Baxia Markets becomes the latest approved FinCom member

The Financial Commission (FinCom), an external dispute resolution (EDR) institution in the forex sector, has onboarded Baxia Markets as a member. Baxia is a MetaTrader electronic communications networks (ECN) brokerage platform founded in 2020.

Baxia Markets becomes the latest FinCom member

FinCom issued a statement on the approval of Baxia Markets’ membership, saying that the ECN broker was a member of FinCom from January 18. Baxia Markets is a brokerage platform based in the Bahamas and Seychelles.

The broker offers traders access to institutional liquidity through matching engines within the Equinix NY4 data center in New York and the London-based LD4 data center. The brokerage platform supports a variety of financial assets, including cryptocurrencies, energy, forex, indices, metal, and shares.

The membership of Baxia Markets comes weeks after the organization also approved the membership of Vida Markets, a forex and CFD broker whose headquarters are in Dubai. At the same time, the self-regulatory organization withdrew the membership of IdealFX. FinCom members are required to meet the set requirements to maintain their membership.

FinCom issued a statement on the membership of Baxia Markets, saying that the broker “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 is an EDR that offers unbiased mediation as a third party. It extends its services to brokerage platforms that cannot internally resolve the complaints raised by traders. The membership of Baxia Markets at the EDR will enable the broker to enjoy a wide range of benefits and services, including protection of up to 20,000 euros for each complaint filed.

FinCom has also said that the protection it will extend to Baxia Markets and the other financial institutions under its protection is guaranteed by its Compensation Fund. This fund ensures that FinCom can meet all compensation for the complaints raised by traders.

Trader compensation claims are on the rise

The key metrics released by FinCom show a significant increase in trader compensation claims. The total compensation claims from broker members at the EDR increased by 66% during the last quarter of 2022. The claims increased significantly during the period despite a drop in the total number of new complaints filed during the period. These complaints dropped by 38%.

The self-regulatory organization has also added that the total compensation that it awarded to traders of its broker members dropped by 23% to $60,919 during the fourth quarter of 2021. In Q3 2021, FinCom awarded total compensation of $79,494 to forex traders. The number was a 36% decline from what was reported during the previous quarter.