PrimeXBT approved as Financial Commission Member

Our trading platform offers multiple ways to manage your risk, including stop loss and take profit orders. We also provide secure integrated wallets to keep your Cryptocurrencies and fiat assets safe. That’s in addition to some of the lowest fees, to ensure you can trade more for less.

Understanding the Financial Commission’s role

The Financial Commission’s role as a securities investor protection corporation, is to help traders come to an agreement with brokers or trading platforms they may have issues with. To date, the Financial Commission has awarded an impressive $783,000, and processed over ten thousand claims made by CFD and FX traders.

The Commission is funded by membership fees. To become a member, an online broker applies voluntarily. This helps prove their commitment to giving clients the safest possible environment in which to trade. Additionally, it helps show a broker is confident in their services, is transparent, and trustworthy.

How we became a Financial Commission Member

There is a long list of requirements to become a full-fledged Member of the organisation. As a broker that’s always been client-first, we worked hard to ensure we met them all. Some of these included:

• Meeting record-keeping requirements
• Including a clause regarding disputes in their terms and conditions
• Providing services in a transparent and easy-to-understand way
• Having a business continuity or disaster recovery plan
• Agreeing to a pre-membership audit if necessary
• Maintaining the necessary levels of confidentiality
• Filing and closing all client complaints within a reasonable time frame
• Meeting certain financial thresholds if necessary

Once the Financial Commission reviewed our application and services, and were confident we had met and surpassed the requirements, we were approved as the latest Member of the organisation.

What does this membership mean for our clients?

We’ve always taken all complaints very seriously and try to work with our clients to come to a fair and satisfactory resolution for everyone. Sometimes, however, it’s beneficial to have an impartial third party, in the form of a securities investor protection corporation, available to help.

So, being a Member of the Financial Commission offers and added layer of security for traders. This is in addition to our existing high levels of safety, including using the latest security protocols to protect client funds and data.

Choosing the right broker

Choosing the best online broker can be challenging for anyone interested in trading.

Many online brokers exaggerate their claims of regulation and safety measures. That’s why it’s always best to do thorough research before choosing who to trust your investment with. Knowing how a broker is regulated or what memberships they hold – like us with the Financial Commission – can help you make the right choice.

The future of online trading and oversight

Oversight is important for our industry, as it helps get rid of out bad actors, impostors, and those making false or misleading claims. In future, more regulation could be introduced, as we saw with ESMA, SEC, and ASIC (the regulators of Europe, the US and Australia).

This makes oversight increasingly important, as brokerage accounts, trading platforms, and online brokers in general, will need to comply with additional requirements to keep their clients safe.

Conclusion

As a new Member of the Financial Commission, we’re excited to give our clients even more security, oversight, protection, and peace of mind. With the organisation’s help, we can empower our traders to feel more confident when trading online on our all-in-one platform.