The total compensation demanded by online forex brokers from all brokerages decreased slightly to $3.3 million during the fourth quarter of 2022 from $3.5 million in the prior quarter. Similarly, compensation awarded to traders fell 23% to $60,919 in the last quarter.
On the contrary, compensation sought from broker-dealers who are members of the Financial Commission (FinCom), the independent external dispute resolution (EDR) body for the forex industry, jumped 66% in the fourth quarter of the year. last year. These details are according to FinCom Quarterly Complaints Summary for the fourth quarter of 2022 published on Monday.
By the third quarter of 2022, total compensation demanded from FinCom member and non-member brokers had jumped 51% to $3.5 million. The self-regulatory body also awarded more compensation to merchants during the period, with the amount awarded increasing 36% to $79,494.
FinCom noted that “the limited range currencies
Forex
Foreign exchange or forex is the act of converting the currency of one country into the currency of another country (which has a different currency); for example, converting British Pounds to US Dollars, and vice versa. Currency exchange can be done at a physical counter, such as at a currency exchange, or on the internet through brokerage platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Foreign exchange or forex is the act of converting the currency of one country into the currency of another country (which has a different currency); for example, converting British Pounds to US Dollars, and vice versa. Currency exchange can be done at a physical counter, such as at a currency exchange, or on the internet through brokerage platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Read this term and derivatives prices, as well as winter holidays” affected many of its key indicators in the last quarter.
The compensation demanded of FinCom member brokers jumped 66% during the fourth quarter of 2022.
In other metrics, FinCom reported a drop in the total number of new complaints it received, resolved and decided in favor of merchants during the quarter. While new complaints filed and resolved decreased by 38%, those in favor of merchants decreased by 2% compared to the previous quarter.
“The slowdown in complaints filed and resolved, as well as compensation sought suggests that traders may find fewer opportunities in traditional markets in light of limited price swings or simply give up trading at the end of the year” , FinCom explained in the quarterly report.
Additionally, FinCom noted that there was a “noticeable shift” in the focus of complaints during Q4 2022. While trade-related complaints accounted for just 11.7% of complaints during Q3 , this category grew 5% to 19.8% in the last quarter” despite the overall decline in new complaints for the quarter.
Nonetheless, non-commercial complaints continue to be the top complaint topics, accounting for 41.8% of all complaints in the fourth quarter. Additionally, finance-related complaints are still the second most common complaint topic, accounting for 35.1% and 38.4% in the third and fourth quarters, respectively.
In addition, the average complaint resolution time slowed by 33% to 6.1 days, compared to 4.6 days in the last quarter.
“Complaints listed in the $1-$10,000 and $10,000+ value category increased their overall share of complaints by 5%, underscoring the organization’s continued importance of investigating complaints with higher monetary values. high,” FinCom explained.
FinCom, an EDR body founded in 2013, regulates international online brokers, exchanges and block chain
blockchain
The blockchain comprises a digital network of blocks with a complete record of transactions made in a cryptocurrency such as Bitcoin or other altcoins. One of the signature characteristics of the blockchain is that it is maintained on more than one computer. The general ledger can be public or private (authorized). In this sense, the blockchain is immune to data manipulation, which makes it not only open but verifiable. Because a blockchain is stored on a network of computers, it is very difficult to tamper
The blockchain comprises a digital network of blocks with a complete record of transactions made in a cryptocurrency such as Bitcoin or other altcoins. One of the signature characteristics of the blockchain is that it is maintained on more than one computer. The general ledger can be public or private (authorized). In this sense, the blockchain is immune to data manipulation, which makes it not only open but verifiable. Because a blockchain is stored on a network of computers, it is very difficult to tamper
Read this term platforms active in the global forex, derivatives, CFDs and cryptocurrency markets.
The total compensation demanded by online forex brokers from all brokerages decreased slightly to $3.3 million during the fourth quarter of 2022 from $3.5 million in the prior quarter. Similarly, compensation awarded to traders fell 23% to $60,919 in the last quarter.
On the contrary, compensation sought from broker-dealers who are members of the Financial Commission (FinCom), the independent external dispute resolution (EDR) body for the forex industry, jumped 66% in the fourth quarter of the year. last year. These details are according to FinCom Quarterly Complaints Summary for the fourth quarter of 2022 released on Monday.
By the third quarter of 2022, total compensation demanded from FinCom member and non-member brokers had jumped 51% to $3.5 million. The self-regulatory body also awarded more compensation to merchants during the period, with the amount awarded increasing 36% to $79,494.
FinCom noted that “the limited range currencies
Forex
Foreign exchange or forex is the act of converting the currency of one country into the currency of another country (which has a different currency); for example, converting British Pounds to US Dollars, and vice versa. Currency exchange can be done at a physical counter, such as at a currency exchange, or on the internet through brokerage platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Foreign exchange or forex is the act of converting the currency of one country into the currency of another country (which has a different currency); for example, converting British Pounds to US Dollars, and vice versa. Currency exchange can be done at a physical counter, such as at a currency exchange, or on the internet through brokerage platforms, where currency speculation takes place, known as forex trading. The foreign exchange market, by its very nature, is the largest trade in the world
Read this term and derivatives prices, as well as winter holidays” affected many of its key indicators in the last quarter.
The compensation demanded of FinCom member brokers jumped 66% during the fourth quarter of 2022.
In other metrics, FinCom reported a drop in the total number of new complaints it received, resolved and decided in favor of merchants during the quarter. While new complaints filed and resolved decreased by 38%, those in favor of merchants decreased by 2% compared to the previous quarter.
“The slowdown in complaints filed and resolved, as well as compensation sought suggests that traders may find fewer opportunities in traditional markets in light of limited price swings or simply give up trading at the end of the year” , FinCom explained in the quarterly report.
Additionally, FinCom noted that there was a “noticeable shift” in the focus of complaints during Q4 2022. While trade-related complaints accounted for just 11.7% of complaints during Q3 , this category grew 5% to 19.8% in the last quarter” despite the overall decline in new complaints for the quarter.
Nonetheless, non-commercial complaints continue to be the top complaint topics, accounting for 41.8% of all complaints in the fourth quarter. Additionally, finance-related complaints are still the second most common complaint topic, accounting for 35.1% and 38.4% in the third and fourth quarters, respectively.
In addition, the average complaint resolution time slowed by 33% to 6.1 days, compared to 4.6 days in the last quarter.
“Complaints listed in the $1-$10,000 and $10,000+ value category increased their overall share of complaints by 5%, underscoring the organization’s continued importance of investigating complaints with higher monetary values. high,” FinCom explained.
FinCom, an EDR body founded in 2013, regulates international online brokers, exchanges and block chain
blockchain
The blockchain comprises a digital network of blocks with a complete record of transactions made in a cryptocurrency such as Bitcoin or other altcoins. One of the signature characteristics of the blockchain is that it is maintained on more than one computer. The general ledger can be public or private (authorized). In this sense, the blockchain is immune to data manipulation, which makes it not only open but verifiable. Because a blockchain is stored on a network of computers, it is very difficult to tamper
The blockchain comprises a digital network of blocks with a complete record of transactions made in a cryptocurrency such as Bitcoin or other altcoins. One of the signature characteristics of the blockchain is that it is maintained on more than one computer. The general ledger can be public or private (authorized). In this sense, the blockchain is immune to data manipulation, which makes it not only open but verifiable. Because a blockchain is stored on a network of computers, it is very difficult to tamper
Read this term platforms active in the global forex, derivatives, CFDs and cryptocurrency markets.
