Financial Commission Grants DLS Markets Membership

<p><a href="https://www.financemagnates.com/terms/m/multi-asset/">Multi-asset</a> brokerage company DLS Markets is now a member
of the Financial Commission (FinCom), an independent external dispute resolution (EDR)
service provider in the FX market. The membership was granted on July 5, allowing the broker full access to the commission’s benefits. </p><p><a href="https://www.financemagnates.com/tag/fincom/" target="_blank" rel="follow">FinCom</a>
is a third-party mediation platform that resolves complaints on behalf of its members. The commission claims to provide a faster dispute resolution
alternative to its members and their users trading CFDs, forex, and
cryptocurrencies, compared to the arbitrators of the court systems. </p><p>Financial Commission’s
Compensation Fund</p><p>One of the benefits that the commission provides is a
protection fund for the members of up to €20,000 for every submitted complaint.
The amount is backed by the commission’s compensation fund. The commission,
which started out with <a href="https://www.financemagnates.com/terms/f/forex/">forex</a> before expanding to the CFDs and related
derivatives, certifies the technology platforms used by its affiliates.</p><p>DLS Markets joins a
growing list of FinCom’s members, which includes Axi, Deriv, Exness, FXTM, and Pepperstone.
Currently, the commission has more than 40 members. Last year, it granted membership to the Sydney-based broker, Vantage. The broker has been in
operation for more than ten years and has a presence in 30 global locations.</p><p>Suspended Members</p><p>However, FinCom has <a href="https://www.financemagnates.com/forex/fincom-discontinues-balansfx-membership-over-compliance-failure/" target="_blank" rel="follow">suspended
some of its members</a> in
the past for allegedly failing to comply with its regulations. One of
them is BalansFX, an FX, CFDs, indices, and commodities broker expelled from
the commission last month. BalansFX was granted membership to the commission in
2020.</p><p>"As a result of the
expansion, the FinCom will not be able to reimburse using the
organization’s compensation fund since clients of the approved members can only use
the compensation fund and is subject to the ruling of our Dispute Resolution
Committee," FinCom explained in a statement, according to a report by <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a>.</p><p>The
other member organizations removed from FinCom include Bold Prime, Fiber
Markets, and LordFX. The commission has also issued warnings against some of
the traders in the industry over the allegations of scams. </p>

This article was written by Jared Kirui at www.financemagnates.com.