A non-governmental organization, the Financial Commission (FinCom) oversees the operations of the financial services industry. With effect from April 23, the platform will welcome PrimeXBT as its newest authorized member. PrimeXBT is distinguished as an authorized broker member due to its provision of online brokerage services, which encompass spot and futures market exchanges.
PrimeXBT functions as an offshore platform via Seychelles and Marshall Islands-registered entities. Furthermore, it facilitates the trading of tangible cryptocurrencies via an entity registered in Lithuania. In addition to cryptocurrency futures instruments, the platform provides immediate trading in indices, commodities, forex, and cryptocurrencies.
PrimeXBT can achieve huge gains and make the entire trading journey smoother for the users by joining FinCom, according to the PrimeXBT Review. This partnership offers numerous advantages, including the potential reimbursement of up to €20,000 for any grievance that may be lodged with FinCom’s fund. Additionally, as a fairly, impartial, and neutral method of resolving disputes with the service provider, FinCom provides PrimeXBT clients with the option to utilize third-party mediation services. This approach is particularly relevant in situations where traditional negotiation methods encounter obstacles.
According to the Financial Commission’s press release, it offers brokerages and their clients an impartial third-party mediation platform that assists in the resolution of complaints when the involved parties are unable to reach a direct agreement regarding disputes.
The Financial Commission assists authorized members and their clients who engage in CFDs, foreign exchange (forex), and cryptocurrency markets in resolving disputes in a more streamlined and expeditious manner compared to conventional regulatory avenues like arbitration or local courts.
The financial sector has acknowledged the importance of self-regulation in building trust and credibility. FinCom, an organization consisting of leading brokerage firms (Exness, Pepperstone, RoboMarkets, IC Markets, and Alpari), has been a vital player in this field. In 2024, FinCom also managed to expand its membership to include trusted brokers like VTMarkets, Orfinex, Fusion Markets, and Ultima Markets.
Additionally, it paved the way for other industries such as blockchain platforms, technology providers, investment platforms, and educational services, ensuring the appropriate regulation of the entire financial sector.
Compliance with the stringent requirements set forth by FinCom is essential to retaining membership in the organization. People who failed to meet the obligation have already been barred from becoming members, demonstrating FinCom’s concern for ensuring honesty and reliability in financial transactions. This model, besides ensuring the security and efficiency of traders, also builds up the reputation of the global financial markets.
Source: https://www.cryptonewsz.com/primexbt-and-fincom-join-forces-to-simplify-dispute-resolution/