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Baxia Markets Is The Latest FinCom Member To Be Approved
Abstract：The Financial Commission (FinCom), the forex industry's independent external dispute resolution (EDR) authority, has accepted Baxia Markets' membership application, a MetaTrader electronic communications networks (ECN) broker formed in 2020. According to a FinCom release, Baxia Markets' membership began on Wednesday, January 18.
The Financial Commission (FinCom), the forex industry's independent external dispute resolution (EDR) authority, has accepted Baxia Markets' membership application, a MetaTrader electronic communications networks (ECN) broker formed in 2020. According to a FinCom release, Baxia Markets' membership began on Wednesday, January 18.
The recent clearance comes only weeks after the SRO authorized Vida Markets, Dubai-based forex, and CFD broker, as a member while withdrawing IdealFX's membership.
Baxia Markets, a broker situated in the Bahamas and Seychelles, gives its traders access to deep institutional liquidity through matching engines housed in Equinix's NY4 data center in New York and the LD4 data center in London. The broker offers forex, metals, energy, indices, stocks, and cryptocurrencies for trading.
“Baxia Markets joins a varied spectrum of brokerages and independent service providers (ISPs) who use the Financial Commission's services as part of their commitment to their customers while adhering to membership standards,” FinCom said in a statement.
FinComm acts as an EDR provider for brokerages when they are unable to handle their traders' issues internally. As a result of its authorized membership, Baxia Markets may profit from up to €20,000 in compensation for each filed complaint, in addition to a “broad variety of services and membership advantages,” according to FinCom. The protection is assured, according to the regulator, by its Compensation Fund.
Traders' compensation claims will skyrocket in the fourth quarter of 2022.
The overall number of compensation claims sought by traders from FinComm's broker members increased by 66% during the fourth quarter of last year, according to FinComm's key metrics released on Monday. Despite the fact that the overall number of new complaints filed decreased by 38% throughout the quarter.
Furthermore, the SRO said that for Q4 2022, the total remuneration given was reduced by 23% to $60,919. FinCom, on the other hand, granted $79,494 to currency traders during Q3 2022, a 36% increase over the previous quarter.
Stay tuned for more Forex Broker news.
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