The Financial Commission today announced that it has added Agra Markets to its member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets.
Agra Markets LLC is incorporated in St. Vincent & the Grenadines as a Limited Liability Companies Act with registration number 1562 LLC 2021.
The retail FX brand is joining the ranks of the self-regulatory body to give their traders further assurance that they are offered services of high quality that comply with the standards of the commission.
Following the acceptance of their application, Agra Markets has obtained A-category membership status which means that its traders can be eligible for compensation of up to €20,000 per submitted claim.
All clients of members of the Financial Commission are protected by the Compensation Fund which acts as an insurance policy. Agra Markets clients also have access to all dispute resolution services offered by the commission.
The Financial Commission is an external dispute resolution organization supported by the Dispute Resolution Committee (DRC), which in turn is composed of recognized industry professionals. The Commission’s EDR program operates as an independent service that helps facilitate a simpler resolution process than through typical regulatory channels such as arbitration or local court systems.
The self-regulator expands offering with new services
“The Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes. 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 commission further explains.
According to its latest annual report, the self-regulator made progress across some of its key business drivers. Specifically, the Financial Commission received a record number of complaints in the fiscal year of 2021, and the amount it recovered for broker member customers more than doubled from a year earlier.
Meanwhile, the Financial Commission is prioritizing the needs of the reginal customers to provide both brokers and traders with resolution and certification services in their native language. Its website is currently available in 8 languages: English, Russian, Chinese, Spanish, Turkish, Thai, Arabic and Indonesian.
Among other services, the Financial Commission allows broker members to spot and halt fraudulent transactions. This includes its DisputeWatch tool which lets the broker search its community registry to see if a client has any dispute records, and sends alerts regarding suspicious clients that have the potential to abuse a company. DisputeWatch achieves this by allowing companies to share dispute information to protect themselves from being attacked by the same fraudsters.