Source financemagnates Tuesday, 09/07/2024 | 13:57 GMT
- Membership grants Vantage Trading and clients access to up to €20,000 per complaint.
- The Financial Commission provides mediation services as an alternative to traditional processes.
The Financial Commission announced today that Vantage Trading has been approved as its newest Member. Vantage Trading, an online brokerage, joins the self-regulatory forum, reflecting growing interest in external dispute resolution (EDR) services within the FX industry.
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Client Protection with Membership
Following approval of its membership application, Vantage Trading gains status as an Approved Broker Member. This status grants the company and its clients access to various services and benefits, including protection up to €20,000 per complaint through the Financial Commission’s Compensation Fund.
The Financial Commission serves as an impartial mediation platform for brokerages and their clients, facilitating resolution when direct agreement on disputes proves challenging. This service offers a faster, more streamlined alternative to traditional regulatory channels like arbitration or local courts, particularly for CFDs, forex, and cryptocurrency markets.
Vantage Trading now joins a group of brokerages and independent service providers utilizing the Financial Commission’s services, ensuring adherence to membership standards and commitment to client satisfaction.
Vantage Trading operates globally as a multi-asset CFD broker, offering a wide array of financial instruments such as forex, stocks, commodities, indices, and ETFs. The company also provides educational resources, demo accounts, and round-the-clock customer support.
Imposter Alert: Financial Scam
Earlier, the Financial Commission updated its investigation into a recent scam involving fraudulent individuals posing as representatives of the organization, as reported by Finance Magnates. This deceptive scheme aimed to exploit traders by impersonating The Financial Commission and offering false promises of funds recovery and legal services for a fee.
Previously, on 15 December 2023, The Financial Commission had issued a cautionary notice regarding these imposters. The investigation has revealed that these imposters target traders experiencing difficulties with unauthorized brokers, issuing fraudulent letters of guarantee and solicit fees under false pretenses.
Furthermore, they have misrepresented themselves using contact information similar to legitimate digital asset wallet providers like Blockchain.com and Coin wallet to deceive victims into paying for non-existent services.
The Financial Commission emphasizes that it does not engage in funds recovery or chargeback services, nor does it initiate contact with traders through cold calls or emails. Legitimate communications from The Financial Commission do not occur via messengers or social networks, and its services for traders of member brokers are always provided free of charge
