’s compensation fund coverage.
What is the Financial Commission?
Financial Commission is an external dispute resolution (EDR) organization for consumers and traders who are unable to resolve disputes directly with their financial services provider. The Financial Commission only covers traders that trade with its member brokers.
Effectively, the organization vets brokers via its own proprietary due diligence procedures. At the same time, they help clients who have accounts with Member brokers to resolve disputes and complaints. The complete process takes place without regulatory involvement.
According to its 2018 annual report, the commission recorded a total of 945 new complaints. Meanwhile, as a result of the hands-on approach, they managed to resolve 816 complaints.
The commission has also received 129 complaints against non-member brokers. The majority (82) of these complaints were related to funds withdrawal issues. Furthermore, the amount of trading-related complaints about the non-member segment increased 3x as compared to 2017.