Independent External Dispute Resolution (EDR) firm focusing on Forex, Financial Commission, has added a new member into its fold: Forex4you. They announced this latest move on Tuesday, with the firm’s membership taking effect on the 22nd of October.
The broker firm in question, Forex4you, is based within the British Virgin Islands and started its career back in 2007. Due to the Financial Commission’s status, customers of Forex4you can now enjoy the benefits of it: the EDR’s protection services.
The Financial Commission allows both brokerages and the clients thereof, to have access to an impartial third party mediation platform. Obviously, this sort of procedure helps greatly to resolve issues and allows issues the separate parties can’t solve alone to come to a conclusion.
One of the EDR’s services is the protection of up to €20 000 per complaint submitted. This protection is, in turn, backed by the Financial Commission’s compensation fund. The EDR stated that it provides swifter, more straightforward resolutions, compared to using the normal regulatory channels.
The company had released a statement regarding Forex4you joining them. They stated that the brokerage is joining a wide range of broking firms and Independent Service Providers (ISPs) who make use of the Financial COmission’s services. They do this as a part of their commitment towards the clients that joined their respective companies, upholding membership requirements in the process.
Forex4you’s website stipulates that it doesn’t provide services for a select number of countries. Users based in places like Australia, Canada, the US, Japan, or the European Economic Area (EEA) will have to use another platform. Forex4you itself is a trademark of E-Global Trade and Finance Group, Inc.
Financial Commission’s Other Members
The Financial Commission has its client protection services in many aspects of the financial industry. Their members include brokers for Contract-For-Difference (CFD) and forex broking firms. Along with that, the Financial Commission has companies that do operations within the cryptocurrency space. The company isn’t slowing down, either, relentlessly adding new firms to its EDR service.
Their previous addition was Trade99, a cryptocurrency-based leveraged asset trader platform. They added Trade99 as a so-called A-category member.
EDRs like the Financial Commission is what keeps the clients’ rights into consideration. Doubtlessly, this company turns a profit with its ventures. Otherwise, it wouldn’t be able to sustain itself, let alone expand. More than likely, with an impartial third party that can settle disputes, the issues are less likely to go to court. This would spare the company that makes use of the Financial Commission, a lot of money in legal fees. Altruism is never present in large corporations, and it really shouldn’t because it’s a lousy business model. Instead, it’s either the State or the union’s duty to uphold the rights.
Either that or hope there are enough competitors that the companies try to outdo the other.