MBX PRO Financial Commission membership took effect this week after the organisation approved the brokerage as its newest Broker Member.
The move gives MBX PRO and its clients access to the Financial Commission’s dispute resolution services and other member benefits. Among those benefits is access to the Compensation Fund. It offers protection of up to €20,000 for each submitted complaint, subject to the group’s rules and procedures.
The Financial Commission acts as an independent third-party mediation platform for disputes between brokers and customers. It handles cases when both sides cannot settle a complaint directly. The organisation says its process can offer a simpler and faster path than arbitration or local court proceedings.
MBX PRO Financial Commission Member Benefits
The organisation covers markets that include contracts for difference, foreign exchange and cryptocurrencies. Therefore, MBX PRO joins a framework that supports dispute handling across several trading segments. The approval also follows a series of recent additions to the Financial Commission’s membership roster.
The organisation recently confirmed RA Prime as a member. Additionally, it listed FP Markets, OneRoyal, FXON, GTCFX and Neex among other recent additions. The source article did not give further details on those memberships.
Other Recent Financial Commission Actions
Earlier this year, the Financial Commission certified trading technology provider iTech Software after reviewing its systems. The certification covers technology used by brokers and traders. It is meant to assess compliance with the Commission’s technical requirements.
According to the source, iTech Software provides technology for forex, CFD, cryptocurrency and NFT brokerages. Its services include web trading platforms, back-office systems, live support, monitoring and risk management tools. The Financial Commission said its review covered system security, capacity, disaster recovery, business continuity, reporting and record keeping.
Separately, the organisation investigated a scam involving people who impersonated the Commission and targeted traders with broker-related losses or blocked withdrawals. The source said those people offered fund recovery and chargeback services for fees. They also used fake guarantee letters and contact details that resembled legitimate firms and digital wallet providers.
The Commission said it does not offer recovery or chargeback services, contact traders without invitation, use messaging apps for official communication, or issue guarantee letters.
You can access our other news on brokers and global market developments here.
Source: Finance Magnates
