Bold Prime, a MetaTrader4 contract for difference (CFD) service provider, is now a member of the Financial Commission (FinCom), a forex industry-focused external dispute resolution (EDR) organization.
Bold Prime’s membership took effect on August 17th after FinCom approved its membership application.
With the membership, Bold Prime and its customers can now access a broad range of service and membership benefits under FinCom.
This, among others, includes the ability to enjoy protection for up to €20,000 from the EDR organization’s Compensation Fund.
“Bold Prime joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements,” FinCom said in a press statement shared with Finance Magnates.
FinCom and External Dispute Resolution
As an independent EDR body dedicated primarily to the forex industry, FinCom provides third-party mediation services to member brokerages and their customers.
The body’s goal is to help forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Read this Term brokers resolve complaints in situations where parties involved in a dispute or case are unable to directly come to an agreement.
“For approved members and their clients participating in CFDs, foreign exchange (forex) and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels, such as arbitration or local court systems,” the organization said in the press statement.
To enforce the rules of the organization, FinCom has expelled at least two brokers this year.
Earlier this month, the self-regulatory organization expelled LordFX, an online forex broker, from its organization for violating its membership rules and guidelines.
Additionally, in April, the EDR body expunged EGMarkets, a financial trading services provider, from its organization, citing “repeated violations of the membership Rules and Guidelines specific to the payment of membership dues.”
On the contrary, GANN Markets, a forex and CFD broker, recently withdrew its membership from FinCom. FinCom did not state the reason for the withdrawal.
Since the start of 2022, FinCom has approved the membership application of at least three forex and CFD brokers.
The brokerage firms are Pepperstone, Agra Markets and Inveslo.
Bold Prime, a MetaTrader4 contract for difference (CFD) service provider, is now a member of the Financial Commission (FinCom), a forex industry-focused external dispute resolution (EDR) organization.
Bold Prime’s membership took effect on August 17th after FinCom approved its membership application.
With the membership, Bold Prime and its customers can now access a broad range of service and membership benefits under FinCom.
This, among others, includes the ability to enjoy protection for up to €20,000 from the EDR organization’s Compensation Fund.
“Bold Prime joins a diverse range of brokerages and independent service providers (ISPs) that utilize the services of the Financial Commission as part of their commitment to their clients while upholding membership requirements,” FinCom said in a press statement shared with Finance Magnates.
FinCom and External Dispute Resolution
As an independent EDR body dedicated primarily to the forex industry, FinCom provides third-party mediation services to member brokerages and their customers.
The body’s goal is to help forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value.
Read this Term brokers resolve complaints in situations where parties involved in a dispute or case are unable to directly come to an agreement.
“For approved members and their clients participating in CFDs, foreign exchange (forex) and cryptocurrency markets, the Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels, such as arbitration or local court systems,” the organization said in the press statement.
To enforce the rules of the organization, FinCom has expelled at least two brokers this year.
Earlier this month, the self-regulatory organization expelled LordFX, an online forex broker, from its organization for violating its membership rules and guidelines.
Additionally, in April, the EDR body expunged EGMarkets, a financial trading services provider, from its organization, citing “repeated violations of the membership Rules and Guidelines specific to the payment of membership dues.”
On the contrary, GANN Markets, a forex and CFD broker, recently withdrew its membership from FinCom. FinCom did not state the reason for the withdrawal.
Since the start of 2022, FinCom has approved the membership application of at least three forex and CFD brokers.
The brokerage firms are Pepperstone, Agra Markets and Inveslo.
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